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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apogee Enterprises Inc | NASDAQ:APOG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.06 | 1.70% | 63.59 | 63.00 | 65.96 | 63.94 | 62.39 | 62.94 | 289,254 | 23:19:26 |
Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2015 third-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.
FY15 THIRD QUARTER VS. PRIOR-YEAR PERIOD
COMMENTARY“I am pleased that Apogee again achieved another quarter of outstanding revenue and earnings growth,” said Joseph F. Puishys, Apogee chief executive officer. “In our third quarter, all four segments had double-digit revenue growth, while all but one segment had strong earnings growth.
“Architectural glass operating income tripled, and the architectural framing systems and large-scale optical segments each saw approximately 30 percent growth in operating income,” he said. “Operating income in the architectural services segment was impacted by writedowns on a few projects, issues of which were resolved.
“During the quarter, Apogee improved gross margin by 140 basis points and operating margin by 200 basis points,” said Puishys. He added, “At 8.4 percent, our operating margin is at its highest level in five years. Overall Apogee converted 21 percent of incremental organic growth to operating margin.
“At the same time, our backlog grew sequentially and year on year to its highest level in six years, as we continue to win future work at improving margins,” he said.
“We are expecting a strong finish to fiscal 2015 and have raised the bottom end of our earnings per share outlook and now expect to earn $1.64 to $1.72 per share for the year,” Puishys said.
FY15 THIRD-QUARTER SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD
Architectural Glass
Architectural Services
Architectural Framing Systems
Large-Scale Optical Technologies
Consolidated Backlog
Financial Condition
OUTLOOK“We are confident about the fourth quarter and have raised our outlook for the full year to earnings of $1.64 to $1.72 per share, from $1.62 to $1.72 per share,” said Puishys. “We continue to expect revenue growth of at least 20 percent for fiscal 2015.
“Our backlog for fiscal 2016 and beyond is strong, and with our robust bidding and quoting activity, we believe our backlog will again grow sequentially in the fourth quarter,” he said. “The strength we are seeing in our architectural business combined with positive forecasts for our commercial construction markets give us continued confidence in sustained growth for Apogee.
“Regarding our architectural services segment, we expect that the full year will show improvement in operating margin compared to fiscal 2014. We anticipate that the segment’s fourth quarter operating margin will improve significantly from the third quarter, but will be down slightly compared to the prior-year period based on expected project timing,” he said.
“We expect that capital spending for fiscal 2015 will be approximately $35 million, including capacity expansions underway in architectural glass and architectural finishing,” he said. “We again expect to be free cash flow positive after this level of investments.” He added that the fiscal 2015 gross margin is anticipated to be approximately 22 percent.
“Our strategies to grow through new geographies, new products and new markets along with our focus on productivity and operational improvements are delivering results,” Puishys said. “We have extended our long-term outlook to fiscal 2018 expectations for revenues of $1.3 billion at 12 percent operating margin.”
TELECONFERENCE AND SIMULTANEOUS WEBCASTApogee will host a teleconference and webcast at 9 a.m. Central Time tomorrow, December 18. To participate in the teleconference, call 1-877-703-6108 toll free or 857-244-7307 international, access code 20304620. The replay will be available from noon Central Time on December 18 through midnight Central Time on January 9, 2015, by dialing 1-888-286-8010, access code 83682857. To listen to the live conference call over the internet, go to the Apogee web site at http://www.apog.com and click on “investor relations” and then the webcast link at the top of that page. The webcast also will be archived on the company’s web site.
ABOUT APOGEE ENTERPRISESApogee Enterprises, Inc., headquartered in Minneapolis, is a leader in technologies involving the design and development of value-added glass products and services. The company is organized in four segments, with three of the segments serving the commercial construction market:
USE OF NON-GAAP FINANCIAL MEASURESIn addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release also contains non-GAAP financial measures. Specifically, Apogee has presented backlog, free cash flow, non-cash working capital and organic growth. Backlog is defined as the dollar amount of revenues Apogee expects to recognize in the future from firm contracts or orders received, as well as those that are in progress. Free cash flow is defined as net cash flow provided by operating activities, minus capital expenditures. Non-cash working capital is defined as current assets, excluding cash and short-term available for sale securities, short-term restricted investments and current portion of long-term debt, less current liabilities. The organic growth rate is defined as growth excluding that from Alumicor, Apogee’s Canadian storefront business. Apogee believes that use of these non-GAAP financial measures enhances communications as they provide more transparency into management’s performance with respect to cash, current assets and liabilities, and revenue growth without the extraordinary effect of recent acquisitions. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or cash flows from operations or any other measure of performance prepared in accordance with GAAP.
FORWARD-LOOKING STATEMENTSThe discussion above contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the operating results of the company, including the following: (A) operational risks: i) the cyclical nature and market conditions of the North American and Latin American commercial construction industries, which impact our three architectural segments; ii) consumer confidence and the conditions of the U.S. economy, which impact our large-scale optical segment; iii) actions of competitors or new market entrants; iv) ability to fully and efficiently utilize production capacity; v) product performance, reliability, execution or quality problems; vi) installation project management issues that could result in losses on individual contracts; vii) changes in consumer and customer preference, or architectural trends and building codes; and viii) dependence on a relatively small number of customers in certain business segments; (B) financial risks: i) revenue and operating results that are volatile; and ii) financial market disruption, which could impact company, customer and supplier credit availability; (C) self-insurance risk related to a material product liability or other event for which the company is liable; (D) cost of compliance with environmental regulations; (E) potential impact on financial results if one or more senior executives were no longer active with the company; and (F) integration of two recent acquisitions. The company cautions investors that actual future results could differ materially from those described in the forward-looking statements, and that other factors may in the future prove to be important in affecting the company’s results of operations. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For a more detailed explanation of the foregoing and other risks and uncertainties, see Item 1A of the company’s Annual Report on Form 10-K for the fiscal year ended March 1, 2014.
Apogee Enterprises, Inc. & Subsidiaries Consolidated Condensed Statement of Income (Unaudited) Thirteen Thirteen Thirty-nine Thirty-nine Weeks Ended Weeks Ended % Weeks Ended Weeks Ended % Dollar amounts in thousands, except for per share amounts November 29, 2014 November 30, 2013Change
November 29, 2014 November 30, 2013Change
Net sales $244,410 $199,430 23% $687,238 $557,028 23 % Cost of goods sold 187,757 156,042 20% 539,826 438,719 23 % Gross profit 56,653 43,388 31% 147,412 118,309 25 % Selling, general and administrative expenses 36,028 30,681 17% 103,474 90,129 15 % Operating income 20,625 12,707 62% 43,938 28,180 56 % Interest income 243 206 18% 706 593 19 % Interest expense 357 228 57% 774 973 -20 % Other (expense) income, net (16 ) 107 N/M 1,461 72 1929 % Earnings before income taxes 20,495 12,792 60% 45,331 27,872 63 % Income tax expense 6,759 3,124 116% 8,703 7,924 10 % Net earnings $13,736 $9,668 42% $36,628 $19,948 84 % Earnings per share - basic $0.47 $0.34 38% $1.27 $0.70 81 % Average common shares outstanding 28,725,412 28,483,460 1% 28,758,986 28,439,421 1 % Earnings per share - diluted $0.47 $0.33 42% $1.25 $0.68 84 % Average common and common equivalent shares outstanding 29,357,729 29,376,301 0% 29,349,533 29,308,095 0 % Cash dividends per common share $0.1000 $0.0900 11% $0.3000 $0.2700 11 % Business Segments Information (Unaudited) Thirteen Thirteen Thirty-nine Thirty-nine Weeks Ended Weeks Ended % Weeks Ended Weeks Ended % November 29, 2014 November 30, 2013Change
November 29, 2014 November 30, 2013Change
Sales Architectural Glass $90,268 $73,365 23 % $254,138 $218,142 17 % Architectural Services 56,178 51,167 10 % 167,146 139,820 20 % Architectural Framing Systems 80,411 58,981 36 % 221,369 152,877 45 % Large-scale Optical 25,546 22,699 13 % 64,969 61,917 5 % Eliminations (7,993 ) (6,782 ) -18 % (20,384 ) (15,728 ) -30 % Total $244,410 $199,430 23 % $687,238 $557,028 23 % Operating income (loss) Architectural Glass $5,836 $1,641 256 % $11,935 $3,782 216 % Architectural Services 323 351 -8 % 2,279 (1,401 ) N/M Architectural Framing Systems 7,596 5,782 31 % 16,974 13,026 30 % Large-scale Optical 7,879 6,058 30 % 15,990 16,072 -1 % Corporate and other (1,009 ) (1,125 ) 10 % (3,240 ) (3,299 ) 2 % Total $20,625 $12,707 62 % $43,938 $28,180 56 % Consolidated Condensed Balance Sheets (Unaudited) November 29,March 1,
2014 2014 Assets Current assets $276,084 $242,792 Net property, plant and equipment 192,053 193,946 Other assets 123,993 128,619 Total assets $592,130 $565,357 Liabilities and shareholders' equity Current liabilities $143,351 $136,834 Long-term debt 22,505 20,659 Other liabilities 52,074 55,234 Shareholders' equity 374,200 352,630 Total liabilities and shareholders' equity $592,130 $565,357 N/M = Not meaningful
Apogee Enterprises, Inc.Mary Ann Jackson, 952-487-7538Investor Relationsmjackson@apog.com
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