Apogee Enterprises, Inc. announced its fiscal 2022 second-quarter results. Second-quarter revenue grew 2.0 percent to 325.8 million USD, compared to 319.5 million USD in the second quarter of fiscal year 2021, led by growth in Architectural Services and Large-Scale Optical.
The company reported a net loss of 0.08 USD per diluted share, which included 20.8 million USD of pre-tax costs related to previously announced restructuring actions. This compares to earnings of 0.67 USD per diluted share in the prior-year quarter, and 0.42 USD in the first quarter of fiscal 2022. Adjusted earnings, which exclude the impact of the restructuring costs, were 0.53 USD per diluted share, compared to 0.73 USD in the second quarter of fiscal 2021, and 0.42 USD in the first quarter of fiscal 2022.
Commentary
“We continued to drive progress in the second quarter, despite on-going challenges in our operating environment,” said Ty R. Silberhorn, Chief Executive Officer. “I am proud of our team’s efforts this quarter, as we delivered sequential adjusted earnings growth compared to the first quarter of fiscal 2022, driven by strong performance in Architectural Services and Large-Scale Optical. The business also continued to generate solid cash flow, which we used to strengthen our balance sheet and return cash to shareholders. We achieved these gains in the face of significant cost inflation, supply chain challenges, and construction end markets that remain well below pre-pandemic levels.”
Mr. Silberhorn continued, “We are taking steps to protect our margins in the near-term, including pricing actions, closely managing costs, and focusing on stronger operational execution. We are also taking action to better position Apogee for the long-term, by beginning to implement our new strategy and driving progress on our enterprise transformation initiatives.”
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