Apogee Enterprises, Inc. announced its fiscal 2022 first-quarter results. First-quarter revenue grew 13 percent to 326.0 million USD, compared to 289.1 million USD in the first quarter of fiscal year 2021, with growth in each of the company’s four segments.
Earnings increased to 0.42 USD per diluted share, compared to 0.11 USD per diluted share in the prior-year quarter. Last year’s first quarter included 1.4 million USD of pre-tax costs related to COVID-19. Excluding these costs, adjusted earnings in the prior-year quarter were 0.15 USD per diluted share.
- First-quarter revenue grows 13 percent to 326 million USD
- First-quarter earnings improve to 0.42 USD per diluted share
- Increases full-year earnings guidance to a range of 2.20 USD to 2.40 USD per diluted share
Commentary
“This was a solid start to our fiscal year, putting us on track to achieve our full year goals,” said Ty R. Silberhorn, Chief Executive Officer. “The business recovered strongly from the pandemic-related issues that impacted last year’s first quarter. We achieved sales growth in all of our segments, with significantly improved earnings.”
Mr. Silberhorn continued, “During the quarter, we also made good progress on our key initiatives. We continued to take steps to improve our cost structure and strengthen operational execution across the business. We launched several foundational projects to enable our enterprise transformation, and we made substantial progress on our enterprise strategy project, to better position the company for long-term profitable growth.”
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