Apogee Enterprises, Inc. announced its fiscal 2022 third-quarter results. Third-quarter revenue grew 6.6 percent to USD 334.2 million, compared to USD 313.6 million in the third quarter of fiscal year 2021, led by growth in Architectural Services and Architectural Framing Systems. Third quarter earnings were USD 0.44 per diluted share, which included USD 3.4 million of pre-tax costs related to previously announced restructuring actions and USD 3.0 million of pre-tax costs for the impairment of a minority equity investment. This compares to earnings of USD 1.42 per diluted share in last year’s third quarter, which included a pre-tax gain of USD 19.3 million on the sale of a building and USD 1.4 million of pre-tax costs related to COVID. Adjusted earnings in the third quarter were USD 0.63 per diluted share, compared to USD 0.90 in the third quarter of fiscal 2021.
Highlights
- Third-quarter revenue grows 6.6 percent, to USD 334 million
- Third-quarter earnings of USD 0.44 per diluted share, which includes USD 6.4 million of pre-tax restructuring and impairment costs
- Adjusted earnings of USD 0.63 per diluted share
- Continued strong cash flow, with USD 86 million of cash from operations year to date
Commentary
“As we outlined in our recent investor day, we are shifting Apogee’s focus to become the economic leader in our target markets, while building the operating model and capabilities needed to enable profitable growth,” said Ty R. Silberhorn, Chief Executive Officer. “During the third quarter, we drove further progress on our new strategic plan. We continued to execute the restructuring and cost reduction actions we announced in August, made progress implementing our enterprise transformation initiatives, and relaunched our Lean and continuous improvement program. In the coming quarters, we expect to continue our strategic pivot, positioning Apogee for improved operating performance.”
Mr. Silberhorn continued, “While we are still early into our transformation journey, these efforts are beginning to be reflected in our financial results. Earnings this quarter improved sequentially compared to the second quarter, with encouraging progress on both revenue growth and margin expansion. We also continued to generate strong cash flow, further improving the company’s financial position. I am proud of our team for delivering these results despite continued cost inflation and supply chain challenges.”