Apogee Enterprises has announced its fiscal 2023 fourth-quarter and full-year results.
Fourth-quarter revenue grew 4.9 percent to USD 344.1 million, compared to USD 328.0 million in the fourth quarter of fiscal year 2022, led by double-digit growth in Architectural Framing Systems and Architectural Glass.
Earnings per diluted share were USD 0.91, which included a discrete USD 1.1 million income tax benefit related to the Sotawall business. This compared to a net loss of USD (0.67) per diluted share in the prior-year quarter, which included USD 55.8 million of pre-tax impairment and restructuring charges and a USD 19.5 million gain on the sale of assets. Adjusted earnings in this year’s fourth quarter were USD 0.86 per diluted share, compared to USD 0.91 in the prior-year period.
Full year fiscal 2023 revenue grew 9.6 percent, to a record USD 1.44 billion, up from USD 1.31 billion in the prior year, with growth in each of the company’s segments. Full-year earnings grew to a record USD 4.64 per diluted share, compared to USD 0.14 in fiscal 2022. Full year adjusted earnings per diluted share increased 60 percent, to a record USD 3.98.
“The fourth quarter was a solid close to a terrific year for Apogee, as we continued to build momentum in executing our strategy,” said Ty R. Silberhorn, Chief Executive Officer. “The combination of the right strategy, improving operational execution, and a strong team, helped us deliver record full-year revenue and earnings, and significant progress toward achieving our long-term financial targets.”
Mr. Silberhorn continued, “In fiscal 2024, we expect to drive further progress toward our financial goals, as we continue to execute our strategy to position the company as an economic leader in our target markets, with a stronger foundation of core capabilities.”
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