Apogee reports FY18 second-quarter results

  Company financial news

Revenues of USD 343.9 million up 24%; EPS of USD 0.60; adjusted EPS of USD 0.75; reaffirming FY18 outlook for 24-26% revenue growth; EPS of USD 3.05 to USD 3.25, adjusted EPS of USD 3.40-USD 3.60.

Apogee Enterprises, Inc. has announced fiscal 2018 second-quarter results
Apogee Enterprises, Inc. has announced fiscal 2018 second-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing and displays.
Revenues of USD 343.9 million were up 24%, vs. prior-year period.
Operating income of USD 27.8 million was down 16% before adjustments, vs. prior-year period.
Adjusted operating income of USD 34.1 million was up 3%, vs. prior-year period.
Operating margin was 8.1%, or 9.9% adjusted, vs. 11.9% in the prior-year period.
Net interest expense increased USD 1.6 million vs. the prior-year period, as debt was incurred for acquisitions.
Earnings per diluted share of USD 0.60 were down 22%, vs. the prior-year period.
Adjusted EPS was USD 0.75, down 3%, vs. the prior-year period.
Completed acquisition of EFCO Corporation on June 12. It is reported in the architectural framing systems segment.
“Our architectural framing systems segment, now our largest segment at more than 50% of revenues, is central to our strategy to deliver more stable future revenue streams and earnings,” said Joseph F. Puishys, Apogee chief executive officer. “During this cycle, architectural framing systems revenues have consistently grown and operating margins have been the strongest among our architectural segments. In the second quarter, this segment drove our revenue growth and more importantly, our existing framing systems businesses . . . excluding our two recent acquisitions . . . delivered double-digit top- and bottom-line growth in the quart...
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