Apogee Enterprises, Inc. has announced its fiscal 2023 third quarter results. Third-quarter revenue grew 10.1 percent to USD 367.8 million, compared to USD 334.2 million in the third quarter of fiscal year 2022, led by Architectural Framing Systems and Architectural Glass. Earnings per diluted share increased to USD 1.07, compared to USD 0.44 per diluted share in the prior-year quarter. Earnings in the prior-year quarter included USD 6.4 million of pre-tax restructuring and impairment costs. Excluding these costs, adjusted earnings in last year’s third quarter were USD 0.63 per diluted share.1
“Our team continued to deliver impressive results this quarter, with double-digit revenue growth, significant margin expansion, and strong cash flow,” said Ty R. Silberhorn, Chief Executive Officer at Apogee. “The execution of our strategy is transforming Apogee into a higher performing, more resilient company. Over the past year, we’ve made significant, sustainable cost and productivity improvements, strengthened our focus on differentiated products and services, and fostered a results-driven culture to deliver value for our customers.”
Mr. Silberhorn continued, “The margin gains and earnings growth we’ve achieved over the past four quarters have established a new baseline of performance for the company. As we move forward, we expect to drive continued progress toward our margin and ROIC goals. We’re also investing to develop the talent and capabilities that we’ll need to enable sustained above-market growth.”
Highlights
• Third-quarter revenue grows 10 percent, to USD 368 million
• Third-quarter earnings increase to USD 1.07 per diluted share
• Strong cash flow, with USD 54 million of cash from operations in the third quarter
• Full year adjusted earnings guidance narrowed to a range of USD 3.90 to USD 4.05 per diluted share
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