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Apogee Enterprises Reports Record Fiscal 2023 Second Quarter Results

Second-quarter revenue grows 14 percent to a record USD 372 million with earnings increasing to USD 1.68 per diluted share, which includes a tax benefit of USD 0.62 per share. Adjusted earnings increase to a record USD 1.06 per diluted share, and full year adjusted earnings guidance increased to a range of USD 3.75 to USD 4.05 per diluted share

Apogee Enterprises, Inc. announced its fiscal 2023 second quarter results. Second-quarter revenue grew 14.2 percent to a record USD 372.1 million, compared to USD 325.8 million in the second quarter of fiscal year 2022, led by growth in Architectural Framing Systems and Architectural Services. Earnings per diluted share increased to USD 1.68, compared to a net loss of USD (0.08) per diluted share in the prior-year quarter. Earnings in the quarter benefited from a USD 13.7 million income tax deduction for a worthless stock loss related to the Sotawall business. Earnings in the prior-year quarter included USD 20.8 million of pre-tax restructuring costs. Adjusted earnings, which exclude the impact of the tax deduction and restructuring costs, increased to a record USD 1.06 per diluted share, compared to USD 0.53 in the second quarter of fiscal 2022.1

Solid new strategy
“This was another strong quarter for Apogee, with improving execution driving record results,” said Ty R. Silberhorn, Chief Executive Officer. “We’re now a year into implementing Apogee’s new enterprise strategy and we are continuing to build momentum in the company’s transformation. While a lot of work remains to reach our goals, I am proud of the progress our team has made in just twelve months since we launched our new strategy.”

Mr. Silberhorn continued, “Our effort to become the economic leader in our target markets is taking hold. We are improving execution and driving productivity gains across the company. We’re building a more competitive cost structure and strengthening our ability to deliver differentiated products and services that provide more value for customers. These actions have driven significant margin expansion and positioned us for continued profitable growth as we move forward.”

The company hosted a conference call to discuss its financial results and provide a business update. This call was webcast, and the archive is available in the Investor Relations section of the company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations.

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