Apogee: fourth quarter and full-year results and business update

Apogee Enterprises reports fiscal 2020 fourth quarter and full-year results and provides business update

Apogee Enterprises, Inc. announced its fiscal 2020 fourth-quarter and full-year results and provided a business update.

Joseph F. Puishys, Chief Executive Officer said, “We had a strong fourth quarter, ending fiscal 2020 on a positive note, with earnings above our prior guidance range, strong order flow leading to record backlog levels, and cash flow from operations well above the prior year. We also made significant progress on key strategic initiatives, including our procurement savings program and other cost-savings actions, with line of sight to our 30 to 40 million USD annual savings target when fully implemented. We entered fiscal year 2021 with a solid foundation, good momentum in our business and a path to improved performance.”

Mr. Puishys continued, “Even with this solid performance and encouraging momentum in our business, the events surrounding the COVID-19 outbreak that have happened since the quarter-end have become our primary focus. As a company, we are stepping up to this challenge. Our top priority is safeguarding the health and safety of our employees and their families, while we continue to serve our customers and ensure the long-term health of our business. We have a robust action plan in place to reduce the risk of infection in our facilities, minimize disruption to our operations and manage a rapidly changing environment. To this point, all of Apogee’s architectural segments continue to operate, ship product and meet our customer’s requirements, while our Large-Scale Optical segment is seeing a more significant reduction in near-term customer demand. The situation is evolving quickly and we are assessing the potential impact on our business and evaluating actions to react to changing market conditions. In light of this uncertainty, we are not providing annual guidance for fiscal 2021 at this time.”

Mr. Puishys concluded, “As all of us come together to fight our way through the COVID-19 situation, we know there will be light ahead. We’re dealing with this period of uncertainty starting from a position of strength and I am confident that we have the resources to navigate through this environment. I am also confident that Apogee will emerge from this situation poised for future success.”

Consolidated results
Fourth-quarter revenue was 337.1 million USD, compared to 346.3 million USD in the fourth quarter of fiscal year 2019. Earnings per diluted share were 0.45 USD in the fourth quarter, compared to a net loss of (0.45) USD per share in the fourth quarter of fiscal 2019. Earnings in the fourth-quarter and the prior-year quarter included pre-tax charges for acquired project matters of 2.0 million USD and 42.6 million USD respectively. The prior-year quarter also included a pre-tax charge of 3.1 million USD for trade name impairment. Fourth quarter adjusted earnings, excluding the charges, were 0.51 USD per diluted share, compared to 0.85 USD in the prior-year period.

Full-year fiscal 2020 revenue was 1.38 billion USD, compared to 1.40 billion USD in the prior-year. Full-year earnings were 2.32 USD per diluted share, compared to 1.63 USD in fiscal 2019, with full-year adjusted earnings per share of 2.38 USD, compared to 2.96 USD in fiscal 2019.

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