Apogee reports fiscal 2022 fourth quarter and full year results

The company also provides guidance for fiscal 2023

Apogee Enterprises Inc. announced its fiscal 2022 fourth-quarter and full-year results. Fourth-quarter revenue grew 6.3 percent to USD 328.0 million, compared to USD 308.6 million in the fourth quarter of fiscal year 2021, led by growth in Architectural Services and Architectural Framing Systems.

The company reported a net loss of USD 0.67 per diluted share in the fourth quarter, which included a non-cash, pre-tax impairment charge of USD 49.5 million in the Architectural Framing Systems segment, USD 6.3 million of pre-tax restructuring costs, and a USD 19.5 million gain on the sale of assets. This compares to a net loss of USD 1.65 per diluted share in last year’s fourth quarter, which included USD 75 million of pre-tax impairment and restructuring costs. Adjusted earnings in this year’s fourth quarter were USD 0.91 per diluted share, up from USD 0.63 in the prior-year period.

Full-year fiscal 2022 revenue grew 7 percent to USD 1.31 billion, from USD 1.23 billion in the prior-year. Full-year earnings were USD 0.14 per diluted share, compared to USD 0.59 in fiscal 2021, with full-year adjusted earnings per share of USD 2.48, up from USD 2.40 in fiscal 2021.

“Our team continued to build momentum in the fourth quarter, delivering revenue growth, and increased adjusted earnings in what remains a challenging operating environment,” said Ty R. Silberhorn, Chief Executive Officer of Apogee Enterprises. “I am proud of what our team accomplished in fiscal 2022, achieving full-year revenue and adjusted earnings per share growth, while driving significant progress on our new strategy to position the company for long-term profitable growth.”

Mr. Silberhorn continued, “Looking ahead, we will continue to execute our three-pillar strategy, working to become the economic leader in our target markets, actively managing our portfolio to improve margins and returns, and strengthening our core capabilities to enable profitable growth. I am confident our team will drive further progress toward our financial goals in the new fiscal year.”

To read the full report click here.

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