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Apogee reports FY18 first quarter results

Apogee has announced fiscal 2018 first-quarter results

Revenues of USD 272.3 million up 10%; EPS of USD 0.56; adjusted EPS of USD 0.62; FY18 guidance prior to acquisition reaffirmed; Updated FY18 outlook is for 26-28% revenue growth; EPS of USD 3.31 to USD 3.51, adjusted EPS of USD 3.65-USD 3.85.

Apogee Enterprises, Inc. has announced fiscal 2018 first-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing and displays.
* Revenues of USD 272.3 million were up 10%, vs. prior-year period.
* Operating income of USD 24.1 million was down 8% before adjustments, vs. prior-year period.
o Adjusted operating income of USD 26.8 million was up 2%, vs. prior-year period.
* Operating margin was 8.9%, or 9.9% adjusted, vs. 10.6% in the prior-year period.
* Earnings per diluted share of USD 0.56 were down 8%, vs. the prior-year period.
o Adjusted EPS was USD 0.62, up 2%, vs. the prior-year period.
* Completed acquisition of EFCO Corporation on June 12. EFCO has annual revenues of more than USD 250 million and will be reported in the architectural framing systems segment.
* Adjusted fiscal 2018 first-quarter results exclude USD 0.07 per share of amortization of short-lived intangibles associated with the acquired backlog of Sotawall; and USD 0.02 per share of acquisition-related charges for Sotawall and EFCO; these costs were offset by USD 0.03 per share of tax impact.
“In the first quarter, we continued to reposition Apogee to deliver more stable future revenue streams and growth through M&A activity and startup of new capabilities,” said Joseph F. Puishys, Apogee chief executive officer. “Revenues grew 10%, and adjusted earnings per share grew 2% compared to the prior-year period.
“Quarterly results were impacted by factors that were largely anticipated, including lower architectural services revenues,” he said. “We also experienced planned startup costs for the new architectural glass capabilities, which are now largely behind us. The first shipments from this new line occurred on schedule late in the quarter.
“Early in the second quarter, we closed on the acquisition of EFCO, which will accelerate our product and geographic growth strategies,” Puishys said. “We are already pursuing operational best practices to capture USD 10 to USD 15 million in annual synergies at EFCO by fiscal 2020.
“In the last six months we’ve made significant progress in our journey to deliver consistently solid performance regardless of economic conditions,” he said. “We’ve completed acquisitions of EFCO and Sotawall, while growing our position in the mid-size building and retrofit sectors. We also continue to introduce new products and our existing businesses have been further penetrating newer geographies.
“Our end markets remain strong based on visibility from our businesses and external metrics, giving us confidence in fiscal 2018 and beyond,” said Puishys. “Our updated fiscal 2018 outlook, which now contains EFCO, includes growth from existing businesses as well as from the acquisition.”

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