Apogee reports increase in revenue for architectural products business

Apogee’s third quarter fiscal year 2013 results for its architectural products and services business saw an increase of 11% compared to the same quarter of last year at USD 168.8 million. Overall, Apogee’s revenues increased 9% and its operating income was up 59%.

Apogee Enterprises has reported revenues of USD 168.8 million for the third quarter of fiscal year 2013 for its architectural products and services business, an increase of 11% compared to the same quarter of last year. The architectural products and services business includes Viracon, Harmon Inc., Wausau Window and Wall Systems, Linetec and Tubelite.
According to the company’s latest financial report, the architectural products and services business also saw an operating income of USD 5.8 million, compared to USD 0.6 million for the same period of last year.
The business had a backlog of USD 300.4 million for the quarter, compared to USD 299.0 million in the second quarter and USD 225.1 million in the prior-year period. Approximately USD 111 million (37%) of the backlog is expected to be delivered in fiscal 2013, and approximately USD 189 million (63%) in fiscal 2014, according to the report.
“All of our architectural businesses grew, with the largest increase from our installation business, which has been gaining shares and has expanded into new domestic geographies,” said chief financial officer Jim Porter during a call with investors this morning.
Overall, Apogee’s revenues increased 9% and its operating income was up 59%.
“We delivered a better-than-expected third quarter as our architectural segment successfully executed a more favourable mix of complex work,” said CEO Joseph F. Puishys. “I am pleased that in down markets, Apogee grew revenues 9% and operating income 59% in the quarter.”
Porter attributed much of the company’s overall results to the architectural segment.
“The improvement was driven by the architectural segment, where we had a number of positive things going on – higher architectural glass pricing, improving installation project margins, a more value-added and complex mix of work, higher capacity utilization and solid operational performance,” he said.
Company officials made the following prediction for the future.
“Regarding top-line growth, our outlook for the full year is that revenues will grow 5 to 6% as we continue to outperform our end markets,” said Puishys. “For the full year, we expect positive free cash flow, net of spending approximately USD 30 million of capital for investments to improve productivity, increase capacity and introduce new products, as well as for maintenance requirements. In addition, we continue to look for long-term investments to support growth and capabilities.”