Apogee Entr Stock Price, News & Analysis

Apogee Enterprises reported a 6.6% revenue increase in Q3 fiscal 2022, totaling $334.2 million, driven by growth in Architectural Services and Framing Systems. Earnings per diluted share stood at $0.44, influenced by $6.4 million in restructuring and impairment costs. Adjusted earnings were $0.63, down from $0.90 last year. Cash from operations reached $86 million year-to-date, with a narrowed guidance for full-year adjusted earnings set between $2.25 and $2.40 per diluted share.

Apogee Enterprises, Inc. (Nasdaq: APOG) will announce its fiscal 2022 third quarter results on December 21, 2021, before market opens. Following the announcement, a conference call will be held at 8:00 a.m. Central Time, also on December 21. Interested investors can access the call via the Investors section of the company's website. Apogee specializes in architectural products, including glass and aluminum framing systems, delivering solutions for commercial buildings and custom picture framing.

Apogee Enterprises (NASDAQ: APOG) held its Investor Day, where CEO Ty Silberhorn outlined a strategic framework aimed at achieving profitable growth and improved returns over the next three years. The company set new financial targets, including a return on invested capital (ROIC) exceeding 12%, operating margins above 10%, and revenue growth surpassing 1.2 times the non-residential construction market growth. The event showcased Apogee's commitment to becoming a leader in its sectors and enhancing execution capabilities.

Apogee Enterprises, Inc. (Nasdaq: APOG) will host a virtual webcast of its investor day on November 30, 2021, from 9:00 a.m. to 11:30 a.m. Eastern Time. CEO Ty Silberhorn and the management team will discuss strategies for long-term profitable growth. Attendees are encouraged to pre-register via the provided link. The webcast will be accessible on the investor relations section of Apogee's website, with a replay available afterward.

For more details, visit the investor relations page.

Apogee Enterprises, Inc. (Nasdaq: APOG) has agreed to sell its Architectural Glass facility in Statesboro, Georgia to Cardinal Glass Industries. This sale, part of a restructuring plan, is expected to close in Q4 of fiscal 2022, pending certain conditions. Apogee anticipates a pre-tax gain between $18 million and $20 million. CEO Ty R. Silberhorn highlighted the financial flexibility this transaction brings as Apogee implements its new enterprise strategy.

Apogee Enterprises has declared a quarterly cash dividend of $0.20 per share, payable on November 10, 2021. Shareholders of record as of October 26, 2021 will qualify for this dividend. Additionally, the Board has increased the share repurchase authorization by 1 million shares, now totaling approximately 1.5 million shares. The company will assess future buybacks based on cash flow, debt levels, and market conditions, indicating a commitment to manage capital effectively.

Apogee Enterprises, Inc. (Nasdaq: APOG) reported fiscal 2022 second-quarter revenue of $326 million, a 2% increase year-over-year. However, the company posted a net loss of $(0.08) per diluted share, affected by $20.8 million in restructuring costs. Adjusted earnings were $0.53 per share, down from $0.73 a year ago. Despite these challenges, Apogee generated $48 million in cash from operations. The company anticipates significant cost inflation and plans to mitigate this with pricing actions and operational improvements.

Apogee Enterprises, Inc. (Nasdaq: APOG) will announce its fiscal 2022 second quarter results on September 21, 2021, before market opening. A conference call will follow at 8:00 a.m. Central Time on the same day to discuss the financial results, accessible via the Investor section of its website. Apogee specializes in architectural products and services, including architectural glass and aluminum framing systems, serving both commercial buildings and picture framing needs.

Apogee Enterprises announced a strategic restructuring aimed at enhancing operational efficiency and positioning for future growth. Key actions include closing the Viracon facility in Georgia and the Velocity business in Texas, while refocusing the Architectural Framing Systems into two business units. The restructuring may lead to the layoff of around 400 employees and is expected to generate annualized savings of $20 to $30 million by the end of fiscal 2023. Pre-tax charges of $30 to $35 million are anticipated for asset impairments and severance.