UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-K _________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 2, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | --- | |--------------------------------------------------------------------------------|-- ...

Apogee Enterprises, Inc. (APOG) reported fourth-quarter fiscal 2024 (ended Mar 2, 2024) adjusted earnings per share (EPS) of $1.14, surpassing the Zacks Consensus Estimate of 97 cents. The bottom line increased 32.6% year over year.Including one-time items, the company reported earnings per share of 71 cents compared with the year-ago quarter's 91 cents.Apogee generated revenues of $362 million in the quarter under review, up 5.2% year over year on solid growth in Architectural Services and Architectural Gl ...

Apogee Enterprises, Inc. (NASDAQ:APOG) Q4 2024 Earnings Conference Call April 18, 2024 9:00 AM ET Company Participants Jeff Huebschen - VP, IR Ty Silberhorn - CEO Matthew Osberg - CFO Conference Call Participants Julio Romero - Sidoti & Company, LLC Brent Thielman - D.A. Davidson B.J. Cook - Singular Research Jon Braatz - KCCA Operator Good day, and thank you for standing by. Welcome to Q4 2024 Apogee Enterprises, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. [Oper ...

Apogee Enterprises (APOG) came out with quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $0.86 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.53%. A quarter ago, it was expected that this glass products company would post earnings of $1.05 per share when it actually produced earnings of $1.23, delivering a surprise of 17.14%.Over the last four quar ...

[Financial Highlights & CEO Commentary](index=1&type=section&id=Financial%20Highlights%20%26%20CEO%20Commentary) [Fiscal 2024 Performance Summary](index=1&type=section&id=Fiscal%202024%20Performance%20Summary) Apogee Enterprises reported a **5% increase** in fourth-quarter net sales to **$362 million**, with adjusted diluted EPS growing **33%** to **$1.14**, and full fiscal year 2024 net sales of **$1.42 billion** with record adjusted diluted EPS of **$4.77** Fiscal 2024 Full Year Key Financial Metrics | Metric | FY 2024 | Change vs. FY 2023 | | :--- | :--- | :--- | | Net Sales | $1.42 billion | -1.6% | | Diluted EPS | $4.51 | -2.8% | | Adjusted Diluted EPS | $4.77 | +19.8% | | Operating Margin | 9.4% | +70 bps | | Adjusted Operating Margin | 10.3% | +160 bps | | Cash Flow from Operations | $204 million | +98.8% | Fiscal 2024 Fourth Quarter Key Financial Metrics | Metric | Q4 FY2024 | Change vs. Q4 FY2023 | | :--- | :--- | :--- | | Net Sales | $362 million | +5.2% | | Diluted EPS | $0.71 | -22.0% | | Adjusted Diluted EPS | $1.14 | +32.6% | | Operating Income | $21.9 million | -15.0% | | Adjusted Operating Income | $34.3 million | +33.1% | [CEO Commentary](index=2&type=section&id=CEO%20Commentary) CEO Ty R. Silberhorn praised fiscal 2024 as a highly successful year with record adjusted EPS and cash flow, attributing success to strategic execution and outlining a fiscal 2025 growth mindset focused on diversification and enhanced offerings - The company achieved a **significant improvement in performance and profitability** by executing its strategy, which included sustainable cost savings, better operational execution, and focusing on differentiated offerings[3](index=3&type=chunk) - The outlook for fiscal 2025 is centered on a "**growth mindset**," with plans to diversify the business, strengthen products and services, and invest for long-term profitable growth[3](index=3&type=chunk) [Corporate Initiatives](index=2&type=section&id=Corporate%20Initiatives) [Project Fortify](index=2&type=section&id=Project%20Fortify) Apogee initiated **Project Fortify** in Q4 to streamline operations and improve cost structure, incurring **$12.4 million** in pre-tax charges with expected annualized savings of **$12 million to $14 million** Project Fortify Financial Impact | Metric | Amount | | :--- | :--- | | Q4 FY2024 Pre-tax Charges | $12.4 million | | Total Expected Pre-tax Charges | $16 million to $18 million | | Expected Annualized Cost Savings | $12 million to $14 million | - The majority of cost savings are expected to be realized in the Architectural Framing Systems Segment (**~70%**), followed by the Architectural Services Segment (**~20%**) and the Corporate Segment (**~10%**)[4](index=4&type=chunk) - The company expects to realize approximately **60%** of the savings in fiscal **2025** and the remainder in fiscal **2026**, with the project being substantially complete by Q3 FY2025[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) [Consolidated Results](index=2&type=section&id=Consolidated%20Results) Q4 fiscal 2024 net sales increased **5.2%** to **$361.8 million**, with adjusted operating income growing **33.1%** to **$34.3 million**, while full-year net sales were **$1.42 billion** and adjusted operating margin expanded **160 basis points** to **10.3%** - Q4 net sales growth was primarily driven by **improved pricing and mix**, which was partially offset by lower volumes[5](index=5&type=chunk) - Full-year adjusted diluted EPS grew **19.8%** to a record **$4.77**, driven by higher adjusted operating income and lower interest expense[8](index=8&type=chunk) Full-Year FY2024 vs. FY2023 Consolidated Results | Metric | Fiscal 2024 | Fiscal 2023 | | :--- | :--- | :--- | | Net Sales | $1.42 billion | $1.44 billion | | Operating Margin | 9.4% | 8.7% | | Adjusted Operating Margin | 10.3% | 8.7% | | Diluted EPS | $4.51 | $4.64 | [Segment Performance (Q4 FY2024)](index=3&type=section&id=Segment%20Performance%20%28Q4%20FY2024%29) In Q4, Architectural Glass led with **18.2%** net sales growth to **$96.2 million** and **19.7%** operating margin, while Architectural Services grew **7.9%**, and Architectural Framing Systems declined due to lower volume and restructuring charges Q4 FY2024 Segment Performance vs. Q4 FY2023 | Segment | Net Sales (Q4'24) | % Change YoY | Operating Income (Q4'24) | Operating Margin (Q4'24) | | :--- | :--- | :--- | :--- | :--- | | Architectural Framing Systems | $139.2M | -6.3% | $6.8M | 4.9% | | Architectural Glass | $96.2M | +18.2% | $18.9M | 19.7% | | Architectural Services | $106.3M | +7.9% | $3.6M | 3.4% | | Large-Scale Optical | $27.1M | -0.4% | $6.9M | 25.6% | - Architectural Framing Systems backlog increased **9.1%** sequentially to **$200.7 million**[10](index=10&type=chunk) - Architectural Services backlog grew **4.0%** sequentially to **$807.8 million**[12](index=12&type=chunk) [Financial Condition and Cash Flow](index=3&type=section&id=Financial%20Condition%20and%20Cash%20Flow) Fiscal 2024 saw significant financial strengthening, with record net cash from operating activities of **$204.2 million**, a reduction in long-term debt to **$62.0 million**, and an improved net leverage ratio of **0.1x** - Full-year net cash provided by operating activities increased to a record **$204.2 million**, compared to **$102.7 million** in the prior year[15](index=15&type=chunk) Debt and Leverage Comparison (Year-End) | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Long-Term Debt | $62.0 million | $169.8 million | | Net Leverage Ratio | 0.1x | 0.9x | - During fiscal 2024, the company returned **$33.0 million** of cash to shareholders through share repurchases and dividend payments[16](index=16&type=chunk) [Fiscal 2025 Outlook](index=4&type=section&id=Fiscal%202025%20Outlook) [Guidance](index=4&type=section&id=Guidance) Apogee projects a fiscal 2025 net sales decline of **4% to 7%**, with diluted EPS between **$4.25 and $4.55**, and capital expenditures of **$40 million to $50 million** Fiscal 2025 Full-Year Guidance | Metric | Guidance Range | | :--- | :--- | | Net Sales Decline | 4% to 7% | | Diluted EPS | $4.25 to $4.55 | | Adjusted Diluted EPS | $4.35 to $4.75 | | Capital Expenditures | $40 million to $50 million | - The reversion to a 52-week fiscal year is expected to reduce adjusted diluted EPS by approximately **$0.20** compared to fiscal 2024[17](index=17&type=chunk) - The outlook assumes an adjusted effective tax rate of approximately **24.5%**[17](index=17&type=chunk) [Appendix: Financial Statements and Reconciliations](index=5&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses **non-GAAP measures** like adjusted operating income and diluted EPS to evaluate performance, determine compensation, and provide clearer investor insights by excluding non-core operational items - Management uses **non-GAAP measures** to assess historical and future performance, measure operational profitability consistently, and enhance transparency for investors[20](index=20&type=chunk) - Key non-GAAP measures include **Adjusted operating income**, **adjusted diluted EPS**, **Adjusted EBITDA**, **Free cash flow**, **Adjusted ROIC**, **Net debt**, and **Net leverage ratio**[20](index=20&type=chunk)[21](index=21&type=chunk) - Effective **Q1 FY2025**, the company will cease reporting backlog for the **Architectural Framing Segment** as Project Fortify actions will shorten project cycles, making the metric less effective for that segment[23](index=23&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents Apogee Enterprises' detailed unaudited financial statements, including Consolidated Condensed Statements of Income, Balance Sheets, and Cash Flows, along with segment net sales and operating income breakdowns - The Consolidated Condensed Statements of Income show a year-over-year decrease in full-year net earnings from **$104.1 million** in **FY2023** to **$99.6 million** in **FY2024**, primarily due to a significantly higher income tax expense in FY2024[27](index=27&type=chunk)[28](index=28&type=chunk) - The Consolidated Condensed Balance Sheets indicate a reduction in total assets from **$915.4 million** to **$884.1 million** and a significant decrease in long-term debt from **$169.8 million** to **$62.0 million** year-over-year[30](index=30&type=chunk) - The Consolidated Condensed Statements of Cash Flows highlight a record **$204.2 million** in net cash from operating activities for **FY2024**, nearly double the **$102.7 million** generated in **FY2023**[31](index=31&type=chunk) [Non-GAAP Reconciliations](index=11&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP to non-GAAP measures, including Adjusted Net Earnings, Diluted EPS, Operating Income, EBITDA, Net Leverage Ratio, and ROIC, adjusting for items like Project Fortify restructuring charges - Provides a reconciliation of GAAP Diluted EPS (**$4.51**) to Adjusted Diluted EPS (**$4.77**) for the full **fiscal year 2024**, detailing adjustments for restructuring charges and an NMTC settlement gain[33](index=33&type=chunk)[35](index=35&type=chunk) - Details the reconciliation of **GAAP Operating Income** to **Adjusted Operating Income** for each business segment, showing the specific impact of **Project Fortify restructuring charges**[38](index=38&type=chunk)[41](index=41&type=chunk) - Includes a reconciliation of the **Fiscal 2025 outlook** for **Diluted EPS** to **Adjusted Diluted EPS**, showing expected adjustments for future **Project Fortify restructuring charges**[52](index=52&type=chunk)[53](index=53&type=chunk)

Despite increased costs and labor shortage marring the near-term outlook of the Zacks Glass Products industry, it is poised to benefit from the rising demand for glass — both as a packaging option and for use in construction. This is backed by its endless recyclability and sustainability benefits. Growing demand for energy-efficient, smart windows or smart glass panels will be another catalyst for the industry going forward.Companies like Xinyi Glass (XYIGF) , Apogee Enterprises (APOG) and View, Inc. (VIEWQ ...

Apogee Enterprises (APOG) closed at $58.11 in the latest trading session, marking a +1.4% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.57%. On the other hand, the Dow registered a gain of 0.83%, and the technology-centric Nasdaq increased by 0.39%.Shares of the glass products company witnessed a gain of 4.56% over the previous month, trailing the performance of the Industrial Products sector with its gain of 5.08% and outperforming the S&P 500's gain of 2.9 ...

Apogee Enterprises (APOG) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this glass products company have returned +6.1% over the past month versus the Zacks S&P 500 composite's +3.2% change. The Zacks Glass Products industry, to which Apogee Enterprises belongs, has lost 2.6% over this period. Now the key question is: Where could the stock be headed in the near term? ...

Apogee Enterprises (APOG) ended the recent trading session at $56.78, demonstrating a +0.04% swing from the preceding day's closing price. This move lagged the S&P 500's daily gain of 1.12%. Elsewhere, the Dow gained 0.61%, while the tech-heavy Nasdaq added 1.54%.The the stock of glass products company has risen by 1.34% in the past month, lagging the Industrial Products sector's gain of 4.2% and the S&P 500's gain of 2.06%.The investment community will be closely monitoring the performance of Apogee Enterp ...

The latest trading session saw Apogee Enterprises (APOG) ending at $56.62, denoting a +1.14% adjustment from its last day's close. The stock outpaced the S&P 500's daily gain of 0.51%. Meanwhile, the Dow experienced a rise of 0.2%, and the technology-dominated Nasdaq saw an increase of 0.58%.Coming into today, shares of the glass products company had gained 5.4% in the past month. In that same time, the Industrial Products sector gained 5.36%, while the S&P 500 gained 2.94%.The investment community will be ...