The architectural products and services company raised full-year EPS guidance even as revenue declined.Shares of architectural products and services company Apogee Enterprises (APOG 23.33%) rallied 25.5% on Friday, as of 2 p.m. ET.Apogee released second-quarter earnings today. Not only did the company beat expectations, but it also raised profit guidance for the rest of the year, even amid negative revenue growth. The news sent shares rallying to all-time highs.Management is enhancing profitabilityApogee ma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-6365 _________________________________ APOGEE ENTERPRISES, INC. (Exact nam ...

Financial Data and Key Metrics Changes - Revenue declined 3% year-over-year, but improved sequentially from an 8% decline in the first quarter [14][20] - Adjusted operating margin improved by 110 basis points to 12.6%, driven by improved pricing and mix, favorable material costs, and lower insurance-related costs [15][20] - Adjusted diluted EPS grew 6% to $1.44, matching the record adjusted EPS reported in the first quarter [15][20] Business Line Data and Key Metrics Changes - Framing net sales declined 11%, primarily due to lower volume from the strategic shift away from lower-margin product lines [16] - Glass net sales declined 4%, driven by lower volume from softening end market demand, but operating margin improved by 490 basis points to a record 23.4% due to strong pricing and mix [16][17] - Services net sales grew 11%, with adjusted operating margin improving 250 basis points to 6.5%, marking the sixth consecutive quarter of sequential margin expansion [17] - LSO sales declined 16%, primarily due to lower volume in the retail channel, with operating margin declining 60 basis points to 19.1% [18] Market Data and Key Metrics Changes - Services backlog ended the quarter at $792 million, down from $867 million last quarter, but up 17% compared to a year ago [17] - The company expects net sales to decline 4% to 7% for the full fiscal year, including declines in Framing, Glass, and LSO, partially offset by growth in Services [20] Company Strategy and Development Direction - The acquisition of UW Solutions is seen as a strategic fit, expanding and diversifying growth opportunities while complementing the existing portfolio [8][10] - The company aims to leverage core capabilities to drive value through integration, expecting to achieve $5 million in annual run rate synergies by the end of fiscal '27 [24] - The focus remains on adding differentiated products into the portfolio, with ongoing M&A efforts to enhance capabilities within the LSO segment [34] Management's Comments on Operating Environment and Future Outlook - Management noted continued softness in some end markets, particularly non-residential construction, but emphasized strong adjusted operating margin expansion and cash flow [5][27] - The outlook for the second half of the fiscal year anticipates a moderation in Glass margins, moving into the upper half of the 10% to 15% target range [21] - The company expects to maintain a strong financial position with low debt and no near-term maturities, supporting growth strategies [19][26] Other Important Information - Cash from operations was strong at $59 million, up 42% compared to the previous year's second quarter [18] - The company refinanced its credit facility, expanding borrowing capacity to support growth strategies [19] Q&A Session Summary Question: Inquiry about cross-selling opportunities with UW Solutions - Management indicated that there is not significant customer overlap, presenting opportunities for complementary offerings, particularly in HD Printable Materials [29][30] Question: Historical growth rate of UW Solutions - Management noted that the Industrial Flooring segment has seen strong growth, approaching double digits, while other segments have lower growth rates [40] Question: Differentiation of UW's flooring products - The flooring business differentiates itself through proprietary coatings applied to engineered wood, enhancing durability and compatibility with robotics [45] Question: Project Fortify restructuring updates - Management stated that approximately $14.7 million in charges have been incurred, with a range of $15 million to $16 million expected, and savings are projected to be at the high end of the previously stated range [50][51]

Apogee Enterprises (APOG, Financial) saw a significant rise of 22% following its Q2 earnings report. The company delivered another impressive EPS beat, marking the sixth consecutive double-digit EPS surprise. Although revenue fell by 3.2% year-over-year to $342.4 million, it surpassed analysts' expectations for a more significant decline. Apogee also significantly increased its FY25 EPS guidance to $4.90-5.20, up from $4.65-5.00, while reaffirming its FY25 revenue guidance at a decline of 4% to 7%.- The rev ...

On October 4, 2024, Apogee Enterprises Inc (APOG, Financial) released its 8-K filing for the fiscal 2025 second quarter, reporting a mixed performance with a notable improvement in operating margins despite a decline in net sales. The company, a leading provider of architectural products and services, reported a 3.2% decrease in net sales to $342 million, exceeding the estimated $335.29 million. However, it exceeded the estimated earnings per share (EPS) of $1.18, achieving a diluted EPS of $1.40 and an adj ...

enterprises, inc Press Release FOR RELEASE: October 4, 2024 APOGEE ENTERPRISES REPORTS FISCAL 2025 SECOND QUARTER RESULTS • Net sales decrease 3.2% to $342 million • Operating margin improves to 12.3%; adjusted operating margin improves by 110 bps to 12.6% • Diluted EPS of $1.40; adjusted diluted EPS increases 6% to $1.44 • Year-to-date cash flow from operations improves to $64 million • Raising full-year EPS outlook MINNEAPOLIS, MN, October 4, 2024 – Apogee Enterprises, Inc. (Nasdaq: APOG) today reported i ...

Apogee Enterprises Inc (APOG, Financial) is set to release its Q2 2025 earnings on Oct 4, 2024. The consensus estimate for Q2 2025 revenue is $335.29 million, and the earnings are expected to come in at $1.18 per share. The full year 2025's revenue is expected to be $1.34 billion and the earnings are expected to be $4.75 per share. More detailed estimate data can be found on the Forecast page.Apogee Enterprises Inc (APOG, Financial) Estimates TrendsOver the past 90 days, revenue estimates for Apogee Enterpr ...

Apogee Enterprises, Inc. (APOG) announced that it has inked an agreement with Heartwood Partners to acquire UW Interco, LLC (UW Solutions) for $240 million in cash. This transaction is consistent with Apogee's goal of adding distinctive businesses with a great operational track record to its portfolio. UW Solutions, a U.S. manufacturer, produces high-performance coated substrates for building products and graphic arts markets, boasting innovative formulations and iconic brands like ResinDEK, ChromaLuxe, RDC ...

NORWALK, Conn., Sept. 25, 2024 /PRNewswire/ -- Heartwood Partners® is pleased to announce that on September 23, 2024, Heartwood Partners III, LP ("Fund III") and affiliated entities signed a definitive agreement to sell their investment in UW Solutions ("UW", or the "Company") (www.uwsolutions.com) to Apogee Enterprises, Inc. (Nasdaq: APOG) ("Apogee") in a transaction valued at $240 million. The transaction is expected to close later in the fourth quarter subject to satisfaction of customary closing conditi ...

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