APOGEE ENTERPRISES REPORTS FISCAL 2020 FIRST QUARTER RESULTS
Revenue grows 6 percent to $355 million
Continued backlog growth in Architectural Services; backlog in Architectural Framing Systems remains strong
Strong year-over-year growth and margin gains in Architectural Glass
Company reaffirms full-year guidance
MINNEAPOLIS, MN, June 27, 2019 - Apogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2020 first-quarter results. First-quarter revenue grew 6 percent to $355.4 million, compared to $336.5 million in the first quarter of fiscal year 2019. Earnings per diluted share were $0.58, compared to earnings of $0.54 per diluted share and adjusted earnings1 of $0.60 per diluted share in the prior year period.
“We had a solid start to our fiscal year in the first quarter with good progress toward achieving our full-year goals,” said Joseph F. Puishys, Chief Executive Officer. “Conditions in our end-markets remain healthy, which helped us deliver another quarter of top-line growth and increased backlog. We also advanced several key strategic and operational initiatives and I’m pleased with the progress we made toward completing the remaining legacy EFCO project.”
“We remain confident in our outlook for the rest of fiscal 2020,” added Mr. Puishys. “We continue to foresee improved profitability in the second half of the fiscal year based on project timing and operational initiatives. Looking beyond, we see significant opportunities for long-term organic growth and margin expansion across our business, which is supported by our strong backlog and sales pipeline.”
1 Adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Use and Reconciliation of Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation to the most directly comparable GAAP measures.
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
The following information was filed by Apogee Enterprises, Inc. (APOG) on Thursday, June 27, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0000006845-19-000022 Submitted to the SEC: Thu Jul 11 2019 8:13:38 AM EST Accepted by the SEC: Thu Jul 11 2019 Period: Saturday, June 1, 2019 Industry: Glass Products Made Of Purchased Glass