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Apogee Enterprises ends record year with 4Q earnings beat 

Published: 10:50 12 Apr 2023 EDT

Apogee Enterprises - Apogee Enterprises ends record year with 4Q earnings beat 

Apogee Enterprises (NASDAQ:APOG) has wrapped up its 2023 financial year with fourth-quarter earnings that beat expectations. 

The Minneapolis-based provider of architectural products and services for enclosing buildings and high-performance glass and acrylic products reported revenue of $344 million for the three months to February 25, 2023. That was a 4.9% improvement on the $328 million reported for the same quarter a year earlier but lower than the $348 million pencilled in by Wall Street analysts. 

Adjusted diluted earnings per share (EPS) of $0.86 were down from $0.91 in the prior-year period but ahead of the $0.83 expected by the Street. 

Apogee attributed the revenue gains to double-digit growth in Architectural Framing Systems and Architectural Glass.

"The fourth quarter was a solid close to a terrific year for Apogee, as we continued to build momentum in executing our strategy," Apogee CEO Ty Silberhorn said in a statement. "The combination of the right strategy, improving operational execution, and a strong team, helped us deliver record full-year revenue and earnings, and significant progress toward achieving our long-term financial targets.”

Full-year fiscal 2023 revenue grew 9.6% to a record $1.44 billion, with the company reporting growth in each of its segments. Full-year adjusted diluted EPS increased 60% to a record $3.98.

For fiscal 2024, the company said it expects flat to slightly declining revenue compared to fiscal 2023, primarily reflecting an expected decline in volume in Architectural Services.

"In fiscal 2024, we expect to drive further progress toward our financial goals, as we continue to execute our strategy to position the company as an economic leader in our target markets, with a stronger foundation of core capabilities,” Silberhorn said.

Apogee’s shares were 0.2% up at $42.49 in late morning trading in New York. 

Contact the author at stephen.gunnion@proactiveinvestors.com

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