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Apogee stock slumps on 4Q earnings and revenue miss

CEO Joseph Puishys pinned the struggles on severe winter weather and legacy projects stemming from a 2017 acquisition
Construction worker
The company acquired commercial construction materials manufacturer EFCO in June 2017

Apogee Enterprises Inc (NASDAQ:APOG) posted fiscal fourth quarter results that came up well short of Street expectations.

The building materials company reported a net loss of $12.1 million. Earnings came in at $0.85 per share on revenue of $346.3 million, missing analysts’ projections of $0.91 EPS on revenue of $357.2 million. In its fourth quarter a year ago, the company brought in $0.96 EPS on revenue of $353.5 million.

For fiscal 2019, the Minneapolis-based company posted $2.96 EPS on revenue of $1.40 billion, while analysts expected $3.07 EPS on revenue of $1.41 billion.

“Unfortunately, our fourth quarter results were negatively impacted by unusually severe winter weather, which caused disruptions at some of our manufacturing locations,” CEO Joseph Puishys said.

He also pointed to the company’s acquisition of commercial construction materials manufacturer EFCO in June 2017 and acknowledged the difficulty of incorporating some of the legacy projects it inherited.

In fiscal 2020, the company expects EPS between $3 and $3.20, slightly short of analysts’ average $3.38 EPS estimate. Revenue is expected between $1.41 billion and $1.44 billion, while Street expectations sit at $1.44 billion.

Investors hammered away at the stock, bringing the price down 6.3% to $36.40.

Contact Andrew Kessel at [email protected]

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