Abhoy Sarkar's Avatar
published in Blogs
Dec 26, 2022
Apogee (APOG, $43.87) beats fiscal Q3 expectations

Apogee (APOG, $43.87) beats fiscal Q3 expectations

Apogee Enterprises, Inc. posted adjusted earnings of $1.07 for third-quarter fiscal 2023, exceeding the Zacks Consensus Estimate of 98 cents (according to Zacks Equity Research). The figure was 63 cents per share in the year-ago quarter.

Revenues rose +10.2% from the year-ago quarter to $368 million, topping the Zacks Consensus Estimate of $355 million (according to Zacks Equity Research).

The Architectural Framing Systems segment’s revenue rose around +17% year-over-year to $165 million, primarily due to inflation's impact on pricing. Architectural Glass business revenue grew +10% from the prior-year quarter to $81.5 million. Revenue from the Architectural Services segment was down -3% from the year-ago quarter to $102 million. The Large-Scale Optical Technologies segment also experienced a -3% dip year-over-year to $27 million.

For fiscal 2023, Apogee projects adjusted EPS in the range of $3.90 and $4.05, vs. prior guidance of $3.75 to $4.05. The company is expecting revenue growth of 10% for the year, to be driven by Architectural Framing Systems. Capital expenditure is anticipated to be $40 million.

Related Tickers: APOG