Business
Apogee Enterprises Reports Fiscal 2019 Fourth Quarter and Full-Year Results
Full-year revenue increases 6 percent, the company's eighth consecutive year of growthRobust demand drives strong order flow and record backlog in
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"Full-year revenue increases 6 percent, the company's eighth consecutive year of growthRobust demand drives strong order flow and record backlog in Architectural ServicesContinued productivity gains in Architectural Glass, with 120 basis point sequential operating margin improvementCompany announces $45.7 million of pre-tax charges related to the EFCO acquisitionCompany provides guidance for fiscal 2020MINNEAPOLIS--(BUSINESS WIRE)-- Apogee Enterprises, Inc. (Nasdaq:APOG) today announced its fiscal 2019 fourth-quarter and full-year results. Revenue in the fourth quarter was $346.3 million, compared to $353.5 million in the fourth quarter of fiscal year 2018. The company had a GAAP net loss of $(0.45) per share in the fourth quarter, which included pre-tax charges of $42.6 million for increased project-related charges on contracts that were acquired with the purchase of EFCO and of $3.1 million for a non-cash impairment of the trade name acquired with the purchase of EFCO. This compares to GAAP earnings of $0.78 per diluted share in the fourth quarter of fiscal 2018. Adjusted earnings1, which exclude the impact of the charges and the amortization of short-lived acquired intangibles, were $0.85 per diluted share, compared to $0.96 in the prior-year period. Earnings and adjusted earnings in the prior-year quarter included a $0.13 per share benefit from U.S. federal tax reform.Full-year fiscal 2019 revenue grew 5.8 percent to $1.40 billion, from $1.33 billion in the prior year. Full-year GAAP earnings were $1.63 per diluted share, compared to $2.76 in fiscal 2018. Full-year adjusted earnings per share were $2.96, compared to $3.23 in fiscal 2018.1 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.Commentary\"Apogee made progress on many fronts in fiscal 2019 and finished the year strong by delivering improved performance in a number of our businesses,\" said Joseph F. Puishys, Chief Executive Officer. \"Unfortunately, our fourth quarter results were negatively impacted by unusually severe winter weather, which caused disruptions at some of our manufacturing locations. Despite several challenges during the year, we achieved ano...