Business
Apogee Enterprises Reports Fiscal 2020 Third Quarter Results
Revenue of $338 million and earnings of $0.57 per diluted share Lower than expected results in Architectural Framing Systems Architectural Services backlog
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nRevenue of $338 million and earnings of $0.57 per diluted share\n\n\nLower than expected results in Architectural Framing Systems\n\n\nArchitectural Services backlog increases by 21 percent, to record $607 million\n\n\nStrong cash flow, with $36 million of cash provided by operating activities during the quarter\n\n\nCompany provides information on cost reductions and updates full-year guidance\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2020 third-quarter results. Third-quarter revenue was $337.9 million, compared to $357.7 million in the third quarter of fiscal year 2019. Earnings per diluted share were $0.57, down from $0.78 in the prior year period, primarily driven by lower revenue and margins in the Architectural Framing Systems segment.\n\n\nCommentary\n“Third quarter results came in below our expectations, reflecting lower volumes and operational difficulties in certain of our Architectural Framing Systems businesses,” said Joseph F. Puishys, Chief Executive Officer. “Though we are reducing our current year outlook as a result, we remain confident that the company is well positioned for growth and margin expansion next year and beyond. In addition to actions to drive Apogee’s long-term success, we recognize the imperative for improved near-term performance. We are moving quickly but deliberately to address the issues in Framing Systems, including leadership changes and accelerating our efforts to drive integration and cost reductions within the segment.”\n\n\n“There were several positives in the quarter that demonstrate the underlying strength of our business,” continued Mr. Puishys. “Architectural Services continued to deliver strong project execution. We were also awarded several new projects during the quarter, increasing the segment’s already record backlog by over $100 million. Large-Scale Optical delivered growth and strong profitability. We saw improved factory productivity in Architectural Glass and we successfully opened our new glass fabrication facility in Texas. Finally, our financial position remains strong, with solid cash flow in the quarter, which we used to reduce our debt.”\n\n\nMr. Puishys concluded, “Looking forward, we see opportunities for significantly improved results in our next fiscal year and beyond. We are executing a strategy to...