Business
Apogee Enterprises Reports Fiscal 2021 Fourth Quarter and Full Year Results
Fourth-quarter revenue declines 8 percent to $309 million, with continued end-market headwinds Fourth-quarter loss of $(1.65) per diluted share, which
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nFourth-quarter revenue declines 8 percent to $309 million, with continued end-market headwinds\n\n\n\nFourth-quarter loss of $(1.65) per diluted share, which includes $70 million of non-cash impairment charges and $5 million of restructuring charges\n\n\n\nFourth quarter adjusted earnings per diluted share grow 26 percent to $0.63\n\n\n\nFull-year cash flow from operations increases 32 percent, to record $142 million\n\n\n\nProvides guidance for fiscal 2022\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2021 fourth-quarter and full-year results and provided guidance for fiscal 2022. Fourth-quarter revenue was $308.6 million, compared to $337.1 million in the fourth quarter of fiscal year 2020, reflecting market-related volume declines in Architectural Framing Systems and Architectural Glass, partially offset by growth in Architectural Services. The company reported a net loss of $(1.65) per diluted share in the fourth quarter, which included non-cash, pre-tax impairment charges of $70.1 million in the Architectural Framing Systems segment, $4.9 million of restructuring costs, and $0.9 million of costs related to COVID. This compares to earnings of $0.45 per diluted share in the fourth quarter of fiscal 2020. Adjusted earnings, which exclude the impact of these charges, were $0.63 per diluted share, up from $0.50 in the prior-year period1.\n\nFull-year fiscal 2021 revenue was $1.23 billion, compared to $1.39 billion in the prior-year. Full-year earnings were $0.59 per diluted share, compared to $2.32 in fiscal 2020, with full-year adjusted earnings per share of $2.40, compared to $2.38 in fiscal 2020.\n\nCommentary\n\n“Apogee’s fourth-quarter results demonstrate our team’s ability to respond in challenging times, with adjusted earnings growth despite continued softness in our architectural end markets,” said Ty R. Silberhorn, Chief Executive Officer. “There is no question fiscal 2021 was a difficult year for our business and the broader non-residential construction industry. Apogee’s team rose to the challenge, adapting our business to protect the health of employees and serve our customers, while making significant progress on cost initiatives to deliver solid adjusted earnings and record full-year cash flow.”\n\nMr. Silberhorn continued, “As we enter fiscal 2022, unc...