Business
Apogee Enterprises Reports Fiscal 2021 Second-Quarter Results
Earnings of $0.67 per diluted share and adjusted earnings of $0.73 per diluted share, compared to $0.72 in the prior year Cost savings tracking ahead of
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nEarnings of $0.67 per diluted share and adjusted earnings of $0.73 per diluted share, compared to $0.72 in the prior year\n\n\nCost savings tracking ahead of forecast; expect over $40 million of savings in the fiscal year \n\n\n$85 million of operating cash flow year-to-date, up $68 million compared to prior year\n\n\nReduced debt by $43 million in the quarter, further strengthening the company’s financial position\n\n\nTotal backlog of $1.1 billion remains well above prior year level\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced results for the second quarter of fiscal 2021 and provided a business update. Second-quarter revenue was $319.5 million, compared to $357.1 million in the second quarter of fiscal year 2020, reflecting COVID-19 and market related volume declines in three of the company’s segments. Earnings were $0.67 per diluted share, compared to $0.72 per diluted share in the prior year period, reflecting the lower revenue, partially offset by cost savings and improved productivity. Adjusted earnings were $0.73 per diluted share, compared to $0.72 in the prior year. Adjusted results excluded $2.3 million of pre-tax costs related to COVID-19 and acquired project matters.\n\nCommentary\n\n“Our team turned in impressive results in the second quarter, delivering adjusted earnings growth despite a challenging economic situation,” said Joseph F. Puishys, Chief Executive Officer. “As we forecasted last quarter, each of our four segments delivered increased revenue and profitability in the second quarter compared to the first quarter. Large-Scale Optical recovered sharply from the first quarter, returning to profitability, and we benefited from strong execution and effective cost and cash management across our business.”\n\nMr. Puishys continued, “While conditions in our end markets remain uncertain, Apogee is well positioned to navigate the current environment. Over the past several years, we have successfully diversified our business to enable more stable performance, moving from a concentration in high-rise buildings toward a more balanced customer offering across project types and building sizes. We’ve built a robust backlog, providing visibility in the long lead-time parts of our business. We’ve driven sustainable cost reductions and improved productivity, with addition...