Business
Apogee Enterprises Reports Fiscal 2023 First Quarter Results
First-quarter revenue grows 9 percent, to $357 million First-quarter earnings increase to $1.00 per diluted share, up from $0.42 in the prior year Increases
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nFirst-quarter revenue grows 9 percent, to $357 million\n\n\n\nFirst-quarter earnings increase to $1.00 per diluted share, up from $0.42 in the prior year\n\n\n\nIncreases full year adjusted earnings guidance to a range of $3.50 to $3.90 per diluted share \n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2023 first quarter results. First-quarter revenue grew 9.4 percent to $356.6 million, compared to $326.0 million in the first quarter of fiscal year 2022, led by growth in Architectural Framing Systems and Architectural Services. Earnings per diluted share increased to $1.00, compared to $0.42 per diluted share in the prior-year quarter, primarily driven by improved profitability in Architectural Framing Systems and Architectural Glass, and a lower share count.\n\nCommentary\n\n“These strong results demonstrate the continued positive momentum in our business as we execute our strategy to create peak value,” said Ty R. Silberhorn, Chief Executive Officer. “Our team did a terrific job executing this quarter, improving service to customers, while effectively managing costs and pricing. Our strategy is driving improved operational execution and productivity gains, while strengthening our ability to manage costs.”\n\nMr. Silberhorn continued, “While we expect continued cost inflation and supply chain challenges, we are encouraged by this start to our fiscal year. We are well positioned to drive continued year-over-year revenue growth and margin expansion. As a result, we’re increasing our guidance for full-year earnings.”\n\nSegment Results\n\nArchitectural Framing Systems\n\nArchitectural Framing Systems first-quarter revenue grew 19 percent, to $163.3 million, from $136.8 million in the prior-year period, primarily driven by inflation-related pricing actions. First quarter operating income increased to $23.7 million, compared to $8.4 million in last year’s first quarter, reflecting improved pricing and the benefits from previously completed restructuring and cost actions, which offset the impact of inflation. Framing Systems’ operating income also benefited from the timing of inventory flows and the volatility of aluminum prices, as it sold products this quarter using aluminum that was purchased in previous periods at lower costs. Segment backlog increased to $310 million, ...