Business
Apogee Enterprises Reports Fiscal 2023 Fourth Quarter and Full Year Results
Fourth-quarter revenue grows 5 percent, to $344 million Fourth-quarter earnings of $0.91 per diluted share; adjusted earnings of $0.86 per diluted share
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nFourth-quarter revenue grows 5 percent, to $344 million\n\n\n\nFourth-quarter earnings of $0.91 per diluted share; adjusted earnings of $0.86 per diluted share\n\n\n\nRecord full-year revenue, earnings per share, and adjusted earnings per share\n\n\n\nStrong cash flow, with $52 million of cash from operations in the fourth quarter\n\n\n\nApogee provides guidance for fiscal 2024, forecasting earnings of $3.90 to $4.25 per diluted share\n\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2023 fourth-quarter and full-year results. Fourth-quarter revenue grew 4.9 percent to $344.1 million, compared to $328.0 million in the fourth quarter of fiscal year 2022, led by double-digit growth in Architectural Framing Systems and Architectural Glass. Earnings per diluted share were $0.91, which included a discrete $1.1 million income tax benefit related to the Sotawall business. This compared to a net loss of $(0.67) per diluted share in the prior-year quarter, which included $55.8 million of pre-tax impairment and restructuring charges and a $19.5 million gain on the sale of assets. Adjusted earnings in this year’s fourth quarter were $0.86 per diluted share, compared to $0.91 in the prior-year period.1\n\n\nFull year fiscal 2023 revenue grew 9.6 percent, to a record $1.44 billion, up from $1.31 billion in the prior year, with growth in each of the company’s segments. Full-year earnings grew to a record $4.64 per diluted share, compared to $0.14 in fiscal 2022. Full year adjusted earnings per diluted share increased 60 percent, to a record $3.98.\n\n\n“The fourth quarter was a solid close to a terrific year for Apogee, as we continued to build momentum in executing our strategy,” said Ty R. Silberhorn, Chief Executive Officer. “The combination of the right strategy, improving operational execution, and a strong team, helped us deliver record full-year revenue and earnings, and significant progress toward achieving our long-term financial targets.”\n\n\nMr. Silberhorn continued, “In fiscal 2024, we expect to drive further progress toward our financial goals, as we continue to execute our strategy to position the company as an economic leader in our target markets, with a stronger foundation of core capabilities.”\n\n\nSegment Results\n\n\nArchitectural Framing Systems\n\n\nArchitectu...