Business
Apogee Enterprises Reports Record Fiscal 2023 Second Quarter Results
Second-quarter revenue grows 14 percent, to record $372 million Second-quarter earnings increase to $1.68 per diluted share, which includes a tax benefit of
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nSecond-quarter revenue grows 14 percent, to record $372 million\n\n\n\nSecond-quarter earnings increase to $1.68 per diluted share, which includes a tax benefit of $0.62 per share\n\n\n\nAdjusted earnings increase to record $1.06 per diluted share\n\n\n\nFull year adjusted earnings guidance increased to a range of $3.75 to $4.05 per diluted share\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2023 second quarter results. Second-quarter revenue grew 14.2 percent to a record $372.1 million, compared to $325.8 million in the second quarter of fiscal year 2022, led by growth in Architectural Framing Systems and Architectural Services. Earnings per diluted share increased to $1.68, compared to a net loss of $(0.08) per diluted share in the prior-year quarter. Earnings in the quarter benefited from a $13.7 million income tax deduction for a worthless stock loss related to the Sotawall business. Earnings in the prior-year quarter included $20.8 million of pre-tax restructuring costs. Adjusted earnings, which exclude the impact of the tax deduction and restructuring costs, increased to a record $1.06 per diluted share, compared to $0.53 in the second quarter of fiscal 2022.1\n\n“This was another strong quarter for Apogee, with improving execution driving record results,” said Ty R. Silberhorn, Chief Executive Officer. “We’re now a year into implementing Apogee’s new enterprise strategy and we are continuing to build momentum in the company’s transformation. While a lot of work remains to reach our goals, I am proud of the progress our team has made in just twelve months since we launched our new strategy.”\n\nMr. Silberhorn continued, “Our effort to become the economic leader in our target markets is taking hold. We are improving execution and driving productivity gains across the company. We’re building a more competitive cost structure and strengthening our ability to deliver differentiated products and services that provide more value for customers. These actions have driven significant margin expansion and positioned us for continued profitable growth as we move forward.”\n\nSegment Results\n\nArchitectural Framing Systems\n\nArchitectural Framing Systems second-quarter revenue grew 26 percent, to $172.9 million, from $137.0 million in the prior-year period, primarily dri...