Apogee Enterprises, Inc. · NASDAQ:APOG
Apogee Enterprises — Q3 2025 Earnings Presentation
17 slides from Apogee Enterprises's earnings presentation, Jan 7, 2025
Slide 1: Apogee Enterprises, Inc. Fiscal 2025 Third Quarter Earnings Call
Apogee Enterprises, Inc. Nasdaq: APOG Fiscal 2025 Third Quarter Earnings Call January 7, 2025 University of Washington, NanoES – Seattle © Aaron Leitz Photography; courtesy of ZGF
Slide 2: Non-GAAP measures & forward-looking statements
Non-GAAP measures & forward-looking statements This presentation contains non-GAAP financial measures which the Company uses to evaluate its historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, a
Slide 3: Agenda
Agenda Introductory remarks Ty Silberhorn Chief Executive Officer Financial results and outlook Matt Osberg Chief Financial Officer Q&A Brooklyn Health Center, New York Photo courtesy of Terry Wieckert Q3 FY2025 Earnings | January 7, 2025 Apogee Enterprises, Inc. 3
Slide 4: FY2025 Third Quarter Highlights
FY2025 Third Quarter Highlights • Net sales approximately in-line with prior year, as growth in Services Net sales $341 M and sales from UW Solutions offset lower volumes in Glass +0.5% year-over-year • Continued volume pressure from soft end market demand Adjusted operating $35.4 M (5.9)% year-over
Slide 5: Market Outlook
Market Outlook FMI forecast for construction put in place in the U.S. for selected building types Forecasted 2025 Building Type Growth Rate Multifamily residential -16% • FMI nonresidential building Lodging -8% construction forecasted to grow by ~1% in calendar 2025 Office (excluding data centers) -
Slide 6: Consolidated Results
Consolidated Results Third quarter Year-to-date $ in millions, except EPS $ in millions, except EPS Q3 FY25 Q3 FY24 Change FY25 FY24 Change Net sales $341.3 $339.7 0.5% Net sales $1,015.3 $1,055.1 (3.8)% Adjusted operating income* $35.4 $37.6 (5.9)% Adjusted operating income* $121.1 $112.0 8.1% Adju
Slide 7: Segment Results
Segment Results Third quarter FY2025 Year-to-date FY2025 Segment Adjusted Segment Adjusted net sales operating net sales operating $M margin* $M margin* Architectural Framing Systems $138.0 9.8% Architectural Framing Systems $412.6 12.3% Year-over-year change (1.1)% (240) bps Year-over-year change (
Slide 8: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet $ in millions Nine Months Nine Months Ended Ended Commentary 11/30/24 11/25/23 Cash flow from operations $95.1 $129.3 • Lower year-to-date free cash flow, primarily driven by Capital expenditures $24.7 $27.0 increased cash used for working capital Free cash flow* $70.4 $1
Slide 9: FY2025 Outlook
FY2025 Outlook Additional details • Net sales outlook includes: ‒ ~$30 million contribution from the acquisition of UW Solutions ~5% decline Net sales ‒ Lower than expected volumes in the fourth quarter compared to FY24 ‒ ~2 percentage point decline related to reverting to a 52-week year ‒ ~1 percen
Slide 10: Third Quarter Summary
Third Quarter Summary • Continuing to build momentum through executing our strategy • Solid Q3 results as we manage through market softness • Completed acquisition of UW Solutions • Strong cash flow and financial position • Focused on execution, costs, and positioning for growth 609 Main| Houston, T
Slide 11: Q&A
Q&A Q3 FY2025 Earnings | January 7, 2025 Apogee Enterprises, Inc. 11
Slide 12: Non-GAAP Measures
Non-GAAP Measures • Adjusted operating income, adjusted operating margin, adjusted net earnings, and adjusted diluted EPS are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results
Slide 13: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted net earnings and adjusted diluted earnings per share (Unaudited) Three Months Ended Nine Months Ended In thousands November 30, 2024 November 25, 2023 November 30, 2024 November 25, 2023 Net earnings $ 20,989 $ 26,974 $ 82,566 $ 83,877 Acquisiti
Slide 14: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted operating income (loss) and adjusted operating margin (Unaudited) Three Months Ended November 30, 2024 Architectural Architectural Architectural Corporate In thousands Framing Systems Glass Services LSO and Other Consolidated Operating income (l
Slide 15: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted operating income (loss) and adjusted operating margin (Unaudited) Nine Months Ended November 30, 2024 Architectural Architectural Architectural Corporate In thousands Framing Systems Glass Services LSO and Other Consolidated Operating income (lo
Slide 16: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin (Earnings before interest, taxes, depreciation, and amortization) (Unaudited) Three Months Ended Nine Months Ended In thousands November 30, 2024 November 25, 2023 November 30, 2024 November 25, 2023 Ne
Slide 17: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Fiscal 2025 Outlook Reconciliation of Fiscal 2025 outlook of estimated diluted earnings per share to adjusted diluted earnings per share (Unaudited) Fiscal Year Ending March 1, 2025 Low Range High Range Diluted earnings per share $ 4.40 $ 4.64 Acquisitio