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Apogee Reports Improved Second Quarter Results

Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2014 second-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.

FY14 SECOND QUARTER VS. PRIOR-YEAR PERIOD

  • Revenues of $178.3 million were up 1 percent.
  • Operating income of $9.4 million was up 24 percent.
  • Earnings per share of $0.21 were up 17 percent.
  • Architectural Glass segment had revenue growth of 11 percent and improved operating income.
  • Consolidated backlog of $304.2 million was up 1 percent.
  • Cash and short-term investments of $73.7 million were up 8 percent.

COMMENTARY“Apogee recorded another good quarter, with growth in revenues, operating income and backlog,” said Joseph F. Puishys, Apogee chief executive officer. “We also grew cash and short-term investments in a quarter when we made an acquisition.

“Revenue growth in the quarter was 1 percent, as strong growth in the Architectural Glass segment and in two of the three businesses in the Architectural Framing Systems segment was held down by project timing in the Architectural Services segment and Framing Systems window business, as we had anticipated,” he said. “We expect that the Services and window businesses both will have a stronger second half and will contribute to backlog growth in the third quarter.

“I remain pleased with the year-to-date revenue growth of 8 percent in markets that are slowly improving,” said Puishys. “In the first half, all businesses have grown faster than our end markets, with the exception of the window business as we had anticipated.

“The biggest contributor to our strong operating income growth was our Architectural Glass segment, which benefited from improved mix, pricing and productivity,” he said. “The Large-Scale Optical segment again turned in a solid performance with an operating margin of almost 27 percent.”

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