Apogee Enterprises Q4 Results Surpass Estimates, Provides FY23 Guidance

Apogee Enterprises Inc APOG reported fourth-quarter sales growth of 6.3% year-over-year to $327.96 million, beating the consensus of $323.33 million.
Revenue by segments: Architectural Framing Systems $143.13 million (+9% Y/Y); Architectural Glass $72.55 million (-12% Y/Y); Architectural Services $98.73 million (+21% Y/Y); and Large-Scale Optical $26.55 million (+23% Y/Y).
Adjusted EPS improved to $0.91 from $0.63 in 4Q21, beating the consensus of $0.71.
The gross margin expanded by 600 bps to 28.6%. The company reported an operating loss of $(8.64) million, compared to $(53.91) million a year ago.
Adjusted operating income increased by 25.9% Y/Y to $27.66 million, and margin expanded by 130 bps to 8.4%.
Adjusted EBITDA increased 5.4% Y/Y to $38.15 million, and margin declined by 10 bps to 11.6%.
Apogee generated cash from operating activities of $100.5 million in FY22 versus $141.9 million a year ago. It had cash and equivalents of $37.58 million at Q4-end.
FY23 Outlook: Apogee expects adjusted EPS of $2.90 - $3.30 versus the consensus of $2.91. It expects revenue growth in FY23, driven by growth in Architectural Framing Systems.
The company forecasts capital expenditures of $35 million - $40 million.
Price Action: APOG shares are trading higher by 3.34% at $47.99 during the premarket session on Thursday.

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