- Apogee Enterprises Inc (NASDAQ: APOG) reported third-quarter FY23 sales growth of 10.1% year-over-year to $367.8 million, beating the consensus of $363.4 million.
- Revenue by Segments: Architectural Framing Systems $165 million (+17% Y/Y); Architectural Glass $81.5 million (+10% Y/Y); Architectural Services $102 million (-3.2% Y/Y); and Large-Scale Optical $26.7 million (-2.6% Y/Y).
- The gross margin expanded by 419 bps to 23.5%. The operating margin expanded by 415 bps to 9.4%.
- Apogee generated cash from operating activities of $53.8 million. It had cash and equivalents of $21.7 million.
- EPS of $1.07 beat the consensus of $0.97.
- FY23 Outlook: Apogee expects revenue growth of 10%, primarily driven by growth in Architectural Framing Systems.
- Apogee expects adjusted EPS of $3.90 – $4.05 (prior expectation $3.75 – $4.05) versus the consensus of $3.90.
- The company reiterated capital expenditures of $40 million.
- Price Action: APOG shares are trading down 2.86% at $43.52 Thursday at publication.
