Apogee Reports Fiscal 2015 Q1 Sales, Earnings Growth

Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2015 first-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.  

FY15 FIRST QUARTER VS. PRIOR-YEAR PERIOD

• Revenues of $210.9 million were up 18 percent.
• Operating income of $7.8 million was up 28 percent.
• Earnings per share of $0.21 were up 50 percent.
• Backlog of $385 million was up 28 percent, or $83 million.
• Cash and short-term investments were $18 million.

COMMENTARY

“In our first quarter, we had strong growth in revenues, which were up 18 percent, and earnings per share, which were up 50 percent. In addition, our backlog grew 28 percent, or $83 million, from the prior-year period,” said Joseph F. Puishys , Apogee chief executive officer. “That said, our good results were somewhat impacted by the severe winter weather that led to contraction in the Canadian commercial construction market, resulting in a first-quarter loss for our Canadian storefront acquisition rather than the expected profit.

“The severe winter weather early in the first quarter impacted the profit of the entire Architectural Framing Systems segment,” he said. “This earnings per share impact was offset by the final distribution for a previously discontinued European business, reported as other income.

“I am pleased that revenues grew in all four segments, and backlog grew for all of the architectural segments,” said Puishys. “Operating income improved significantly in our two largest segments – Architectural Glass and Architectural Services, which each had healthy conversion rates. In the Architectural Framing Systems segment, we saw improved earnings in the window business. The Large-Scale Optical segment delivered a 20 percent operating margin after investing for growth, including for capacity, new products and new market sectors.

“With our significant first-quarter backlog growth, solid operational performance and a stronger outlook for Architectural Glass, combined with growth in our end-market sectors that appears sustainable moving ahead, I expect an exceptional year in fiscal 2015,” he said.