Apogee Q4 Revenue Misses Consensus, Guides Flat To Lower Revenues For FY24

Lekha Gupta
Updated 1 min read
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In this article:

  • Apogee Enterprises Inc (NASDAQ: APOG) reported fourth-quarter 2023 sales growth of 4.9% year-over-year to $344.1 million, missing the consensus of $348.2 million.

  • Revenue by segments: Architectural Framing Systems $148.6 million (+13% Y/Y); Architectural Glass $81.4 million (+12% Y/Y), Large-Scale Optical $27.2 million (+3% Y/Y) and Architectural Services $98.5 million (-14% Y/Y).

  • Adjusted EPS declined to $0.86 from $0.91 in Q4FY22, above the consensus of $0.83.

  • Gross margin contracted by 590 bps to 22.7%. The company reported an operating income of $25.7 million compared to a loss of $(8.6) million a year ago.

  • Adjusted EBITDA decreased to $36.7 million from $38.2 million a year ago, and the margin declined by 90 bps to 10.7%.

  • Apogee generated cash from operating activities of $102.7 million in FY23 versus $100.5 million a year ago. It had cash and equivalents of $19.9 million at Q4-end.

  • FY24 Outlook: Apogee expects EPS of $3.90 - $4.25 versus the consensus of $3.91. It expects revenue growth to be flat to slightly decreasing in FY24 due to expected lower volumes in the Architectural Services segment.

  • The company forecasts capital expenditures of $50 million - $60 million.

  • Price Action: APOG shares are trading higher by 0.41% at $42.58 during the last check Wednesday.

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This article Apogee Q4 Revenue Misses Consensus, Guides Flat To Lower Revenues For FY24 originally appeared on Benzinga.com

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