Apogee Enterprises, Inc. (APOG - Free Report) reported earnings per share of 80 cents in fourth-quarter fiscal 2017 (ended Mar 4, 2017), up 16% from 69 cents per share in the prior-year quarter. Further, earnings also surpassed the Zacks Consensus Estimate of 71 cents.
The company reported total revenue of $314 million, which grew 20% year over year. Revenues beat the Zacks Consensus Estimate of $288 million.
Apogee delivered another quarter of strong top- and bottom-line growth. This performance can be attributed to its strategies to grow through new geographies, new products and new markets as well as its ongoing Lean initiatives, productivity, automation, project selection and pricing initiatives.
This is also reflected in Apogee’s share price performance year to date. It has outperformed the Zacks categorized Glass Products industry, with a year-to-date gain of 14.5% compared with the industry’s increase of 11.9%.
Cost of goods sold in the quarter went up 20% year over year to $232 million. Gross profit improved 19% year over year to $82 million. Gross margin remained flat at 26%. Selling, general and administrative (SG&A) expenses increased 31% year over year to $52.5 million. Operating income jumped 3% year over year to $29.7 million. Operating margin contracted 160 basis points to 9.4%.
Segment Performance
Revenues at the Architectural Glass segment increased 14% year over year to $112 million. Operating income in the quarter went up 14% to $13.8 million from $12.1 million in the prior-year quarter.
Revenues at the Architectural Services segment plunged 14% year over year to $66 million. The segment reported an operating profit of $4.2 million, down 26% from $5.6 million in the year-ago quarter.
The Architectural Framing Systems segment’s revenues surged 53% year over year to $122 million. The segment’s operating income was up 26% to $9.7 million from $7.7 million in the prior-year quarter.
The Large-Scale Optical Technologies segment’s revenues went up 22% year over year to $26.3 million. Operating income in the reported quarter was $6.8 million, which rose 42% from $4.8 million in the year-ago quarter.
Apogee Enterprises, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Apogee Enterprises, Inc. (APOG - Free Report) reported earnings per share of 80 cents in fourth-quarter fiscal 2017 (ended Mar 4, 2017), up 16% from 69 cents per share in the prior-year quarter. Further, earnings also surpassed the Zacks Consensus Estimate of 71 cents.
The company reported total revenue of $314 million, which grew 20% year over year. Revenues beat the Zacks Consensus Estimate of $288 million.
Apogee delivered another quarter of strong top- and bottom-line growth. This performance can be attributed to its strategies to grow through new geographies, new products and new markets as well as its ongoing Lean initiatives, productivity, automation, project selection and pricing initiatives.
This is also reflected in Apogee’s share price performance year to date. It has outperformed the Zacks categorized Glass Products industry, with a year-to-date gain of 14.5% compared with the industry’s increase of 11.9%.
Cost of goods sold in the quarter went up 20% year over year to $232 million. Gross profit improved 19% year over year to $82 million. Gross margin remained flat at 26%. Selling, general and administrative (SG&A) expenses increased 31% year over year to $52.5 million. Operating income jumped 3% year over year to $29.7 million. Operating margin contracted 160 basis points to 9.4%.
Segment Performance
Revenues at the Architectural Glass segment increased 14% year over year to $112 million. Operating income in the quarter went up 14% to $13.8 million from $12.1 million in the prior-year quarter.
Revenues at the Architectural Services segment plunged 14% year over year to $66 million. The segment reported an operating profit of $4.2 million, down 26% from $5.6 million in the year-ago quarter.
The Architectural Framing Systems segment’s revenues surged 53% year over year to $122 million. The segment’s operating income was up 26% to $9.7 million from $7.7 million in the prior-year quarter.
The Large-Scale Optical Technologies segment’s revenues went up 22% year over year to $26.3 million. Operating income in the reported quarter was $6.8 million, which rose 42% from $4.8 million in the year-ago quarter.
Apogee Enterprises, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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