Apogee Enterprises, Inc. (NASDAQ:APOG) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Apogee Enterprises, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 23.53% to $0.21 in the quarter versus EPS of $0.17 in the year-earlier quarter.
Revenue: Rose 1.34% to $178.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Apogee Enterprises, Inc. reported adjusted EPS income of $0.21 per share. By that measure, the company missed the mean analyst estimate of $0.23. It missed the average revenue estimate of $187 million.
Quoting Management: “Apogee recorded another good quarter, with growth in revenues, operating income and backlog,” said Joseph F. Puishys, Apogee chief executive officer. “We also grew cash and short-term investments in a quarter when we made an acquisition. Revenue growth in the quarter was 1 percent, as strong growth in the Architectural Glass segment and in two of the three businesses in the Architectural Framing Systems segment was held down by project timing in the Architectural Services segment and Framing Systems window business, as we had anticipated,” he said. “We expect that the Services and window businesses both will have a stronger second half and will contribute to backlog growth in the third quarter.
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