Tue, Jul 9, 5:26 PM (60 days ago)
Apogee Enterprises, Inc.'s quarterly report for the period ending June 1, 2024, reveals a mixed financial performance. Net sales decreased by 8.3% YoY to $331.5 million, primarily due to lower volume. Despite this, gross profit increased by 6.3% to $98.9 million, driven by favorable material costs, lower insurance-related costs, and productivity gains. Operating income rose by 22.5% to $41.4 million, with an operating margin improvement of 320 basis points to 12.5%, aided by a favorable project mix in Architectural Services and cost efficiencies. Net earnings jumped by 31.5% to $31.0 million, with diluted EPS up to $1.41 from $1.05. Cash flow from operations dropped to $5.5 million from $21.3 million, primarily due to higher working capital needs. The balance sheet shows a slight increase in total assets to $889.0 million. The company executed $15.1 million in share repurchases and declared $5.4 million in dividends. Future outlooks are cautious, with ongoing restructuring under Project Fortify expected to yield annualized cost savings of $12-14 million.