Revenues up 3%; Operating margin up 300 basis points; EPS up 49%; Backlog up 8%; FY17 outlook: ~10% revenue growth; EPS range raised to USD 2.70-USD 2.85; backlog expected to grow for the year.
Apogee Enterprises, Inc. has announced fiscal 2017 first-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.
In this first quarter of FY17 compared to the prior-year period:
Revenues of USD 247.9 million were up 3%.
In constant currency, revenues were up 4%.
Operating income of USD 26.2 million was up 44%.
Operating margin was 10.6%, up 300 basis points.
Earnings per share of USD 0.61 were up 49%.
Backlog of USD 509.7 million was up 8%.
Cash and short-term investments were USD 67.5 million.
“I am very pleased with our start to fiscal 2017 – in the first quarter, we grew gross margin by 280 basis points, operating margin by 300 basis points and earnings per share by 49%,” said Joseph F. Puishys, Apogee chief executive officer. “Revenue growth at 3% was consistent with our expectations, given the timing of project activity.
“All three architectural segments delivered significant operating income growth, and two of these three segments grew the topline double digits as well,” said Puishys. “Backlog also grew in the quarter, both sequentially and compared to the prior-year period.
“With our solid operational performance in the quarter and expectations that this level of execution will continue throughout the year, we’ve increased our earnings per share outlook for fiscal 2017 to USD 2.70 to USD 2.85, up from USD 2.65 to USD 2.80,” he said.
The Board of Directors of Apogee announced it has declared a quarterly cash dividend of USD 0.125 per share, payable on 27 July 2016 to shareholders of record on 12 July 2016. The company has approximately 28.8 million shares outstanding.