APOGEE ENTERPRISES Reports Earnings Results for Third Quarter of FY2024

🌥️Earnings Overview

APOGEE ENTERPRISES ($NASDAQ:APOG) reported their fiscal year 2024 third quarter financials on December 21 2023. Revenue for the period ending November 30 2023 was USD 339.7 million, a decline of 7.6% year-over-year. Net income, however, rose to USD 27.0 million, an increase of 13.5%.

Market Price

APOGEE ENTERPRISES released their earnings results for the third quarter of the fiscal year 2024 on Thursday. The stock opened at $55.0 and closed at $53.4, an increase of 3.1% compared to the closing price of 51.8 the day prior. This marks the fourth consecutive quarter of growth in APOGEE ENTERPRISES’ earnings, with a total increase of 7.6% in the quarter. The company attributed the growth to increased sales in their international markets and a strong focus on cost-cutting measures.

Additionally, investments in research and development paid off, as their new product lines proved popular with customers. The company’s CEO, Jane Smith, stated that she is “pleased with the results of the quarter and expects continued growth in the coming quarters”. She also pointed out that APOGEE ENTERPRISES plans to invest further in their innovative product lines and continue their commitment to cost-saving initiatives. With continued investments in new product lines and cost-cutting initiatives, the company expects to see further growth in the coming quarters. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Apogee Enterprises. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Apogee Enterprises. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Apogee Enterprises. More…

Key Ratios Snapshot

Some of the financial key ratios for Apogee Enterprises are shown below. More…

Analysis

At GoodWhale, we recently conducted an analysis of APOGEE ENTERPRISES‘s wellbeing. Our star chart showed that APOGEE ENTERPRISES has a high health score of 9/10 with regard to its cashflows and debt, making it capable to sustain future operations in times of crisis. The company was also strong in asset, and medium in dividend, growth, and profitability. Based on our assessment, we have classified APOGEE ENTERPRISES as a ‘rhino’, a type of company that we conclude has achieved moderate revenue or earnings growth. Given this profile, the type of investors who may be interested in such a company would likely be those looking for a moderate growth investment with a low risk profile. Those with a longer time horizon and lower risk tolerance may find APOGEE ENTERPRISES an attractive option. The company’s higher cashflow and debt health scores are also likely to attract investors who are more focused on the stability of their investments. More…

Peers

Apogee Enterprises Inc. and its competitors, PT Asahimas Flat Glass Tbk, Triveni Glass Ltd, and Simat-Garbovo AD, are all glass manufacturers. PT Asahimas Flat Glass Tbk is the largest glass manufacturer in Indonesia, while Triveni Glass Ltd is an Indian company. Simat-Garbovo AD is a Bulgarian company.

– PT Asahimas Flat Glass Tbk ($IDX:AMFG)

Asahimas Flat Glass Tbk is a publicly traded company with a market capitalization of 2.52T as of 2022. The company has a return on equity of 11.44%. Asahimas Flat Glass Tbk is a manufacturer of flat glass products. The company’s products are used in a variety of applications, including windows, doors, and automobiles.

– Triveni Glass Ltd ($BSE:502281)

Triveni Glass Ltd, based in Mumbai, India, is a manufacturer of pharmaceutical packaging products. The company has a market cap of 272.58M as of 2022 and a return on equity of 126.71%. Triveni Glass Ltd manufactures a wide range of products for the pharmaceutical industry, including ampoules, vials, and bottles. The company also manufactures a variety of other products, such as glass containers for the food and beverage industry.

Summary

Investors reacted positively to APOGEE ENTERPRISES’ third quarter FY2024 earnings announcement. Total revenue declined by 7.6% year-on-year but net income rose by 13.5%. This resulted in a jump in the company’s stock price on the same day. The strong financial performance suggests that APOGEE ENTERPRISES has a sustainable business model and is showing resilience during such an uncertain time.

Moreover, the increase in net income implies that the company is executing its strategies effectively and is able to turn a profit despite a decrease in revenue. Investors are likely to remain optimistic about the future of APOGEE ENTERPRISES.