Apogee Enterprises Reports Non-GAAP EPS Beat Despite Revenue Miss
December 23, 2023
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Apogee Enterprises ($NASDAQ:APOG), Inc. recently reported its fiscal fourth quarter financial results, with the company’s non-GAAP earnings per share coming in at $1.23. Apogee Enterprises is a leading global supplier of value-added glass products and services. With an extensive portfolio of architectural glass, framing systems, and related products, Apogee offers the industry’s most comprehensive line of solutions for the design and construction of commercial buildings. Headquartered in Minneapolis, Minnesota, Apogee comprises five wholly owned businesses: Viracon, Harmon Inc., Wausau Window and Wall Systems, Linetec Finishing, and Tubelite Architectural Products.
Earnings
APOGEE ENTERPRISES recently reported its earning report for the FY2024 Q3 ending November 30 2021. The report showed that the company earned 334.22M USD in total revenue and 11.06M USD in net income, missing analyst’s estimate for the revenue but beating their estimate of non-GAAP earnings per share. Compared to the same quarter last year, the total revenue decreased by 9.1% and the net income decreased by 53.5%. Despite this positive trend, the non-GAAP EPS beat was not enough to cover up the disappointment of the revenue miss.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Apogee Enterprises. More…
| Total Revenues | Net Income | Net Margin |
| 1.4k | 104.1 | 7.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Apogee Enterprises. More…
| Operations | Investing | Financing |
| 180.84 | -42.03 | -139.87 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Apogee Enterprises. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 894.86 | 439.12 | 19.59 |
Key Ratios Snapshot
Some of the financial key ratios for Apogee Enterprises are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 3.6% | 13.1% | 10.1% |
| FCF Margin | ROE | ROA |
| 9.1% | 20.5% | 9.9% |
Stock Price
On Thursday, Apogee Enterprises reported their first quarter results to shareholders, beating analysts’ estimates for non-GAAP earnings per share (EPS) despite missing revenue targets. Shares of the Minnesota-based company opened at $55.0 and closed at $53.4, up by 3.1% from the previous closing price of $51.8. Despite the miss on revenue, investors seemed to be optimistic about the company’s prospects and pushed up shares in response to the results. Live Quote…
Analysis
GoodWhale has conducted an analysis of APOGEE ENTERPRISES‘s wellbeing and found that the company is in good shape. According to our star chart, APOGEE ENTERPRISES is strong in asset, and medium in dividend, growth, and profitability. Its health score was particularly impressive, registering a 9/10 considering its cashflows and debt, showing that APOGEE ENTERPRISES is capable of paying off debt and fund future operations. We classify APOGEE ENTERPRISES as ‘rhino’: a type of company we conclude has achieved moderate revenue or earnings growth. This makes it an attractive option for investors looking for a steady growth trajectory. Furthermore, investors also appreciate the company’s strong asset base which provides a reliable foundation. All in all, we believe APOGEE ENTERPRISES to be a great investment opportunity. More…
Peers
Apogee Enterprises Inc. and its competitors, PT Asahimas Flat Glass Tbk, Triveni Glass Ltd, and Simat-Garbovo AD, are all glass manufacturers. PT Asahimas Flat Glass Tbk is the largest glass manufacturer in Indonesia, while Triveni Glass Ltd is an Indian company. Simat-Garbovo AD is a Bulgarian company.
– PT Asahimas Flat Glass Tbk ($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
Apogee Enterprises is a publicly traded company that specializes in the engineering and manufacturing of architectural glass products. The company recently reported its non-GAAP earnings for the quarter and beat analysts’ expectations. The reported earnings per share was $1.23, exceeding estimates by $0.12. Revenue for the quarter, however, fell short of expectations with $340 million, missing expectations by $20.04 million.
Despite the mixed news, the stock price moved up on the day of the announcement, indicating investors were optimistic about Apogee’s performance. Investors may want to consider Apogee Enterprises as a potential investment opportunity given its positive earnings and strong outlook.
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