Apogee Enterprises (APOG) Tops Q1 EPS by 4c, Raises FY16 EPS Guidance

Apogee Enterprises (NASDAQ: APOG) reported Q1 EPS of $0.41, $0.04 better than the analyst estimate of $0.37. Revenue for the quarter came in at $240 million versus the consensus estimate of $241.76 million.

Apogee Enterprises sees FY2016 EPS of $2.10-$2.25, versus the consensus of $2.13.

We remain confident that Apogee will continue to achieve strong growth in fiscal 2016,” said Puishys. “Given the strength of our first-quarter performance and earnings, we are increasing our earnings per share outlook to $2.10 to $2.25, from $2.05 to $2.20.

“We continue to expect revenue growth of 10 to 15 percent,” he said. “This outlook is based on the continued strength of our backlog, commitments, and bidding and award activity, combined with industry forecasts for low double-digit growth for the commercial construction market sectors we serve.”

Puishys said that capital expenditures for the year are anticipated to range from $45 to $50 million as Apogee invests to increase capabilities, capacity and productivity. The gross margin is expected to be approximately 24 percent.

“Our strategies to grow through new geographies, new products and new markets along with our focus on productivity and operational improvements are delivering results,” Puishys said. “We expect to surpass $1 billion in revenues in fiscal 2016 and to achieve a trailing 12-month operating margin of 10 percent midway through fiscal 2017. Longer term, our outlook is for revenues of $1.3 billion at 12 percent operating margin in fiscal 2018.

For earnings history and earnings-related data on Apogee Enterprises (APOG) click here.

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