Apogee Enterprises, Inc. (APOG) Misses Q3 EPS by 2c, Provides Outlook

December 18, 2013 4:34 PM EST
Apogee Enterprises, Inc. (NASDAQ: APOG) reported Q3 EPS of $0.33, $0.02 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $199.4 million versus the consensus estimate of $202.59 million.

OUTLOOK

"We expect a strong performance in the fourth quarter, with our fiscal 2014 full-year earnings per share outlook narrowed to $0.95 to $1.00 on 10 to 11 percent revenue growth, including the acquisitions,” said Puishys. “We have a healthy backlog of work at improving margins scheduled for the fourth quarter, and a strong, growing pipeline of project commitments and awards.

"In fiscal 2014, we again expect to outperform domestic commercial construction market growth by several percentage points,” Puishys said. “The outlook for U.S. commercial construction markets in fiscal 2014, based on Apogee’s lag to McGraw-Hill forecasts for the segments we serve, is for modest market growth.

"We expect that capital spending for fiscal 2014 will be approximately $45 million as we invest for growth, productivity and product development capabilities," he said. "We expect to be free cash flow positive after this level of investments." He added that the fiscal 2014 gross margin is anticipated to be approximately 22 percent.

"I believe that our strategies to grow through new geographies, new products and new markets will allow Apogee to reach $1 billion in revenues by the end of fiscal 2016," Puishys said. "At the same time, we believe we can achieve 10 percent operating margin in this timeframe, in part through our focus on productivity and operational improvements."

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


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