Apogee Enterprises (APOG) Misses Q3 EPS by 1c, Revenue Beats, Boosts FY EPS Guidance
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Apogee Enterprises (NASDAQ: APOG) reported Q3 EPS of $0.47, $0.01 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $244.4 million versus the consensus estimate of $238.8 million.
Apogee Enterprises sees FY2014 EPS of $1.64-$1.72, versus prior guidance of $1.62-$1.72 and the consensus of $1.68.
We continue to expect revenue growth of at least 20 percent for fiscal 2015.
“Our backlog for fiscal 2016 and beyond is strong, and with our robust bidding and quoting activity, we believe our backlog will again grow sequentially in the fourth quarter,” he said. “The strength we are seeing in our architectural business combined with positive forecasts for our commercial construction markets give us continued confidence in sustained growth for Apogee.
“Regarding our architectural services segment, we expect that the full year will show improvement in operating margin compared to fiscal 2014. We anticipate that the segment’s fourth quarter operating margin will improve significantly from the third quarter, but will be down slightly compared to the prior-year period based on expected project timing,” he said.
“We expect that capital spending for fiscal 2015 will be approximately $35 million, including capacity expansions underway in architectural glass and architectural finishing,” he said. “We again expect to be free cash flow positive after this level of investments.” He added that the fiscal 2015 gross margin is anticipated to be approximately 22 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 have extended our long-term outlook to fiscal 2018 expectations for revenues of $1.3 billion at 12 percent operating margin.”
For earnings history and earnings-related data on Apogee Enterprises (APOG) click here.
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