Apogee Enterprises (APOG) Misses Q3 EPS by 2c, Boots FY16 EPS Guidance
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Apogee Enterprises (NASDAQ: APOG) reported Q3 EPS of $0.63, $0.02 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $238.3 million versus the consensus estimate of $265.74 million.
Apogee Enterprises sees FY2016 EPS of $2.15-$2.25, versus prior guidance of $2.10-$2.25 and the consensus of $2.17.
We continue to expect a strong finish to fiscal 2016, and have increased our earnings per share guidance to $2.15 to $2.25, from $2.10 to $2.25,” said Puishys. “In the fourth quarter, we expect to grow revenues both year over year and sequentially. Our revenue growth expectation for the full year has been adjusted to mid single digit, from high single digit. With the work that has moved into fiscal 2017 along with the expectation of continued favorable market conditions, we are anticipating double-digit revenue growth next year.
“Our achievement of record backlog in the quarter underscores our robust bidding activity,” he said. “This high level of backlog, combined with commitments, bidding and award activity, support our longer-term outlook for revenues of $1.3 billion at an operating margin of at least 12 percent in fiscal 2018.
He said that capital expenditures for the year are anticipated to be $40 to $45 million as Apogee invests to increase capabilities, capacity and productivity. The gross margin is expected to be at least 24.5 percent.
“I am pleased that our strategies to grow through new geographies, new products and new markets, along with our focus on better project selection, productivity and operational improvements, are delivering positive results,” Puishys said.
For earnings history and earnings-related data on Apogee Enterprises (APOG) click here.
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