Apogee Enterprises (APOG) Misses Q2 EPS by 2c, Revenue Beats, Offers Guidance

Apogee Enterprises (NASDAQ: APOG) reported Q2 EPS of $0.53, $0.02 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $326 million versus the consensus estimate of $315.39 million.

GUIDANCE:

Apogee Enterprises sees FY2022 EPS of $2.20-$2.40, versus the consensus of $2.28.

• The company previously provided guidance of full-year GAAP earnings in the range of $2.20 to $2.40 per diluted share. The company is now providing guidance of full year adjusted earnings in the range of $2.20 to $2.40 per diluted share, which excludes the impact of restructuring costs. This guidance includes $7 to $10 million of expected pre-tax costs related to investments in transformation initiatives. The company anticipates significant cost inflation through the remainder of the fiscal year, which it will work to mitigate through pricing actions, improved execution, and cost-savings measures. The company expects a tax rate of approximately 24.5 percent in the second half of fiscal 2022, and now expects full-year capital expenditures of approximately $35 million, down from the previous guidance of approximately $45 million.

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

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