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Aug 29, 2020
Apogee Enterprises Q2 2021 Earnings Report
Apogee Enterprises reported second-quarter results for fiscal year 2021, with adjusted earnings growth achieved despite economic challenges.
Key Takeaways
Apogee Enterprises reported a decrease in revenue but an increase in adjusted earnings per share. Second-quarter revenue was $319.5 million, compared to $357.1 million in the prior year. Earnings were $0.67 per diluted share, compared to $0.72 per diluted share in the prior year, while adjusted earnings were $0.73 per diluted share, compared to $0.72 in the prior year.
Earnings of $0.67 per diluted share and adjusted earnings of $0.73 per diluted share, compared to $0.72 in the prior year
Cost savings tracking ahead of forecast; expect over $40 million of savings in the fiscal year
$85 million of operating cash flow year-to-date, up $68 million compared to prior year
Reduced debt by $43 million in the quarter, further strengthening the company’s financial position
Revenue by Segment
Forward Guidance
The company is not providing detailed financial guidance due to the continued impact of COVID-19 and related economic uncertainty. The company expects continued project delays and soft market conditions but expects revenue and earnings in the second half of fiscal 2021 to improve compared to the first half of the fiscal year.
Challenges Ahead
- Continued impact of COVID-19
- Related economic uncertainty
- Continued project delays
- Soft market conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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