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Nov 25, 2023
Apogee Enterprises Q3 2024 Earnings Report
Apogee Enterprises reported strong Q3 2024 results with margin expansion and double-digit adjusted EPS growth, despite lower revenue.
Key Takeaways
Apogee Enterprises reported Q3 2024 results, featuring a 15% increase in diluted EPS to $1.23 and an operating margin expansion of 170 bps to 11.1%. Despite a 7.6% decrease in net sales to $340 million, the company saw significant improvements in cash flow and backlog growth in Architectural Services.
Diluted EPS grew 15% to $1.23, with net sales of $340 million.
Operating margin expanded 170 bps to 11.1%.
Architectural Services experienced a 15% sequential backlog growth due to new project awards.
Year-to-date cash flow from operations increased by $78 million to $129 million.
Revenue by Segment
Forward Guidance
The Company increased its outlook for full-year GAAP diluted EPS to a range of $4.71 to $4.86, and adjusted diluted EPS to a range of $4.55 to $4.70. The Company now expects net sales to decline approximately 3% compared to fiscal 2023.
Positive Outlook
- Full-year GAAP diluted EPS outlook increased to $4.71 - $4.86.
- Full-year adjusted diluted EPS outlook increased to $4.55 - $4.70.
- Net sales expected to decline approximately 3% compared to fiscal 2023.
- Long-term average tax rate expected to be approximately 24.5%.
- Capital expenditures in fiscal 2024 expected between $40 to $50 million.
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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