Apogee Enterprises Q4 2023 Earnings Report
Key Takeaways
Apogee Enterprises reported a 5 percent increase in fourth-quarter revenue, reaching $344.1 million. Earnings per diluted share were $0.91, including a discrete $1.1 million income tax benefit. Adjusted earnings were $0.86 per diluted share. The company provides guidance for fiscal year 2024, forecasting earnings of $3.90 to $4.25 per diluted share.
Fourth-quarter revenue grew 5 percent to $344 million.
Fourth-quarter earnings were $0.91 per diluted share; adjusted earnings were $0.86 per diluted share.
Record full-year revenue, earnings per share, and adjusted earnings per share were achieved.
Cash flow was strong, with $52 million of cash from operations in the fourth quarter.
Apogee Enterprises
Apogee Enterprises
Apogee Enterprises Revenue by Segment
Forward Guidance
The company is providing initial guidance for fiscal year 2024, with earnings per diluted share expected in the range of $3.90 to $4.25. Fiscal 2024 will be a 53-week year, with an extra week in the fourth quarter. Including the extra week of operations, the company expects flat to slightly declining revenue compared to fiscal 2023, primarily reflecting expected lower volume in Architectural Services. The company continues to expect a long-term average tax rate of approximately 24.5 percent and forecasts capital expenditures in fiscal 2024 between $50 to $60 million.
Challenges Ahead
- Flat to slightly declining revenue compared to fiscal 2023
- Primarily reflecting expected lower volume in Architectural Services
- Fiscal 2024 will be a 53-week year, with an extra week in the fourth quarter.
- Company expects a long-term average tax rate of approximately 24.5 percent
- Forecasts capital expenditures in fiscal 2024 between $50 to $60 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income