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Mar 02, 2024
Apogee Enterprises Q4 2024 Earnings Report
Apogee Enterprises reported a 5% increase in fourth-quarter net sales, reaching $362 million, with adjusted diluted EPS growing 33% to $1.14.
Key Takeaways
Apogee Enterprises reported a 5.2% increase in net sales for the fourth quarter, reaching $361.84 million. Diluted EPS was $0.71, while adjusted diluted EPS grew by 32.6% to $1.14. The company's operating income was $21.9 million, and adjusted operating income grew by 33.1% to $34.3 million.
Net sales increased 5.2% to $361.8 million due to improved pricing and mix.
Gross profit increased 13.3% to $88.5 million, with gross margin improving to 24.4%.
Adjusted operating income grew 33.1% to $34.3 million, driven by higher pricing and cost-saving initiatives.
Adjusted diluted EPS grew 32.6% to $1.14 due to higher adjusted operating income and lower interest expense.
Revenue by Segment
Forward Guidance
The Company expects a net sales decline in the range of 4% to 7%. The Company expects diluted EPS in the range of $4.25 to $4.55 and adjusted diluted EPS in the range of $4.35 to $4.75. The Company expects the impact of the reversion to a 52-week year will reduce adjusted diluted EPS by approximately $0.20 compared to fiscal 2024 and that there will be no material impact to adjusted diluted EPS related to the adverse net sales impact of Project Fortify.
Positive Outlook
- Company expects diluted EPS in the range of $4.25 to $4.55.
- Company expects adjusted diluted EPS in the range of $4.35 to $4.75
- Company’s outlook assumes an adjusted effective tax rate of approximately 24.5%.
- Capital expenditures between $40 to $50 million.
Challenges Ahead
- The Company expects a net sales decline in the range of 4% to 7%.
- Approximately 2 percentage points of decline related to fiscal 2025 reverting to a 52-week year
- Approximately 1 percentage point of decline related to the actions of Project Fortify to eliminate certain lower-margin product and service offerings.
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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