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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.
Apogee Enterprises
Apogee Enterprises
Apogee Enterprises Revenue by Segment
Revenue by Segment
Architectural Metals Revenue
CapyFin.comArchitectural Services Revenue
CapyFin.comArchitectural Glass Revenue
CapyFin.comPerformance Surfaces Revenue
CapyFin.com 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.
- 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.
- There will be no material impact to adjusted diluted EPS related to the adverse net sales impact of Project Fortify.
Revenue & Expenses
Visualization of income flow from segment revenue to net income