Apogee Back To Profit In Q4, Beats Estimates

(RTTNews) - Architectural products and services provider Apogee Enterprises, Inc. (APOG) Wednesday reported a profit of $20.22 million or $0.91 per share for the fourth quarter, compared with a loss of $16.27 million or $0.67 per share in the same quarter a year ago, helped primarily by lower expenses.

Last year, the company had $55.8 million of pre-tax impairment and restructuring charges and a $19.5 million gain on the sale of assets.

Excluding one-time items, earnings were $19.09 million or $0.86 per share, compared with $22.42 million or $0.91 in the prior-year period. On average, 5 analysts polled by Thomson-Reuters were expecting earnings of $0.83 per share. Analysts' estimates typically exclude special items.

Quarterly revenue grew 4.9% to $344.11 million, from $327.96 million last year. The consensus estimate was for $348.18 million.

Looking forward to the full year, the company expects earnings per share to be in the range of $3.90 to $4.25. Analysts expect earnings of $3.91 per share for the year.

For the full year, Apogee sees flat-to-slightly declining revenue compared to fiscal 2023 primarily reflecting expected lower volume in Architectural Services. The Street expect 1.90% growth in revenue.