Apogee Enterprises Q3 Profit Increases, Beats Estimates; Revises FY23 View - Update

(RTTNews) - (adds outlook)

Apogee Enterprises Inc. (APOG) released a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $23.765 million, or $1.07 per share. This compares with $11.057 million, or $0.44 per share, in last year's third quarter.

Excluding items, Apogee Enterprises reported adjusted earnings of $23.765 million or $1.07 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 10.1% to $367.847 million from $334.217 million last year.

Outlook

Looking ahead, for the fiscal 2023, the company has revised its outlook based on year-to-date results and increasing confidence in its guidance.

For the full-year, APOG now projects adjusted earnings per share of $3.90 to $4.05, versus previous outlook of $3.75 to $4.05 per share. Analysts estimate the firm to report earnings per share of $3.9, for the year.

The company now expects full year revenue growth of around 10 percent from last year's $1.313 billion, primarily driven by growth in Architectural Framing Systems. The previous revenue growth projection was in the range of 8 to 10 percent. Analysts project the company to report revenue of $1.44 billion, for full-year.

Apogee Enterprises Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $23.765 Mln. vs. $11.057 Mln. last year. -EPS (Q3): $1.07 vs. $0.44 last year. -Analyst Estimate: $0.97 -Revenue (Q3): $367.847 Mln vs. $334.217 Mln last year.