Apogee Reports Improved Fiscal 2013 First-Quarter Earnings

MINNEAPOLIS--(BUSINESS WIRE)--

Apogee Enterprises, Inc. (APOG) today announced fiscal 2013 first-quarter results. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.

FY13 FIRST QUARTER VS. PRIOR-YEAR PERIOD

Commentary We started the new year with strong earnings on revenues that grew 1 percent, said Joseph F. Puishys, Apogee chief executive officer. With strong orders and awards leading to an architectural backlog increase of 13 percent, we have confidence in our planned growth for the full year.

Gross and operating margins for both our architectural and large-scale optical segments improved year on year, and we operated well throughout Apogees businesses, he said. Cash and short-term investments ended at $58 million after normal first-quarter seasonal uses and capital investments for growth and productivity enhancements, with ongoing positive working capital performance.

FY13 FIRST-QUARTER SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD

Architectural Products and Services

Large-Scale Optical Technologies

Financial Condition

OUTLOOK With our first-quarter earnings and strong backlog, we are more confident in our revenue forecast and have greater visibility into the mix of projects we will be executing over the remainder of the year, allowing us to increase our earnings outlook for fiscal 2013 to $0.48 to $0.58 per share, from $0.40 to $0.50 per share, on mid single-digit revenue growth, said Puishys. Our anticipated revenue growth for fiscal 2013 will come in part from continued U.S. geographic expansion in our installation and storefront businesses, while earnings for the year are expected to benefit from improved architectural glass pricing, higher project margins in the second half and the ongoing strong performance of our picture framing glass and acrylic business.

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Apogee Reports Improved Fiscal 2013 First-Quarter Earnings