Apogee Enterprises, Inc. (NASDAQ:APOG) Q3 2024 Results Conference Call December 21, 2023 9:00 AM ET Company Participants Jeff Huebschen - VP, IR Ty Silberhorn - CEO Matt Osberg - CFO Conference Call Participants Chris Moore - CJS Securities Julio Romero - Sidoti & Company Brent Thielman - D.A. Davidson Operator Good day, and welcome to the Q3 2024 Apogee Enterprises Earnings Conference Call. [Operator Instructions]. As a reminder, this call is being recorded. I would now like to turn the call over to Jeff H ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 26, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-6365 _________________________________ APOGEE ENTERPRISES, INC. (Exact nam ...

Financial Data and Key Metrics Changes - Consolidated revenue decreased by 5% to $354 million compared to $372 million last year, primarily due to lower volumes in Services and Framing, partially offset by a 22% increase in Glass revenue [10][12] - Adjusted diluted EPS grew by 28% to a record level of $1.36, driven by higher operating income and a lower diluted share count [14][16] - Operating margin expanded by 290 basis points to 11.5%, exceeding the 10% target for the first time since the financial goals were established [10][16] Business Line Data and Key Metrics Changes - Architectural Glass segment revenue increased by 22%, driven by improved volume, pricing, and mix, with operating income nearly tripling to $17.5 million and operating margin improving to 18.5% [10][12][13] - Framing segment operating income grew by 3%, with operating margin expanding by 140 basis points to 13.3%, primarily due to improved mix and cost efficiencies [12][13] - Services segment experienced lower revenue recognition due to a higher mix of early-stage projects, impacting overall revenue [11] Market Data and Key Metrics Changes - Backlog for Framing decreased to $197 million from $221 million in the previous quarter, driven by a decline in longer cycle business [15] - Services backlog also declined to $674 million from $709 million, reflecting delays in award activity [15] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: becoming an economic leader, actively managing the portfolio, and strengthening core capabilities [6][7] - Strategic investments are being made to enable organic growth, diversify project mix, and explore acquisition opportunities [9][20] - The company aims to shift focus towards driving profitable revenue growth after achieving improved margins and returns on invested capital [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted signs of softening in the broader non-residential market but highlighted strong demand in premium Class A office space and mixed-use buildings [23] - The company expects to continue driving productivity gains and operational execution while monitoring macroeconomic trends for potential impacts [20][21] Other Important Information - The company recognized a $4.7 million pretax benefit from a New Markets Tax Credit, which is expected to support future growth [14] - Capital expenditures for the year are projected to be between $50 million and $60 million, with a focus on expanding capacity in higher-margin businesses [19][33] Q&A Session Summary Question: Can you elaborate on the framing operating margin and what mix means within Framing? - Management explained that stronger margins are seen in the shorter-cycle business, which has recovered service and lead time levels, while the team is being selective about project-related business to ensure sustainable margins [25][26] Question: What impact do you expect from aluminum pricing in the balance of '24? - Management indicated that there is no material impact expected from aluminum pricing in the back half of the year [27][28] Question: How do you view cash flow normalization and its relationship with net income? - Management acknowledged unique circumstances affecting cash flow last fiscal year and indicated opportunities for improvement in working capital moving forward [29][30] Question: What are the expected capital expenditures for fiscal '25? - Management stated that while fiscal '24 represents a step-up in CapEx, specific numbers for fiscal '25 have not yet been determined, but there will be a focus on organic growth initiatives [32][33] Question: Are you seeing more orders for mixed-use buildings? - Management confirmed an increase in mixed-use projects, which are being tracked in backlog analysis, indicating a positive trend for the company [36][37] Question: How much more runway is there for mix improvements in the Glass segment? - Management noted that the recent quarter represented an optimal scenario for mix and pricing, but they do not expect to maintain that level consistently [38][39] Question: What organic growth opportunities are being considered? - Management highlighted potential expansion into new geographies and capacity investments, while also considering acquisitions for diversification [42][43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 27, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-6365 _________________________________ APOGEE ENTERPRISES, INC. (Exact name o ...

Apogee Enterprises, Inc. Fiscal 2024 First Quarter Earnings Call ...

Apogee Enterprises, Inc. (NASDAQ:APOG) Q1 2024 Earnings Conference Call June 23, 2023 9:00 AM ET Company Participants Jeff Huebschen - Vice President, Investor Relations Ty Silberhorn - Chief Executive Officer Matt Osberg - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Eric Stine - Craig Hallum Julio Romero - Sidoti Operator Good day and thank you for standing by. Welcome to the First Quarter 2024 Apogee Enterprises’ Earnings Conference Call. At this time, all participant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-K _________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 25, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | --- | --- | |------------------------------------------------------------------------- ...

Apogee Enterprises, Inc. (NASDAQ:APOG) Q4 2023 Earnings Conference Call April 12, 2023 9:00 AM ET Company Participants Jeff Huebschen - Vice President, Investor Relations & Communications Ty Silberhorn - Chief Executive Officer Mark Augdahl - Interim Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Eric Stine - Craig Hallum Brent Thielman - D.A. Davidson Julio Romero - Sidoti & Company Operator Welcome to the Q4 2023 Apogee Enterprises Incorporated Earnings Conference Call. ...

Apogee Enterprises, Inc. Fiscal 2023 Fourth Quarter Earnings Call April 12, 2023 5050 Syracuse | Denver, CO | © JC Buck/Black Bike Productions LLC Non-GAAP measures & forward-looking statements This presentation contains non-GAAP financial measures which the company uses to evaluate historical and prospective financial performance, measure operational profitability on a consistent basis, and provide enhanced transparency to the investment community. Definitions for these non-GAAP financial measures are incl ...