Apogee Enterprises (APOG) Misses Q3 EPS by 19c, Lowers FY EPS Guidance

Apogee Enterprises (NASDAQ: APOG) reported Q3 EPS of $0.57, $0.19 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $338 million versus the consensus estimate of $360.47 million.

GUIDANCE:

Apogee Enterprises sees FY2020 EPS of $2.15-$2.20, versus the consensus of $3.04.

• The company is adjusting its guidance for fiscal 2020, reflecting lower than expected sales volumes in Architectural Framing Systems and Architectural Glass, as well as the operational difficulties in Architectural Framing Systems in the third quarter and continued impact in the fourth quarter. The company now anticipates:
• Full-year revenue flat to down 1 percent, compared to previous guidance of 1 to 3 percent growth.
• Diluted earnings per share in the range of $2.15 to $2.30, compared to previous guidance of $3.00 to $3.20 per share.
• Full-year tax rate of approximately 24.5 percent.
• Capital expenditures of approximately $55 million, compared to previous guidance of $60 to $65 million.

For earnings history and earnings-related data on Apogee Enterprises (APOG) click here.

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