Apogee Enterprises (APOG) Tops Q3 EPS by 10c, Updates Guidance

Apogee Enterprises (NASDAQ: APOG) reported Q3 EPS of $0.63, $0.10 better than the analyst estimate of $0.53. Revenue for the quarter came in at $334.2 million versus the consensus estimate of $314.62 million.

GUIDANCE:

Apogee Enterprises sees FY2022 EPS of $2.25-$2.40 vs $2.22 consensus.

The company is narrowing its guidance for full-year adjusted earnings to a range of $2.25 to $2.40 per diluted share, from the previous range of $2.20 to $2.40. This guidance excludes the impact of restructuring and impairment costs. The company expects to record a pre-tax gain of approximately $19 million in the fourth quarter, related to the previously announced sale of its Architectural Glass facility in Statesboro, Georgia. The company intends to exclude this gain from its adjusted earnings results. The company continues to expect a long-term average tax rate of approximately 24.5 percent and now expects full-year capital expenditures of approximately $25 million, down from the previous estimate of approximately $35 million, as the company has slowed some investments while it conducted its strategic review.

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

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