Apogee Enterprises Beats Q3 Estimates, Narrows FY22 EPS Outlook - Apogee Enterprises (NASDAQ:APOG)

Apogee Enterprises Inc APOG reported third-quarter revenue growth of 6.6% year-over-year to $334.22 million, beating the consensus of $314.62 million.
Revenue by segments: Architectural Framing Systems $151.67 million (+11% Y/Y); Architectural Glass $74.29 million (-12% Y/Y); Architectural Services $91.97 million (+20% Y/Y); and Large-Scale Optical $27.35 million (+8% Y/Y).
Adjusted EPS was $0.63, down from $0.90 in 3Q21, beating the consensus of $0.53.
The operating income for the quarter declined 64.4% Y/Y to $17.71 million, and the margin fell 1,060 bps to 5.3%. Adjusted operating margin declined 380 bps to 6.3%.
Adjusted EBITDA was $33.62 million, compared to $44.96 million in 3Q21, and margin contracted 428 bps to 10.1%.
The gross profit decreased 7% Y/Y and the margin contracted by 284 bps to 19.4%.
Apogee Enterprises generated cash from operating activities year-to-date of $86.29 million versus $120.51 million a year ago.
The company had cash and equivalents of $78.3 million, and the total debt was $163 million at the end of the quarter.
Architectural Framing Systems backlog increased to $419 million, compared to $406 million at Q2-end, and Architectural Services backlog of $572 million was unchanged from Q2.
FY22 Outlook: Apogee narrowed its adjusted EPS guidance to $2.25 - $2.40 from previous range $2.20 - $2.40.
It now expects capital expenditures of ~$25 million, down from the previous estimate of ~$35 million.
Price Action: APOG shares closed lower by 1.01% at $42.05 on Monday.

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