Revenue by segments: Architectural Framing Systems $164.2 million (+0.5% Y/Y); Architectural Glass $97.2 million (+27.5% Y/Y), Large-Scale Optical $22.5 million (-10.8% Y/Y) and Architectural Services $89.4 million (-13.5% Y/Y).

EPS rose 5.0% Y/Y to $1.05, above the consensus of $0.90.

Gross profit increased 8.6% Y/Y to $93.0 million, and operating income grew 1.7% Y/Y to $33.8 million.

Apogee generated an operating cash flow of $21.3 million in Q1 versus cash used in operations of $(30.5) million a year ago. 

As of May 27, 2023, cash and equivalents of $24.6 million.

In Q1, Apogee returned cash worth $10.4 million to shareholders through share repurchases and dividend payments. Capital expenditures stood at $7.4 million, vs $5.1 million last year.

It continues to expect revenue growth to be flat to slightly decrease in FY24 due to expected lower volumes in the Architectural Services and Architectural Framing Systems segments.

The company also reiterated its capital expenditures forecast of $50 million - $60 million.

Price Action: APOG shares are trading higher by 7.04% at $46.85 on the last check Friday.