Apogee has reported a 24% increase in revenues
Apogee Enterprises, Inc., a leader in the design and development of value-added glass and metal products and services for enclosing commercial buildings, framing and displays, has announced its fiscal 2019 first-quarter results.
Revenues of USD 336.5 million were up 24% over the prior year period, driven by acquisition-related and organic growth in Architectural Framing Systems and growth in Architectural Services and in Large-Scale Optical Technologies. This was partially offset by an expected timing-related decline in Architectural Glass. As anticipated, on an organic basis, excluding the EFCO acquisition, revenues were comparable year-over-year.
Operating income was USD 22.0 million, down from USD 24.1 million a year ago, as a result of the timing-related decline in sales and operating leverage in Architectural Glass, partly offset by higher contribution from Architectural Services. Adjusted operating income was USD 24.9 million, compared to USD 26.8 million in the prior year. Earnings per diluted share were USD 0.54, versus USD 0.56 in the prior year period. Adjusted EPS was USD 0.62, consistent with the prior year. Free cash flow was USD 16.0 million in the quarter.
“In the first quarter, we executed our plan for a solid start to fiscal 2019: revenues rose significantly, backlogs continued to grow across the business, we saw on-going productivity gains and excellent cash conversion. We also continued to make progress positioning the company for long-term, stable earnings a...
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