Apogee Reports 11-Percent Increase in Operating Income for Third Quarter

Minneapolis-based Apogee Enterprises has reported a 11-percent increase in its operating income for the fiscal-2014 third quarter, totaling $12.7 million. The company’s revenues were up 5 percent to $199.4 million for the quarter. Apogee CEO Joseph Puishys attributes the increase in operating income to “improved mix and productivity in the architectural glass segment, and increasing margins and good project execution in the architectural services segment.”

The architectural glass segment’s revenues were down 2 percent to $73.4 million, “due to project timing,” according to the report. Operating income for the architectural glass segment was $1.6 million, up from $0.5 million. Operating margin was 2.2 percent, compared to 0.6 percent.

Apogee’s architectural glass segment consists of Viracon.

The company’s architectural framing segment reported revenues of $59.0 million, up 14 percent, with approximately half of the growth from the inclusion of the Alumicor acquisition and the balance driven by the U.S. storefront business. Operating income was $5.8 million, up from $5.6 million due to good volume in the U.S. storefront business, somewhat offset by volume declines in the window business and integration costs in the segment, according to the report.

The architectural framing systems segment includes Wausau Window and Wall Systems, Tubelite and Linetec.

The architectural services segment, which consists of Harmon Inc., reported revenues of $51.2 million, up 4 percent, and operating income of $0.4 million, improved from an operating loss of $0.2 million.

“Apogee recorded another solid quarter, with growth in revenues and earnings per share, and positive free cash flow,” says Puishys. “At the same time, we used cash to acquire a leader in the Canadian storefront and entrance market with approximately C$60 million in annual revenues, supporting our growth strategies that include a focus on new international geographies and new product introductions.

“Revenues were up 5 percent in the quarter, and all segments have grown year to date,” he addds. “We’ve maintained our backlog level, and more importantly, are seeing growth in our pipeline of project commitments and awards, as well as continued strong bidding activity as our markets begin to improve.”

This entry was posted in News, Today's News and tagged , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>