Apogee Reports 97-Percent Increase in Operating Income for Fiscal 2014 Fourth Quarter

Apogee Enterprises Inc. reported that its fiscal 2014 fourth-quarter revenues totaled $214.4 million, up 19 percent from the previous year, and its operating income of $12.1 million is up 97 percent.

For the full fiscal year, the company reported revenues of $771.4 million, up 10 percent, and an operating income of $40.3 million, up 47 percent from fiscal year 2013.

“With fourth-quarter revenues up 19 percent and operating income up 97 percent, Apogee delivered an outstanding finish to a year of significant growth,” says CEO Joseph Puishys. “In fiscal 2014, all four segments grew at the top and bottom line as they successfully executed our growth strategies, contributing to Apogee revenue growth of 10 percent and operating margin improvement of 130 basis points to 5.2 percent. Our organic growth, which excludes the Canadian storefront acquisition, was 8 percent as we benefitted from increased sales and improving pricing and project margins.

“Our backlog at year end grew more than $30 million from the end of fiscal 2013 as we had anticipated, signaling strengthening of our architectural markets,” he continues. “During fiscal 2014, we invested in two acquisitions in the Architectural Framing Systems segment in support of international growth and new product introduction strategies, as well as in capital to support new capabilities.

The company’s architectural glass segment, which includes Viracon, saw revenues of $75.7 million, up 9 percent with growth in the United States and Brazil, for the fourth quarter. The architectural glass segment saw an operating income of $0.1 million, improved from a loss of $0.4 million due to improved mix and pricing on flat volumes, partially offset by timing of expenses and increased incentive compensation, according to the company.

“I believe that fiscal 2015 will be another exceptional year for Apogee, as we expect revenues to grow in the double digits and operating income to be up approximately 50 percent,” says Puishys.

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