Apogee Enterprises Reports Fiscal 2022 Second-quarter Results

Apogee Enterprises Inc.’s second-quarter revenue grew 2% to $325.8 million, compared to $319.5 million in the second quarter of the fiscal year 2021, led by growth in architectural services and large-scale optical.

The company reported a net loss of $0.08 per diluted share, including $20.8 million of pre-tax costs related to previously announced restructuring actions. This compares to $0.67 per diluted share in the prior-year quarter and $0.42 in the first quarter of fiscal 2022.

Adjusted earnings, which exclude the impact of the restructuring costs, were $0.53 per diluted share, compared to $0.73 in the second quarter of fiscal 2021 and $0.42 in the first quarter of fiscal 2022.

“We continued to drive progress in the second quarter, despite on-going challenges in our operating environment,” said Ty R. Silberhorn, chief executive officer. “I am proud of our team’s efforts this quarter, as we delivered sequential adjusted earnings growth compared to the first quarter of fiscal 2022, driven by strong performance in architectural services and large-scale optical. The business also continued to generate solid cash flow, which we used to strengthen our balance sheet and return cash to shareholders. We achieved these gains in the face of significant cost inflation, supply chain challenges, and construction end markets that remain well below pre-pandemic levels.”

Architectural Framing Systems

Architectural framing systems’ second-quarter revenue was $150 million, compared to $152.9 million in the prior-year period, primarily reflecting lower volume, partially offset by improved pricing. Operating income this quarter of $8.3 million included $2 million of restructuring costs. This compares to operating income of $11.7 million in last year’s second quarter. Segment backlog decreased to $406 million, compared to $423 million at the end of the first quarter.

Architectural Glass

Second-quarter revenue for the architectural glass segment was $79.4 million, compared to $86.6 million in the prior-year quarter, primarily reflecting lower volume. Architectural glass had a second-quarter operating loss of $17 million, which included $17.4 million of restructuring costs. This compares to operating income of $5 million in last year’s second quarter

Architectural Services

Architectural Services revenue grew 13% to $83 million, from $73.7 million in the prior-year quarter, driven by increased volume from executing projects in backlog. Second-quarter operating income increased to $7.2 million, compared to $6.6 million in the prior-year period, primarily reflecting the increased volume, partially offset by a less favorable project mix. Segment backlog grew to $572 million, up from $559 million at the end of the first quarter.

Large-Scale Optical

Revenue for the large-scale optical segment, was $23.5 million, up from $16.9 million in the second quarter last year, driven by a more favorable sales mix and increased volume, as demand recovered from the impact of COVID. In the prior year, the segment’s manufacturing operations were closed for a large part of the second quarter and customer demand was significantly lower due to COVID. Operating income improved to $5.5 million, up from $2.1 million in last year’s second quarter, primarily driven by the improved sales mix and increased volume.

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