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.

Architectural Framing Systems and Architectural Glass

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.

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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