- Apogee Enterprises (APOG -8%) Q3 revenues increase marginally by 0.3% to $357M, primarily due to lower sales in Architectural Framing Systems & Large-Scale Optical segments, cushioned by higher Architectural Services & Glass segment sales
- Sales by segment: Architectural Framing Systems: $181.3M (NYSE:MMM) (-6.6%); Large-Scale Optical: $23.4M (-10.1%); Architectural Services: $72.8M (+48.4%); Architectural Glass: $98.5M (+1.6%)
- The company witnesses narrower profitability with gross margin declining ~220bps to 23.5%; operating margin is down 90bps to 8.8%; adj. EBITDA margin compresses 245bps to 12.3%
- Amid lower volumes in Architectural Framing Systems and operational improvement efforts in Architectural Glass, the company lowers FY19 outlook; expects revenue growth of 6%-7% (vs. prior growth of 8%-10%); adjusted operating margin of ~8.7% (compared to 8.6%-9.1% previously); adjusted EPS of ~$3.13, compared to $3.13-$3.33 previously
- Previously: Apogee beats by $0.02, misses on revenue (Dec. 20)
- Now read: Apogee Enterprises, Inc. 2019 Q3 - Results - Earnings Call Slides
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