Apogee Enterprises Inc - APOG STOCK NEWS

Apogee Enterprises, Inc. (Nasdaq: APOG) reported fiscal 2022 second-quarter revenue of $326 million, a 2% increase year-over-year. However, the company posted a net loss of $(0.08) per diluted share, affected by $20.8 million in restructuring costs. Adjusted earnings were $0.53 per share, down from $0.73 a year ago. Despite these challenges, Apogee generated $48 million in cash from operations. The company anticipates significant cost inflation and plans to mitigate this with pricing actions and operational improvements.

Apogee Enterprises, Inc. (Nasdaq: APOG) will announce its fiscal 2022 second quarter results on September 21, 2021, before market opening. A conference call will follow at 8:00 a.m. Central Time on the same day to discuss the financial results, accessible via the Investor section of its website. Apogee specializes in architectural products and services, including architectural glass and aluminum framing systems, serving both commercial buildings and picture framing needs.

Apogee Enterprises announced a strategic restructuring aimed at enhancing operational efficiency and positioning for future growth. Key actions include closing the Viracon facility in Georgia and the Velocity business in Texas, while refocusing the Architectural Framing Systems into two business units. The restructuring may lead to the layoff of around 400 employees and is expected to generate annualized savings of $20 to $30 million by the end of fiscal 2023. Pre-tax charges of $30 to $35 million are anticipated for asset impairments and severance.

Viracon has launched the Viracon PLUS Smart Glass powered by Halio, a self-tinting smart glass solution. Utilizing Halio's advanced electrochromic technology, this product autonomously adjusts tint levels to enhance occupant comfort while minimizing energy usage and maximizing natural light. As part of the Viracon PLUS strategic partnership program, this innovation aims to meet the demands of climate change and energy codes, revolutionizing architectural glass design. Viracon's collaboration with Halio promises superior glass fabrication integrated with cutting-edge smart-tinting technology.

Apogee Enterprises, Inc. (Nasdaq: APOG) reported a strong start to fiscal 2022, with a 13% revenue increase to $326.0 million and earnings of $0.42 per diluted share, up from $0.11 last year. Each segment showed growth: Architectural Framing Systems grew 1%, Architectural Glass 8%, Architectural Services 19%, and Large-Scale Optical soared from $6.3 million to $24.2 million. The company increased its full-year earnings guidance to $2.20 to $2.40 per share, while total debt decreased to $165 million.

Apogee Enterprises, Inc. (Nasdaq: APOG) has declared a quarterly cash dividend of $0.20 per share. This dividend will be payable on July 29, 2021, to shareholders of record by the close of business on July 14, 2021. Apogee is recognized for its distinctive solutions in the architectural sector, particularly in architectural glass and framing services. The company is headquartered in Minneapolis, MN, and focuses on providing innovative products for commercial buildings.

Apogee Enterprises, Inc. (Nasdaq: APOG) will announce its fiscal 2022 first quarter results on June 25, 2021, prior to market opening. The company will host a conference call the same day at 8:00 a.m. Central Time to discuss the financial outcomes and provide a business update. Interested parties can access the live webcast through the Investors section of the company's website, with a replay available for those unable to attend live.

Apogee Enterprises, Inc. (Nasdaq: APOG) has declared a quarterly cash dividend of $0.20 per share, payable on May 25, 2021. Shareholders of record as of the close of business on May 10, 2021 will receive this dividend. Apogee is a leader in architectural products and services, focusing on solutions for enclosing commercial buildings and custom picture framing.

Apogee Enterprises reported fourth-quarter revenue of $308.6 million, a decline from $337.1 million year-over-year, driven by volume declines in Architectural Framing Systems and Glass. The company faced a net loss of $(1.65) per diluted share, influenced by $70.1 million in impairment charges. Adjusted earnings were $0.63 per diluted share, compared to $0.50 last year. For the full year, revenue totaled $1.23 billion, down from $1.39 billion, with adjusted earnings of $2.40 per share. Looking ahead, fiscal 2022 guidance for earnings is set between $2.10 and $2.35 per diluted share.