Apogee Enterprises Inc - APOG STOCK NEWS

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.

Apogee Enterprises, Inc. (Nasdaq: APOG) will announce its fiscal 2021 fourth quarter and full-year results on April 8, 2021, before market open. A conference call to discuss the financial outcomes and future outlook will take place at 8:00 a.m. Central Time on the same day. The call will be available via webcast through the company's Investor section on its website, with a replay accessible afterward. Apogee specializes in architectural products, providing solutions for commercial buildings and custom picture framing.

Apogee Enterprises, Inc. (Nasdaq: APOG) has declared a quarterly cash dividend of $0.20 per share, marking a 7% increase from the previous $0.1875 rate. This dividend will be payable on February 16, 2021, to shareholders of record as of February 1, 2021. This announcement signifies Apogee's eighth consecutive year of dividend increases, with the quarterly dividend having more than doubled from $0.09 to $0.20.

Apogee Enterprises, Inc. (Nasdaq: APOG) announced an equity grant for its CEO, Ty R. Silberhorn, who joined the company on January 4, 2021. The grant consists of 45,662 shares of time-based restricted common stock valued at $1,400,000. This grant will vest in two increments over a five-year period: 16,308 shares after two years and 29,354 shares after five years. This compensation aligns with the company's strategy to incentivize leadership.

Apogee Enterprises, Inc. (Nasdaq: APOG) announced the appointment of Ty R. Silberhorn as the new Chief Executive Officer, effective January 4, 2021. Silberhorn comes from 3M, where he was Senior Vice President of Transformation, Technologies and Services. This leadership change follows Joseph F. Puishys' planned retirement. Apogee’s Board Chair, Donald A. Nolan, expressed confidence in Silberhorn's ability to drive growth and operational performance based on his extensive experience. Silberhorn will be the fifth CEO in Apogee’s 71-year history.

Apogee Enterprises, Inc. (Nasdaq: APOG) reported third-quarter fiscal 2021 revenue of $313.6 million, down from $337.9 million a year ago, primarily due to declines in Architectural Framing Systems and Glass, partially offset by growth in Services and Optical segments. Earnings per diluted share rose to $1.42 from $0.57 year-over-year, benefiting from cost management. Cash flow improved significantly, with net cash of $121 million year-to-date. The company expects ongoing challenges due to COVID and soft market conditions, impacting fourth-quarter revenue.

Apogee Enterprises, Inc. (Nasdaq: APOG) will release its fiscal 2021 third quarter results on December 18, 2020, before market opening. A conference call to discuss financial results and business updates will follow at 8:00 a.m. Central Time, accessible via their website. Apogee specializes in architectural products, including glass and aluminum framing systems, and aims to provide distinctive solutions for commercial buildings and art framing.

Apogee Enterprises, Inc. (Nasdaq: APOG) has amended its credit agreement, extending the maturity of its $150 million unsecured term loan facility to June 25, 2024, aligning it with the $235 million revolving credit facility. This amendment is anticipated to decrease annual interest expenses by approximately $0.5 million due to a 75-basis point reduction in the LIBOR-floor. The extension is part of Apogee’s strategy to enhance its financial position and optimize its capital structure, ensuring financial flexibility for long-term shareholder value.

Apogee Enterprises, Inc. (Nasdaq: APOG) has successfully completed a sale and leaseback of its McCook, Illinois facility for $25 million, expecting a pre-tax gain of around $19 million. The lease agreement has an initial five-year term with multiple renewal options, ensuring uninterrupted operations for its Large-Scale Optical segment. CFO Nisheet Gupta stated that this transaction enhances the company's financial position while they explore further strategies to cut costs, boost productivity, and improve cash flow.