Apogee Reports Record Fiscal Year 2017 Results
Apogee Enterprises Inc. released its fiscal 2017 full-year and fourth-quarter results, as well as its 2018 outlook, on April 13.
For fiscal year 2017, Apogee reports revenues of $1.1 billion were up 14 percent vs. prior-year period. The company also made a signifant acquisition for its framing business, with the asset purchase of Sotawall, an approximately $100 million annual revenue framing systems business serving North American commercial construction projects, in December 2016. For the fourth quarter, revenues of $314.1 million were up 20 percent vs. prior-year period.
“As we execute our growth and operational excellence strategies, we delivered another year of increased revenues and earnings, with strong cash generation in fiscal 2017,” said Joseph F. Puishys, Apogee chief executive officer. “Our full-year results, with revenues growing 14 percent and earnings per share up 34 percent, reflect successful execution of key strategies in commercial construction markets,” he said. “We are delivering on initiatives to better position Apogee over a cycle, including growing our share of mid-size projects in architectural glass, expanding our geographic presence and product offerings, further penetrating the retrofit market and executing acquisitions.”
Apogee's architectural glas segment saw 9 percent growth year-over-year in the fourth quarter, based on strong U.S. growth especially in the mid-size project sector. The architectural framing systems segment reported full-year revenues were up 25 percent on expanded geographic penetration and introduction of new products.
“For fiscal 2018, we expect continued top- and bottom-line growth as we execute our strategies to grow through new geographies, new products and new markets. We also anticipate margin improvement through our ongoing focus on operational performance, productivity and project selection,” said Puishys. “Apogee expects mid-single digit U.S. commercial construction market growth in fiscal year 2018, as market activity, the Architecture Billings Index, office employment and office vacancy rates all show positive momentum.”