APOGEE ENTERPRISES INC
For the period ended Jun 27, 2025. Filed Jun 27, 2025.
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Jun 27, 2025 · Filed Jun 27, 2025
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APOG$45.77-0.3%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Contact
Contact
Nicholas Manganaro
Investor Relations
857.383.2411
apog@investorrelations.com
| Apogee Enterprises, Inc. | |||
|---|---|---|---|
| Consolidated Condensed Statements of Income | |||
| (Unaudited) | |||
| Three Months Ended | |||
| (In thousands, except per share amounts) | May 31, 2025 | June 1, 2024 | % Change |
| Net sales | $346,622 | $331,516 | 4.6% |
| Cost of sales | 271,497 | 232,661 | 16.7% |
| Gross profit | 75,125 | 98,855 | (24.0)% |
| Selling, general and administrative expenses | 68,194 | 57,474 | 18.7% |
| Operating income | 6,931 | 41,381 | (83.3)% |
| Interest expense, net | 3,846 | 450 | 754.7% |
| Other expense (income), net | 682 | (143) | (576.9)% |
| Earnings before income taxes | 2,403 | 41,074 | (94.1)% |
| Income tax expense | 5,091 | 10,063 | (49.4)% |
| Net (loss) earnings | $(2,688) | $31,011 | (108.7)% |
| Basic (loss) earnings per share | $(0.13) | $1.42 | (109.2)% |
| Diluted (loss) earnings per share | $(0.13) | $1.41 | (109.2)% |
| Weighted average basic shares outstanding | 21,338 | 21,823 | (2.2)% |
| Weighted average diluted shares outstanding | 21,338 | 22,061 | (3.3)% |
| Cash dividends per common share | $0.26 | $0.25 | 4.0% |
| Apogee Enterprises, Inc. | ||
|---|---|---|
| Consolidated Condensed Balance Sheets | ||
| (Unaudited) | ||
| (In thousands) | May 31, 2025 | March 1, 2025 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $32,831 | $41,448 |
| Receivables, net | 189,956 | 185,590 |
| Inventories, net | 103,901 | 92,305 |
| Contract assets | 69,457 | 71,842 |
| Other current assets | 51,814 | 50,919 |
| Total current assets | 447,959 | 442,104 |
| Property, plant and equipment, net | 263,279 | 268,139 |
| Operating lease right-of-use assets | 58,961 | 62,314 |
| Goodwill | 236,560 | 235,775 |
| Intangible assets, net | 119,117 | 128,417 |
| Other non-current assets | 30,956 | 38,520 |
| Total assets | $1,156,832 | $1,175,269 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities | ||
| Accounts payable | 97,763 | 98,804 |
| Accrued compensation and benefits | 32,153 | 48,510 |
| Contract liabilities | 43,342 | 35,193 |
| Operating lease liabilities | 15,671 | 15,290 |
| Other current liabilities | 64,317 | 87,659 |
| Total current liabilities | 253,246 | 285,456 |
| Long-term debt | 311,000 | 285,000 |
| Non-current operating lease liabilities | 48,653 | 51,632 |
| Non-current self-insurance reserves | 29,560 | 30,382 |
| Other non-current liabilities | 32,590 | 34,901 |
| Total shareholders’ equity | 481,783 | 487,898 |
| Total liabilities and shareholders’ equity | $1,156,832 | $1,175,269 |
| Apogee Enterprises, Inc. | ||
|---|---|---|
| Consolidated Statement of Cash Flows | ||
| (Unaudited) | ||
| Three Months Ended | ||
| (In thousands) | May 31, 2025 | June 1, 2024 |
| Operating Activities | ||
| Net (loss) earnings | $(2,688) | $31,011 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 12,436 | 9,976 |
| Share-based compensation | 2,300 | 2,704 |
| Deferred income taxes | 2,496 | 3,466 |
| Loss on disposal of property, plant and equipment | 328 | 22 |
| Impairment on intangible assets | 7,418 | — |
| Non-cash lease expense | 3,738 | 2,895 |
| Other, net | 1,294 | (925) |
| Changes in operating assets and liabilities: | ||
| Receivables | (3,938) | (9,845) |
| Inventories | (11,255) | (11,337) |
| Contract assets | 2,596 | 5,511 |
| Accounts payable | 1,103 | (1,871) |
| Accrued compensation and benefits | (16,639) | (24,850) |
| Contract liabilities | 8,104 | 1,648 |
| Operating lease liability | (3,643) | (3,007) |
| Accrued income taxes | 1,698 | 6,535 |
| Other current assets and liabilities | (25,130) | (6,480) |
| Net cash (used in) provided by operating activities | (19,782) | 5,453 |
| Investing Activities | ||
| Capital expenditures | (7,167) | (7,229) |
| Proceeds from sales of property, plant and equipment | 10 | 40 |
| Purchases of marketable securities | — | (740) |
| Sales/maturities of marketable securities | 175 | 600 |
| Net cash used in investing activities | (6,982) | (7,329) |
| Financing Activities | ||
| Proceeds from revolving credit facilities | 59,000 | 30,000 |
| Repayment on revolving credit facilities | (33,000) | (15,000) |
| Repurchase of common stock | — | (15,061) |
| Dividends paid | (5,520) | — |
| Other, net | (2,835) | (4,865) |
| Net cash provided by (used in) financing activities | 17,645 | (4,926) |
| Effect of exchange rates on cash | 502 | (51) |
| Decrease in cash, cash equivalents and restricted cash | (8,617) | (6,853) |
| Cash, cash equivalents and restricted cash at beginning of period | 41,448 | 37,216 |
| Cash and cash equivalents at end of period | $32,831 | $30,363 |
| Non-cash Activity | ||
| Capital expenditures in accounts payable | $922 | $472 |
| Dividends declared but not yet paid | $— | $5,409 |
| Apogee Enterprises, Inc. | ||||||
|---|---|---|---|---|---|---|
| Components of Changes in Net Sales | ||||||
| (Unaudited) | ||||||
| Three months ended May 31, 2025, compared with the three months ended June 1, 2024 | ||||||
| (In thousands, except percentages) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Intersegment eliminations | Consolidated |
| Fiscal 2025 net sales | $133,172 | $99,027 | $86,703 | $21,204 | $(8,590) | $331,516 |
| Organic business (1) | (4,548) | 7,478 | (13,430) | (982) | 4,560 | (6,922) |
| Acquisition (2) | — | — | — | 22,028 | — | 22,028 |
| Fiscal 2026 net sales | $128,624 | $106,505 | $73,273 | $42,250 | $(4,030) | $346,622 |
| Total net sales growth (decline) | (3.4)% | 7.6% | (15.5)% | 99.3% | (53.1)% | 4.6% |
| Organic business (1) | (3.4)% | 7.6% | (15.5)% | (4.6)% | (53.1)% | (2.1)% |
| Acquisition (2) | —% | —% | —% | 103.9% | —% | 6.6% |
| (1) | Organic business includes net sales associated with acquired product lines or geographies that occur after the first twelve months from the date the product line or business is acquired and net sales from internally developed product lines or businesses. |
| (2) | The acquisition of UW Solutions, completed on November 4, 2024. |
| Apogee Enterprises, Inc. | ||||
|---|---|---|---|---|
| Business Segment Information | ||||
| (Unaudited) | ||||
| Three Months Ended | ||||
| (In thousands) · May 31, 2025 · June 1, 2024 · % Change | ||||
| Segment net sales | ||||
| Architectural Metals | $128,624 | $133,172 | (3.4)% | |
| Architectural Services | 106,505 | 99,027 | 7.6% | |
| Architectural Glass | 73,273 | 86,703 | (15.5)% | |
| Performance Surfaces | 42,250 | 21,204 | 99.3% | |
| Total segment sales | 350,652 | 340,106 | 3.1% | |
| Intersegment eliminations | (4,030) | (8,590) | (53.1)% | |
| Net sales | $346,622 | $331,516 | 4.6% | |
| Segment adjusted EBITDA | ||||
| Architectural Metals | $9,366 | $23,840 | (60.7)% | |
| Architectural Services | 6,067 | 6,573 | (7.7)% | |
| Architectural Glass | 13,417 | 20,231 | (33.7)% | |
| Performance Surfaces | 7,959 | 5,642 | 41.1% | |
| Corporate and Other | (2,425) | (3,664) | (33.8)% | |
| Adjusted EBITDA | $34,384 | $52,622 | (34.7)% | |
| Segment adjusted EBITDA margins | ||||
| Architectural Metals | 7.3% | 17.9% | ||
| Architectural Services | 5.7% | 6.6% | ||
| Architectural Glass | 18.3% | 23.3% | ||
| Performance Surfaces | 18.8% | 26.6% | ||
| Corporate and Other | N/M | N/M | ||
| Adjusted EBITDA margin | 9.9% | 15.9% | ||
N/M - Indicates calculation is not meaningful.
Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions.
Net sales intersegment eliminations are reported separately to exclude these sales from our consolidated total.
Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization.
| Apogee Enterprises, Inc. | ||||||
|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||
| (Unaudited) | ||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated |
| Net (loss) earnings | $3,669 | $(6,193) | $10,202 | $4,132 | $(14,498) | $(2,688) |
| Interest expense (income), net | 457 | (52) | (145) | — | 3,586 | 3,846 |
| Income tax (benefit) expense | (44) | (8) | 90 | — | 5,053 | 5,091 |
| Depreciation and amortization | 3,813 | 1,072 | 3,270 | 3,550 | 731 | 12,436 |
| EBITDA | 7,895 | (5,181) | 13,417 | 7,682 | (5,128) | 18,685 |
| Acquisition-related costs (1) | — | — | — | 277 | 72 | 349 |
| Restructuring costs (2) | 1,471 | 11,248 | — | — | 2,631 | 15,350 |
| Adjusted EBITDA | $9,366 | $6,067 | $13,417 | $7,959 | $(2,425) | $34,384 |
| EBITDA margin | 6.1% | (4.9)% | 18.3% | 18.2% | (1.5)% | 5.4% |
| Adjusted EBITDA margin | 7.3% | 5.7% | 18.3% | 18.8% | (0.7)% | 9.9% |
| (1) | Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. |
| (2) | Restructuring charges related to Project Fortify Phase 2. |
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated |
|---|---|---|---|---|---|---|
| Net (loss) earnings | $17,759 | $5,620 | $18,050 | $4,846 | $(15,264) | $31,011 |
| Interest expense (income), net | 570 | 3 | (112) | — | (11) | 450 |
| Income tax expense (benefit) | 6 | — | (717) | — | 10,774 | 10,063 |
| Depreciation and amortization | 4,507 | 950 | 3,010 | 796 | 713 | 9,976 |
| EBITDA | 22,842 | 6,573 | 20,231 | 5,642 | (3,788) | 51,500 |
| Restructuring costs (3) | 998 | — | — | — | 124 | 1,122 |
| Adjusted EBITDA | $23,840 | $6,573 | $20,231 | $5,642 | $(3,664) | $52,622 |
| EBITDA margin | 17.2% | 6.6% | 23.3% | 26.6% | (1.1)% | 15.5% |
| Adjusted EBITDA margin | 17.9% | 6.6% | 23.3% | 26.6% | (1.1)% | 15.9% |
| (3) | Restructuring charges related to Project Fortify Phase 1. |
| Apogee Enterprises, Inc. | ||
|---|---|---|
| Reconciliation of Non-GAAP Financial Measures | ||
| Adjusted diluted earnings per share | ||
| (Unaudited) | ||
| Three Months Ended | ||
| (In thousands) | May 31, 2025 | June 1, 2024 |
| Net (loss) earnings | $(2,688) | $31,011 |
| Acquisition-related costs (1) | 349 | — |
| Restructuring charges (2) | 15,350 | 1,122 |
| Income tax impact on above adjustments (3) | (1,161) | (275) |
| Adjusted net earnings | $11,850 | $31,858 |
| Three Months Ended | ||
| May 31, 2025 | June 1, 2024 | |
| Diluted (loss) earnings per share | $(0.13) | $1.41 |
| Acquisition-related costs (1) | 0.02 | — |
| Restructuring charges (2) | 0.72 | 0.05 |
| Income tax impact on above adjustments (3) | (0.05) | (0.01) |
| Adjusted diluted earnings per share | $0.56 | $1.44 |
| Weighted average diluted shares outstanding | 21,338 | 22,061 |
| (1) | Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. |
| (2) | Restructuring charges related to Project Fortify Phase 2. |
| (3) | Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. |
| Apogee Enterprises, Inc. | ||
|---|---|---|
| Fiscal 2026 Outlook | ||
| Reconciliation of Fiscal 2026 outlook of estimated Diluted Earnings per Share to Adjusted Diluted Earnings per Share | ||
| (Unaudited) | ||
| Low Range | High Range | |
| Diluted earnings per share | $2.59 | $3.12 |
| Acquisition-related costs (1) | 0.14 | 0.09 |
| Restructuring charges (2) | 1.20 | 1.11 |
| Income tax impact on above adjustments per share (3) | (0.13) | (0.12) |
| Adjusted diluted earnings per share | $3.80 | $4.20 |
| (1) | Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. |
| (2) | Restructuring charges related to Project Fortify Phase 2. |
| (3) | Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. |
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