LONDON, UK / ACCESSWIRE / October 4, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Apogee Enterprises, Inc. (NASDAQ: APOG) ("Apogee"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=APOG, following the Company's disclosure of its financial results on September 19, 2017, for the second quarter of the fiscal year 2018. The Company reported better than expected results, while its Architectural Framing Systems segment's revenue rocketed 105% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended September 02, 2017, Apogee's net revenue increased 24% to $343.91 million from $278.46 million in Q2 FY17. The increase was mainly due to the growth in the Architectural Framing Systems segment's revenues. The net revenue was below analysts' expectations of $351 million.

During Q2 FY18, Apogee's gross profit increased 19% to $86.00 million from $72.53 million in Q2 FY17. For the reported quarter, the Company's gross margin decreased 100 basis points to 25% of revenue from 26% of revenue in Q2 FY17.

For the reported quarter, Apogee's selling, general, and administrative expenses (SG&A) increased 47% to $58.23 million from $39.48 million in Q2 FY17.

During Q2 FY18, Apogee's operating income decreased 16% to $27.77 million from $33.05 million in Q2 FY17. For the reported quarter, the Company's operating margin decreased 380 basis points to 8.1% of revenue from 11.9% of revenue in Q2 FY17. The decrease was due to the impact of EFCO's lower operating margins and $2.3 million foreign exchange loss at the Canadian curtainwall business. For the reported quarter, the Company's adjusted operating income increased 3% to $34.14 million on a y-o-y basis.

For the reported quarter, the Company's effective tax rate was 33.9% compared to 32.9% in Q2 FY17.

During Q2 FY18, Apogee's net income decreased 22.3% to $17.41 million from $22.40 million in Q2 FY17. For the reported quarter, the Company's adjusted net income decreased 3.5% to $21.62 million from $22.40 million in Q2 FY17. During Q2 FY18, Apogee's diluted earnings per share (EPS) decreased 22.1% to $0.60 from $0.77 in Q2 FY17. For the reported quarter, the Company's adjusted diluted EPS decreased 2.6% to $0.75 from $0.77 in Q2 FY17. The adjusted diluted EPS surpassed analysts' expectations of $0.72.

On June 22, 2017, the Company's Board of Directors elected a new Director, Lloyd E. Johnson.

Segment Details

Architectural Framing Systems - During Q2 FY18, Apogee's Architectural Framing Systems segment's revenue increased 105% to $189.02 million from $92.23 million in Q2 FY17. For the reported quarter, the segment's operating income increased 27% to $16.54 million from $13.00 million in Q2 FY17. For the reported quarter, the segment's adjusted operating income increased 47% to $19.2 million on a y-o-y basis.

Architectural Glass - During Q2 FY18, Apogee's Architectural Glass segment's revenue decreased 2% to $97.35 million from $99.21 million in Q2 FY17. For the reported quarter, the segment's operating income increased 7% to $10.26 million from $9.62 million in Q2 FY17.

Architectural Services - During Q2 FY18, Apogee's Architectural Services segment's revenue decreased 40% to $46.83 million from $77.73 million in Q2 FY17. For the reported quarter, the segment's operating income decreased 88% to $774,000 from $6.24 million in Q2 FY17.

Large-Scale Optical - During Q2 FY18, Apogee's Large-Scale Optical segment's revenue decreased 5% to $20.29 million from $21.27 million in Q2 FY17. For the reported quarter, the segment's operating income decreased 16% to $4.25 million from $5.05 million in Q2 FY17.

Balance Sheet

As on September 02, 2017, Apogee's total assets increased 32.5% to $1.04 billion from $784.66 million in Q4 FY17.

During Q2 FY18, the Company's long-term debt increased 294.2% to $257.81 million from $65.40 million in Q4 FY17.

During H1 FY18, Apogee's cash provided by operating activities decreased 6.2% to $40.81 million from $43.54 million in H1 FY17.

Outlook

For FY18, Apogee expects revenue growth to be in the range of 24% - 26% and adjusted operating margin to be in the band of 11% - 11.5%. The Company estimates adjusted diluted EPS to be in the range of $3.40 - $3.60 for the fiscal year 2018.

Stock Performance

On Tuesday, October 03, 2017, the stock closed the trading session at $48.96, slightly down 0.41% from its previous closing price of $49.16. A total volume of 283.50 thousand shares have exchanged hands. Apogee Enterprises' stock price rallied 12.89% in the last one month and 8.85% in the previous twelve months. The stock is trading at a PE ratio of 16.80 and has a dividend yield of 1.14%. The stock currently has a market cap of $1.41 billion.

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