Upcoming AWS Coverage on Griffon Post-Earnings Results

LONDON, UK / ACCESSWIRE / December 21, 2016 / Active Wall St. announces its post-earnings coverage on Apogee Enterprises, Inc. (NASDAQ: APOG) ("Apogee"). The Company posted its third quarter fiscal 2017 financial results on December 15, 2016. The glass products company posted a double digit growth on both sales and earnings, while the earnings outperformed market estimate. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Apogee Enterprises' competitors within the General Building Materials space, Griffon Corp. (NYSE: GFF), reported on November 16, 2016, results for its Q4 and fiscal year ended September 30, 2016. AWS will be initiating a research report on Griffon in the coming days.

Today, AWS is promoting its earnings coverage on APOG; touching on GFF. Get our free coverage by signing up to:

http://www.activewallst.com/registration-3/?symbol=APOG

http://www.activewallst.com/registration-3/?symbol=GFF

Earnings Reviewed

For the thirteen weeks ended November 26, 2016, Apogee generated revenues of $274.1 million, up 15%, compared to revenues of $238.32 million for the thirteen weeks ended November 28, 2015. The Company's revenue number missed analysts' estimates of $277.5 million. For the reported quarter, Apogee posted operating income of $33.3 million, up 19% from the year earlier same period, while its operating margin improved 40 basis points on a y-o-y basis to 12.1%.

For Q3 FY17, Apogee reported net earnings of $22.55 million, up 22%, compared to net earnings of $18.52 million reported in Q3 FY16. On a per share basis, the Company's earnings surged 24% to $0.78 from $0.63 in the year earlier comparable period and also came in above analysts' forecast of $0.77 per share.

Segment Results

During Q3 FY17, Apogee's Architectural Glass segment reported revenues of $107.0 million, up 25% on a y-o-y basis, driven by strong US growth in the mid-size sector. The segment's operating income grew to $11.7 million, up 40%, while operating margin expanded 110 basis points to 10.9% on volume growth and improved pricing, mix, and productivity. In Q3 FY17, Architectural Glass Segment backlog was $84.7 million compared to $90.7 million in Q2 FY17.

For Q3 FY17, Apogee's Architectural Framing Systems division generated revenues of $90.9 million up 19% on a y-o-y basis. The segment's operating income grew 28% to $11.8 million, while operating margin expanded 90 basis points to 13.0%, as a result of volume growth and productivity. At the end of Q3 FY17, Architectural Framing Systems backlog was $164.1 million compared to $130.5 million in Q2 FY17.

Apogee's Architectural Services delivered revenues of $64.4 million for Q3 FY17, higher by 5% from the year ago corresponding period. The segment's operating income surged 33% to $4.9 million and operating margin expanded 160 basis points to 7.6%, due to good execution on projects with better margins and volume growth. At the end of the reported quarter, Architectural Services backlog was $195.5 million compared to $236.1 million in the previous quarter.

The Company's Large-Scale Optical Technologies generated revenues of $22.1 million, a decline of 9%. The segment's operating income of $5.9 million was down 22%, while operating margin was 26.8% compared to 31.5% in Q3 FY16.

Balance Sheet

Apogee generated $70.5 million in cash from operations year-to-date compared to $86.2 million in the prior year's same period. Cash and short-term investments, including restricted cash, totaled $97.1 million as of November 26, 2016, compared to $90.6 million at the end of FY16. Apogee's debt was $20.4 million comparable to the level reported on February 27, 2016. In Q3 FY17, the Company paid cash dividends of $3.6 million and repurchased 250,000 shares of common stock at a cost of $10.8 million to offset dilution from compensation programs.

Outlook

For FY17, Apogee increased its earnings per share outlook to $2.85 to $2.95 from $2.80 to $2.90. The Company is maintaining its outlook for revenue growth of approximately 10%. For FY17, Apogee is forecasting capital expenditures to be approximately $70 million; gross margin is expected to be approximately 26.7%, and operating margin is projected to be approximately 11.5%.

Stock Performance

At the closing bell, on Tuesday, December 20, 2016, Apogee Enterprises' stock climbed 3.19%, ending the trading session at $51.70. A total volume of 288.70 thousand shares were traded at the end of the day, which was higher than the 3-month average volume of 266.21 thousand shares. In the last month and previous three months, shares of the company have advanced 10.05% and 17.66%, respectively. Furthermore, since the start of the year, shares of the company have gained 20.27%. The stock is trading at a PE ratio of 19.11 and has a dividend yield of 0.97%.

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SOURCE: Active Wall Street