Apogee Enterprises, Inc. (APOG) has reported a 21.76 percent rise in profit for the quarter ended Nov. 26, 2016. The company has earned $22.55 million, or $0.78 a share in the quarter, compared with $18.52 million, or $0.63 a share for the same period last year.
Revenue during the quarter grew 15 percent to $274.07 million from $238.32 million in the previous year period. Gross margin for the quarter expanded 39 basis points over the previous year period to 26.59 percent. Total expenses were 87.86 percent of quarterly revenues, down from 88.31 percent for the same period last year. This has led to an improvement of 45 basis points in operating margin to 12.14 percent.
Operating income for the quarter was $33.26 million, compared with $27.86 million in the previous year period.
"Apogee delivered another quarter of strong top- and bottom-line growth, driven by our architectural businesses, which are executing strategies for growth and operational excellence," said Joseph F. Puishys, Apogee chief executive officer. "Our results, with earnings per share up 24 percent, reflect the position of strength we've established in commercial construction markets. We continue to have confidence in our ability to perform and have once again increased our earnings per share guidance for fiscal 2017."
For financial year 2017, Apogee Enterprises, Inc. forecasts diluted earnings per share to be in the range of $2.85 to $2.95.
Operating cash flow declines
Apogee Enterprises, Inc. has generated cash of $70.48 million from operating activities during the nine month period, down 18.20 percent or $15.69 million, when compared with the last year period.
The company has spent $59.20 million cash to meet investing activities during the nine month period as against cash outgo of $91.42 million in the last year period.
The company has spent $20.49 million cash to carry out financing activities during the nine month period as against cash outgo of $14.82 million in the last year period.
Cash and cash equivalents stood at $51.60 million as on Nov. 26, 2016, up 68 percent or $20.89 million from $30.71 million on Nov. 28, 2015.
Working capital increases marginally
Apogee Enterprises, Inc. has recorded an increase in the working capital over the last year. It stood at $177.10 million as at Nov. 26, 2016, up 4.52 percent or $7.66 million from $169.43 million on Nov. 28, 2015. Current ratio was at 1.94 as on Nov. 26, 2016, down from 2.07 on Nov. 28, 2015.
Days sales outstanding went down to 25 days for the quarter compared with 60 days for the same period last year.
Debt comes down marginally
Apogee Enterprises, Inc. has recorded a decline in total debt over the last one year. It stood at $20.40 million as on Nov. 26, 2016, down 2.03 percent or $0.42 million from $20.82 million on Nov. 28, 2015. Total debt was 2.84 percent of total assets as on Nov. 26, 2016, compared with 3.25 percent on Nov. 28, 2015. Debt to equity ratio was almost stable at 0.05 as on Nov. 26, 2016, when compared with the last year. Interest coverage ratio improved to 221.73 for the quarter from 175.21 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
