Apogee Enterprises (APOG) has reported a 9.13 percent fall in profit for the quarter ended Jun. 03, 2017. The company has earned $16.10 million, or $0.56 a share in the quarter, compared with $17.72 million, or $0.61 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $17.94 million, or $0.62 a share compared with $17.72 million or $0.61 a share, a year ago.
Revenue during the quarter grew 9.85 percent to $272.31 million from $247.88 million in the previous year period. Gross margin for the quarter contracted 18 basis points over the previous year period to 25.81 percent. Total expenses were 91.15 percent of quarterly revenues, up from 89.41 percent for the same period last year. That has resulted in a contraction of 174 basis points in operating margin to 8.85 percent.
Operating income for the quarter was $24.11 million, compared with $26.25 million in the previous year period.
"In the first quarter, we continued to reposition Apogee to deliver more stable future revenue streams and growth through M&A activity and startup of new capabilities," said Joseph F. Puishys, Apogee chief executive officer. "Revenues grew 10 percent, and adjusted earnings per share grew 2 percent compared to the prior-year period."
For fiscal year 2018, Apogee Enterprises expects revenue to grow in the range of 26 percent to 28 percent. The company expects operating income to grow in the range of 10.50 percent to 11 percent. The company expects adjusted operating income to grow in the range of 11.50 percent to 12 percent. The company projects diluted earnings per share to be in the range of $3.31 to $3.51. The company projects diluted earnings per share to be in the range of $3.65 to $3.85 on adjusted basis.
Operating cash flow turns positiveApogee Enterprises has generated cash of $5.91 million from operating activities during the quarter as against cash outgo of $0.48 million in the last year period. The company has spent $2.85 million cash to meet investing activities during the quarter as against cash outgo of $20.32 million in the last year period.
Cash flow from financing activities was $0.40 million for the quarter as against cash outgo of $2.86 million in the last year period.
Cash and cash equivalents stood at $22.97 million as on Jun. 03, 2017, down 37.86 percent or $13.99 million from $36.97 million on May 28, 2016.
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