Apogee Enterprises, Inc. (APOG) has reported a 15.97 percent rise in profit for the quarter ended Mar. 04, 2017. The company has earned $23.12 million, or $0.80 a share in the quarter, compared with $19.94 million, or $0.69 a share for the same period last year.
Revenue during the quarter grew 19.83 percent to $314.13 million from $262.15 million in the previous year period. Gross margin for the quarter contracted 10 basis points over the previous year period to 26.17 percent. Total expenses were 90.56 percent of quarterly revenues, up from 88.98 percent for the same period last year. That has resulted in a contraction of 158 basis points in operating margin to 9.44 percent.
Operating income for the quarter was $29.67 million, compared with $28.89 million in the previous year period.
"As we execute our growth and operational excellence strategies, we delivered another year of increased revenues and earnings, with strong cash generation in fiscal 2017," said Joseph F. Puishys, Apogee chief executive officer. "We once again drove revenue growth in all four segments by leveraging new geographies, products and markets for better than market growth. We also achieved margin improvement in our three architectural segments through our ongoing Lean, productivity, automation, project selection and pricing initiatives.
Apogee Enterprises, Inc. forecasts revenue to grow at 10 percent for the fiscal year 2018. For financial year 2018, the company projects diluted earnings per share to be in the range of $3.35 to $3.55.
Operating cash flow declines
Apogee Enterprises, Inc. has generated cash of $120.95 million from operating activities during the year, down 6.20 percent or $7.99 million, when compared with the last year.
The company has spent $180.78 million cash to meet investing activities during the year as against cash outgo of $77.86 million in the last year.
Cash flow from financing activities was $18.66 million for the year as against cash outgo of $41.40 million in the last year period.
Cash and cash equivalents stood at $19.46 million as on Mar. 04, 2017, down 67.81 percent or $41.01 million from $60.47 million on Feb. 27, 2016.
Working capital drops significantly
Apogee Enterprises, Inc. has witnessed a decline in the working capital over the last year. It stood at $114.47 million as at Mar. 04, 2017, down 28.19 percent or $44.94 million from $159.41 million on Feb. 27, 2016. Current ratio was at 1.62 as on Mar. 04, 2017, down from 1.90 on Feb. 27, 2016.
Debt increases substantially
Apogee Enterprises, Inc. has witnessed an increase in total debt over the last one year. It stood at $65.40 million as on Mar. 04, 2017, up 220.59 percent or $45 million from $20.40 million on Feb. 27, 2016. Apogee Enterprises has witnessed an increase in long-term debt over the last one year. It stood at $65.40 million as on Mar. 04, 2017, up 220.59 percent or $45 million from $20.40 million on Feb. 27, 2016. Total debt was 8.33 percent of total assets as on Mar. 04, 2017, compared with 3.10 percent on Feb. 27, 2016. Debt to equity ratio was at 0.14 as on Mar. 04, 2017, up from 0.05 as on Feb. 27, 2016. Interest coverage ratio deteriorated to 62.20 for the quarter from 249.03 for the same period last year.
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