Apogee Enterprises Guides FY23 Adj. EPS In Line With Estimates; Q4 Results Top View

While reporting financial results for the fourth quarter on Thursday, Apogee Enterprises, Inc. (APOG) initiated adjusted earnings guidance for the full-year 2023, in line with analysts' estimates.

For fiscal 2023, the company now projects adjusted earnings in a range of $2.90 to $3.30 per share.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $2.91 per share for the year. Analysts' estimates typically exclude special items

The company expects also revenue growth in fiscal 2023, primarily driven by growth in Architectural Framing Systems. The company forecasts full year capital expenditures of $35 to $40 million.

For the fourth quarter, the company reported a net loss of $16.27 million or $0.67 per share, narrower than $42.37 million or $1.65 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.91 per share, compared to $0.63 per share in the prior-year quarter.

Revenues for the quarter grew 6 percent to $327.96 million from $308.61 million in the same quarter last year, led by growth in Architectural Services and Architectural Framing Systems.

The Street was looking for earnings of $0.71 per share on revenues of $323.33 million for the quarter.

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