Apogee Enterprises Inc (APOG)

Apogee Enterprises Reports Fiscal 2027 First Quarter ResultsJune 26, 2026 6:30 AM
Business Wire First-quarter net sales of $342.7 million First-quarter diluted EPS of $0.54 and adjusted diluted EPS of $0.57 Pending Kalwall acquisition on track for early July close, advancing strategy to expand into higher-growth differentiated product offerings Company reaffirms fiscal 2027 guidance Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the first quarter of fiscal 2027, ended May 30, 2026. The Company reported the following selected financial results:     Three Months Ended     (Unaudited, $ in thousands, except per share amounts)   May 30, 2026   May 31, 2025   % Change Net sales   $ 342,684     $ 346,622     (1.1 )% Operating income   $ 18,839     $ 6,931     171.8 % Operating margin     5.5 %     2.0 %     Net earnings   $ 11,535     $ (2,688 )   529.1 % Diluted earnings per share   $ 0.54     $ (0.13 )   515.4 % Non-GAAP Measures1             Adjusted EBITDA   $ 32,115     $ 34,384     (6.6 )% Adjusted EBITDA margin     9.4 %     9.9 %   (5.1 )% Adjusted diluted earnings per share   $ 0.57     $ 0.56     1.8 % (1) Earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release. “Our results for the quarter reflect solid execution as our team effectively navigated a dynamic operating environment,” said Donald Nolan, Executive Chair and CEO. “We continued to advance our strategic priorities while maintaining strong operational performance across the business. We also maintained a disciplined capital allocation approach, returning cash to shareholders through dividends and share repurchases. In parallel, we are progressing integration planning for the pending Kalwall acquisition, which we expect to support our long-term growth strategy following its anticipated early July closing.” First-Quarter Consolidated Results (First Quarter Fiscal 2027 compared to First Quarter Fiscal 2026) Net sales decreased 1.1% to $342.7 million, driven by lower volume, partially offset by favorable pricing as we pass on higher material and freight costs and mix. Gross margin rose 20 basis points to 21.9%, primarily due to price, productivity improvements including savings from Project Fortify 2, and favorable mix, partially offset by higher material and freight costs and impacts from lower volume. Selling, general and administrative (SG&A) expenses as a percentage of net sales decreased 330 basis points to 16.4%, primarily due to benefits from cost savings of Fortify Phase 2. Operating income increased to $18.8 million from $6.9 million, and operating margin increased 350 basis points to 5.5%. Adjusted EBITDA decreased to $32.1 million, compared to $34.4 million, and adjusted EBITDA margin decreased to 9.4%, compared to 9.9%. The decrease in adjusted EBITDA margin was primarily driven by higher material and freight costs and the impacts from lower volume, partially offset by productivity improvements and benefits from cost savings of Fortify Phase 2. Interest expense decreased to $2.8 million, compared to $3.8 million, primarily due to lower average debt balance. Diluted earnings per share (EPS) were $0.54, compared to a diluted loss per share of $0.13, and adjusted diluted EPS increased to $0.57, compared to $0.56. First Quarter Segment Results (First Quarter Fiscal 2027 Compared to First Quarter Fiscal 2026) Architectural Metals Net sales declined 4.8% to $122.4 million, driven by lower volume, partially offset by favorable price and product mix. Adjusted EBITDA was $13.7 million, or 11.2% of net sales, compared to $9.4 million, or 7.3% of net sales. The higher adjusted EBITDA margin was primarily driven by favorable mix and improved productivity and cost savings from Fortify Phase 2, partially offset by the impact from lower volume and the net impact from higher aluminum costs. Architectural Services Net sales increased 8.2% to $115.2 million, primarily due to increased volume. Adjusted EBITDA was $6.1 million, or 5.3% of net sales, compared to $6.1 million, or 5.7% of net sales. The slight decrease in adjusted EBITDA margin was primarily driven by project mix, mostly offset by benefits from actions of Project Fortify 2 to reduce the impact of tariffs and the impact from increased volume. Segment backlog1 at the end of the quarter was $734.5 million compared to $682.9 million at the end of fiscal year 2026. Architectural Glass Net sales declined 7.6% to $67.7 million, driven by lower price and volume, partially offset by favorable mix. Adjusted EBITDA was $5.9 million, or 8.7% of net sales, compared to $13.4 million, or 18.3% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of lower price, volume, and inflation of material costs. Performance Surfaces Net sales increased 4.9% to $44.3 million due to increased volume and favorable price. Adjusted EBITDA was $6.6 million, or 14.8% of net sales compared to $8.0 million, or 18.8% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the net impact of higher material and freight costs, partially offset by productivity. Corporate and Other Corporate and other adjusted EBITDA was an expense of $0.2 million, compared to $2.4 million in the prior year, primarily due to an insurance-related benefit. Financial Condition Net cash provided by operating activities in the first quarter was $7.4 million, compared to $19.8 million net cash used by operating activities in the prior year period. The Company returned $15.3 million of cash to shareholders, through $9.7 million of share repurchases and $5.6 million of dividends. Quarter-end long-term debt slightly increased to $237.4 million, bringing the Consolidated Leverage Ratio2 (as defined in the Company’s credit agreement) to 1.3x at the end of the quarter. ______________________________ 1 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information. 2 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information. Fiscal 2027 Outlook Based on current macroeconomic conditions and excluding any impacts from the pending Kalwall acquisition, the Company continues to expect net sales to be in the range of $1.38 billion to $1.43 billion and adjusted diluted EPS in the range of $2.70 to $3.25. The Company’s outlook also continues to assume interest expense of approximately $10 million, an adjusted effective tax rate of 26% to 27%, and capital expenditures between $35 million and $40 million. Assuming the pending Kalwall acquisition closes in early July, the Company expects net sales in the range of $1.43 billion to $1.48 billion. While the acquisition is expected to be accretive to adjusted diluted EPS, it is not expected to materially change the Company’s fiscal 2027 adjusted diluted EPS outlook of $2.70 to $3.25. The Company also expects interest expense to be approximately $14 million, an adjusted effective tax rate of 26% to 27%, and capital expenditures between $35 million and $40 million. Conference Call Information The Company will host a conference call today at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call. About Apogee Enterprises Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com. Use of Non-GAAP Financial Measures Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures: Adjusted net earnings and adjusted diluted EPS are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that the Company does not consider to be part of core operating results, to enhance comparability of results from period to period. The Company is unable to provide a quantitative reconciliation of its forward-looking adjusted diluted EPS guidance to the most directly comparable GAAP measure without unreasonable effort because it cannot reliably predict the timing and magnitude of certain items, including acquisition-related costs, integration costs, restructuring-related items, and other discrete items that could materially affect GAAP results. Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. The Company uses adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance. Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA. All capitalized and undefined terms used in this bullet and not otherwise defined herein are defined in the Company’s credit agreement dated July 19, 2024, which is included as an exhibit to the Company’s most recent Annual Report on form 10-K. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure without unreasonable effort because management cannot reliably predict all the necessary components of that GAAP measure. In addition, the Company believes such reconciliation could imply a degree of precision that would be confusing or misleading to investors. Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is an operating measure used by management to assess future potential sales revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries, which may adversely affect demand for the Company’s products and services; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) financial and operating results that could differ from market expectations; (H) self-insurance risk related to a material product liability or other events for which the Company is liable; (I) maintaining our information technology systems and potential cybersecurity threats; (J) cost of regulatory compliance, including environmental regulations; (K) supply chain disruptions, including fluctuations in the availability and cost of materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (L) the ability to complete announced acquisitions on expected terms and timing; the successful integration and future operating performance of acquired businesses; and the ability to achieve anticipated benefits, including cost synergies, within expected timeframes; (N) our ability to successfully manage and implement our enterprise strategy; (O) our ability to maintain effective internal controls over financial reporting; (P) our judgments regarding accounting for tax positions and resolution of tax disputes; (Q) the impacts of cost inflation and interest rates; and (R) the impact of changes in capital and credit markets on our liquidity and cost of capital. These factors are not exhaustive. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements may emerge from time to time, and it is not possible for the Company to predict all such factors or assess the impact of each factor, or any combination of factors, on the Company’s business. More information concerning these and other risks is included in the Company’s Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Apogee Enterprises, Inc. Consolidated Statements of Income (Unaudited)                   Three Months Ended     (In thousands, except per share amounts)   May 30, 2026   May 31, 2025   % Change Net sales   $ 342,684     $ 346,622     (1.1 )% Cost of sales     267,654       271,497     (1.4 )% Gross profit     75,030       75,125     (0.1 )% Selling, general and administrative expenses     56,191       68,194     (17.6 )% Operating income     18,839       6,931     171.8 % Interest expense, net     2,834       3,846     (26.3 )% Other expense, net     73       682     (89.3 )% Earnings before income taxes     15,932       2,403     563.0 % Income tax expense     4,397       5,091     (13.6 )% Net earnings (loss)   $ 11,535     $ (2,688 )   529.1 %               Basic earnings (loss) per share   $ 0.55     $ (0.13 )   523.1 % Diluted earnings (loss) per share   $ 0.54     $ (0.13 )   515.4 % Weighted average basic shares outstanding     21,045       21,338     (1.4 )% Weighted average diluted shares outstanding     21,312       21,338     (0.1 )% Cash dividends per common share   $ 0.27     $ 0.26     3.8 %               % of Sales             Gross margin     21.9 %     21.7 %     Selling, general and administrative expenses     16.4 %     19.7 %     Operating margin     5.5 %     2.0 %     Apogee Enterprises, Inc. Consolidated Condensed Balance Sheets (Unaudited) (In thousands)   May 30, 2026   February 28, 2026 Assets         Current assets         Cash and cash equivalents   $ 26,434   $ 39,523 Receivables, net     192,204       198,516   Inventories, net     101,803       98,059   Contract assets     59,344       59,512   Other current assets     50,619       43,823   Total current assets     430,404       439,433   Property, plant and equipment, net     247,763       255,032   Operating lease right-of-use assets     45,633       48,736   Goodwill     236,647       236,744   Intangible assets, net     108,592       111,261   Other non-current assets     32,420       31,139   Total assets   $ 1,101,459     $ 1,122,345   Liabilities and shareholders' equity         Current liabilities         Accounts payable   $ 86,166     $ 105,478   Accrued compensation and benefits     30,435       39,667   Contract liabilities     68,265       60,903   Operating lease liabilities     14,737       14,729   Other current liabilities     45,002       46,079   Total current liabilities     244,605       266,856   Long-term debt     237,411       232,279   Non-current operating lease liabilities     35,780       39,375   Non-current self-insurance reserves     26,439       24,914   Other non-current liabilities     45,205       47,127   Total shareholders’ equity     512,019       511,794   Total liabilities and shareholders’ equity   $ 1,101,459     $ 1,122,345   Apogee Enterprises, Inc. Consolidated Statement of Cash Flows (Unaudited)     Three Months Ended               (In thousands)   May 30, 2026   May 31, 2025 Operating Activities         Net earnings   $ 11,535     $ (2,688 ) Adjustments to reconcile net earnings to net cash provided by operating activities:         Depreciation and amortization     12,579       12,436   Share-based compensation     2,309       2,300   Deferred income taxes     1,333       2,496   Impairment of long-lived assets     —       7,418   Non-cash lease expense     2,981       3,738   Other, net     (40 )     1,622   Changes in operating assets and liabilities:         Receivables     6,339       (3,938 ) Inventories     (3,699 )     (11,255 ) Contract assets     113       2,596   Accounts payable     (15,638 )     1,103   Accrued compensation and benefits     (9,225 )     (16,639 ) Contract liabilities     7,312       8,104   Operating lease liability     (3,430 )     (3,643 ) Accrued income taxes     1,189       1,698   Other current assets and liabilities     (6,228 )     (25,130 ) Net cash provided by (used in) operating activities     7,430       (19,782 ) Investing Activities         Capital expenditures     (6,289 )     (7,167 ) Purchases of marketable securities     (4,637 )     —   Other, net     1,157       185   Net cash used by investing activities     (9,769 )     (6,982 ) Financing Activities         Proceeds from revolving credit facilities     33,000       59,000   Repayment on revolving credit facilities     (25,000 )     (33,000 ) Repayment of term loans     (2,867 )     —   Repurchase of common stock     (9,654 )     —   Dividends paid     (5,630 )     (5,520 ) Other, net     (995 )     (2,835 ) Net cash (used by) provided by financing activities     (11,146 )     17,645   Effect of exchange rates on cash     396       502   Decrease in cash and cash equivalents     (13,089 )     (8,617 ) Cash and cash equivalents at beginning of period     39,523       41,448   Cash and cash equivalents at end of period   $ 26,434     $ 32,831   Apogee Enterprises, Inc. Business Segment Information (Unaudited)     Three Months Ended     (In thousands)   May 30, 2026   May 31, 2025   % Change Segment net sales             Architectural Metals   $ 122,443     $ 128,624     (4.8 )% Architectural Services     115,237       106,505     8.2 % Architectural Glass     67,712       73,273     (7.6 )% Performance Surfaces     44,324       42,250     4.9 % Intersegment eliminations     (7,032 )     (4,030 )   74.5 % Net sales   $ 342,684     $ 346,622     (1.1 )% Segment adjusted EBITDA             Architectural Metals   $ 13,699     $ 9,366     46.3 % Architectural Services     6,137       6,067     1.2 % Architectural Glass     5,894       13,417     (56.1 )% Performance Surfaces     6,578       7,959     (17.4 )% Corporate and other     (193 )     (2,425 )   (92.0 )% Adjusted EBITDA   $ 32,115     $ 34,384     (6.6 )% Segment adjusted EBITDA margins             Architectural Metals     11.2 %     7.3 %     Architectural Services     5.3 %     5.7 %     Architectural Glass     8.7 %     18.3 %     Performance Surfaces     14.8 %     18.8 %     Adjusted EBITDA margin     9.4 %     9.9 %     Segment net sales is defined as net sales of the segment including revenue related to intersegment transactions. Intersegment net sales eliminations are presented separately to exclude these sales from our consolidated total. Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited)     Three Months Ended May 30, 2026 (In thousands)   Architectural
Metals   Architectural
Services   Architectural
Glass   Performance
Surfaces   Corporate and
Other   Consolidated Net earnings (loss)   $ 9,759     $ 5,372     $ 2,496     $ 2,628     $ (8,720 )   $ 11,535   Interest expense (income), net     386       (33 )     (172 )     —       2,653       2,834   Income tax expense     —       —       71       —       4,326       4,397   Depreciation and amortization     3,554       798       3,499       3,950       778       12,579   EBITDA     13,699       6,137       5,894       6,578       (963 )     31,345   Acquisition-related costs (1)     —       —       —       —       770       770   Adjusted EBITDA   $ 13,699     $ 6,137     $ 5,894     $ 6,578     $ (193 )   $ 32,115                             EBITDA margin     11.2 %     5.3 %     8.7 %     14.8 %     N/M       9.1 % Adjusted EBITDA margin     11.2 %     5.3 %     8.7 %     14.8 %     N/M       9.4 %     Three Months Ended May 31, 2025 (In thousands)   Architectural
Metals   Architectural
Services   Architectural
Glass   Performance
Surfaces   Corporate and
Other   Consolidated Net earnings (loss)   $ 3,669     $ (6,193 )   $ 10,202     $ 4,132     $ (14,498 )   $ (2,688 ) Interest expense (income), net     457       (52 )     (145 )     —       3,586       3,846   Income tax expense     (44 )     (8 )     90       —       5,053       5,091   Depreciation and amortization     3,813       1,072       3,270       3,550       731       12,436   EBITDA     7,895       (5,181 )     13,417       7,682       (5,128 )     18,685   Acquisition-related costs (1)     —       —       —       277       72       349   Restructuring costs (2)     1,471       11,248       —       —       2,631       15,350   Adjusted EBITDA   $ 9,366     $ 6,067     $ 13,417     $ 7,959     $ (2,425 )   $ 34,384                             EBITDA margin     6.1 %     (4.9 %)     18.3 %     18.2 %     (1.5 %)     5.4 % Adjusted EBITDA margin     7.3 %     5.7 %     18.3 %     18.8 %     (0.7 %)     9.9 % (1) Acquisition-related costs associated with the pending Kalwall acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. (2) Restructuring costs related to Project Fortify Phase 2, including $7.4 million of asset impairment charges in fiscal 2026. Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted net earnings and adjusted diluted earnings per share (Unaudited)     Three Months Ended (In thousands)   May 30, 2026   May 31, 2025 Net earnings   $ 11,535     $ (2,688 ) Acquisition-related costs (1)     770       349   Restructuring costs (2)     —       15,350   Income tax impact on above adjustments (3)     (188 )     (1,161 ) Adjusted net earnings   $ 12,117     $ 11,850                 Three Months Ended     May 30, 2026   May 31, 2025 Diluted earnings per share   $ 0.54     $ (0.13 ) Acquisition-related costs (1)     0.04       0.02   Restructuring costs (2)     —       0.72   Income tax impact on above adjustments (3)     (0.01 )     (0.05 ) Adjusted diluted earnings per share   $ 0.57     $ 0.56   Weighted average diluted shares outstanding     21,312       21,338   (1) Acquisition-related costs associated with the pending Kalwall and UW Solutions acquisitions in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. (2) Restructuring costs related to Project Fortify Phase 2, including $7.4 million of asset impairment charges in fiscal 2026. (3) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260626138142/en/ Jeremy Steffan
Vice President, Investor Relations & Communications
952.346.3502
ir@apog.com Original: Apogee Enterprises Reports Fiscal 2027 First Quarter Results

Apogee Enterprises Declares Quarterly Cash DividendJune 25, 2026 6:30 AM
Business Wire Apogee Enterprises, Inc. (Nasdaq: APOG), announced today that its Board of Directors has declared a quarterly cash dividend of $0.27 per share. The dividend will be payable on July 29, 2026, to shareholders of record at the close of business on July 14, 2026. About Apogee Enterprises, Inc. Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260625794180/en/ Jeremy Steffan
VP, Investor Relations & Communications
952.346.3502
ir@apog.com Original: Apogee Enterprises Declares Quarterly Cash Dividend

Apogee Enterprises Announces Date for Fiscal 2027 First Quarter ResultsJune 5, 2026 6:30 AM
Business Wire Apogee Enterprises, Inc. (Nasdaq: APOG) a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today announced the company will report its fiscal 2027 first quarter results on Friday, June 26, 2026, before the market opens. The Company will also host a conference call at 8:00 a.m. CT that day. Access to the live webcast will be available at https://www.apog.com/events-and-presentations. For those unable to listen to the live webcast, a replay and transcript will be available shortly following the call. About Apogee Enterprises, Inc. Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260605431378/en/ Jeremy Steffan
Vice President, Investor Relations & Communications
952.346.3502
ir@apog.com Original: Apogee Enterprises Announces Date for Fiscal 2027 First Quarter Results

Apogee Therapeutics Shares Surge Following $1.3 Billion Blackstone Financing Partnership (APOG)May 27, 2026 8:06 AM
IH Market News Shares of Apogee Therapeutics (NASDAQ:APOG) climbed roughly 16% in premarket trading on Wednesday after the biotechnology company announced a $1.3 billion financing agreement with Blackstone Life Sciences to support the development and commercial launch of zumilokibart, its treatment candidate for atopic dermatitis. The financing arrangement includes up to $800 million in synthetic royalty funding alongside as much as $500 million in senior corporate debt financing, which will be made available subject to mutual agreement between both companies. Under the terms of the deal, Blackstone will receive tiered royalties in the low-to-mid single-digit range on annual worldwide sales of zumilokibart over a 15-year period. However, no royalties will apply to annual global sales above $8 billion. The synthetic royalty component of the agreement will be provided through several funding stages. Apogee is set to receive an initial $100 million payment upon signing the agreement, followed by another $100 million after completion of Phase 3 patient enrollment and an additional $200 million if positive Phase 3 trial data are achieved. A further $400 million would become available upon U.S. Food and Drug Administration approval of the treatment, with $150 million of that amount accessible at Apogee’s discretion. The company said that, when combined with its existing cash balance of approximately $1.3 billion, the new financing package should allow Apogee to remain financially sustainable through the commercialisation of zumilokibart without needing to pursue additional equity financing. Following the agreement, Apogee also withdrew its previous guidance regarding its projected cash runway. Apogee Enterprises stock price Original: Apogee Therapeutics Shares Surge Following $1.3 Billion Blackstone Financing Partnership (APOG)

Apogee Tops Revenue Expectations but Issues Softer OutlookApril 24, 2026 7:20 AM
IH Market News
Shares of Apogee Enterprises Inc. (NASDAQ:APOG) edged higher in after-hours trading on Friday after the company reported quarterly revenue above expectations, though its forward guidance came in below analyst forecasts.The architectural building products group posted adjusted earnings per share of $0.92 for the fourth quarter ended February 28, in line with market estimates.Revenue rose 1.6% to $351.4 million, beating the $339.58 million consensus and increasing from $345.7 million in the same period a year earlier.



Guidance Falls Short of Expectations



For fiscal 2027, Apogee projected earnings per share in the range of $2.70 to $3.25, with a midpoint of $2.98—below the analyst consensus of $3.42.The company expects revenue between $1.38 billion and $1.43 billion, with the midpoint of $1.405 billion slightly above the $1.39 billion forecast.“We delivered fourth-quarter results ahead of our expectations and closed out the fiscal year strongly,” said Donald Nolan. “Throughout the fiscal year, we continued to focus on our priorities while actively managing our cost structure and returning cash to shareholders through dividends and share buybacks.”



Margins Improve on Cost Controls



Adjusted EBITDA increased 3.2% to $42.4 million, while the adjusted EBITDA margin expanded to 12.1% from 11.9%.The margin improvement was driven by lower incentive compensation and insurance costs, as well as savings from the company’s Project Fortify Phase 2 initiative. These gains were partly offset by higher aluminium costs and increased health insurance expenses.



Full-Year Performance and Cost Savings



For the full fiscal year 2026, net sales rose 3.2% to $1.40 billion. However, adjusted diluted earnings per share declined to $3.47 from $4.97 in the previous year.Apogee said it has largely completed Project Fortify Phase 2 during the quarter, with the programme expected to deliver approximately $26 million in annualised cost savings.Apogee Enterprises stock price

Original: Apogee Tops Revenue Expectations but Issues Softer Outlook

Apogee Enterprises Reports Fiscal 2026 Fourth Quarter and Full Year ResultsApril 24, 2026 6:30 AM
Business Wire

Fourth-quarter net sales increased 1.6% to $351.4 million



Fourth-quarter diluted EPS of $0.78 and adjusted diluted EPS of $0.92



Full-year net sales increased 3.2% to $1.40 billion



Full-year diluted EPS of $2.52 and adjusted diluted EPS of $3.47



Company provides fiscal 2027 guidance



Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the fourth quarter and full year of fiscal 2026, ended February 28, 2026. The Company reported the following selected financial results:




 






 






Three Months Ended






 






 








(Unaudited, $ in thousands, except per share amounts)






 






February 28, 2026






 






March 1, 2025






 






% Change








Net sales






 






$






351,354






 






 






$






345,694






 






 






1.6






%








Net earnings






 






$






16,620






 






 






$






2,485






 






 






568.8






%








Diluted earnings per share






 






$






0.78






 






 






$






0.11






 






 






609.1






%








Non-GAAP Measures1






 






 






 






 






 






 








Adjusted EBITDA






 






$






42,418






 






 






$






41,105






 






 






3.2






%








Adjusted EBITDA margin






 






 






12.1






%






 






 






11.9






%






 






 








Adjusted diluted earnings per share






 






$






0.92






 






 






$






0.89






 






 






3.4






%









(1)







Earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release.







"We delivered fourth-quarter results ahead of our expectations and closed out the fiscal year strongly. The teams executed well as they continued to serve our customers in a dynamic operating environment,” said Donald Nolan, Executive Chair and CEO. “Throughout the fiscal year, we continued to focus on our priorities while actively managing our cost structure and returning cash to shareholders through dividends and share buybacks. This, along with generating strong cash flow, supports a resilient and flexible balance sheet for future growth opportunities."


"As we enter the new fiscal year, we are mindful of ongoing market conditions and are navigating the environment with an emphasis on serving our customers and executing across our operations,” Nolan added. “We intend to maintain prudent and disciplined cost management while being thoughtful and selective in pursuing growth investments, prioritizing opportunities with clear strategic alignment and financial returns that support long-term value creation."


Fourth-Quarter Consolidated Results (Fourth Quarter Fiscal 2026 compared to Fourth Quarter Fiscal 2025)



Net sales increased 1.6% to $351.4 million, driven by favorable price and mix, partially offset by lower volume.




Gross margin rose 80 basis points to 22.4%, primarily due to a non-recurring $9.4 million arbitration decision expensed in the prior year, productivity improvements including savings from Project Fortify 2, and lower risk-related insurance expenses, partially offset by higher aluminum costs, impacts from lower volume, and higher health insurance costs.




Selling, general and administrative (SG&A) expenses as a percentage of net sales decreased 470 basis points to 15.1%, primarily due to a non-recurring impairment charge in the Metals segment in the prior year, lower incentive compensation, acquisition-related expenses incurred in the prior year, and benefits from cost savings of Fortify Phase 2, partially offset by restructuring related expenses.




Operating income increased to $25.8 million from $6.1 million, and operating margin increased 550 basis points to 7.3%.




Adjusted EBITDA increased to $42.4 million, compared to $41.1 million, and adjusted EBITDA margin increased to 12.1%, compared to 11.9%. The increase in adjusted EBITDA margin was primarily driven by lower incentive compensation and risk-related insurance expenses, productivity improvements, and benefits from cost savings of Fortify Phase 2, partially offset by higher aluminum costs, reduction in volume, and higher health insurance costs.




Interest expense decreased to $2.8 million, compared to $3.5 million, primarily due to lower debt.




Diluted earnings per share (EPS) were $0.78, compared to $0.11, and adjusted diluted EPS increased to $0.92, compared to $0.89.



Full-Year Consolidated Results (Fiscal 2026 compared to Fiscal 2025)



Net sales increased 3.2% to $1.40 billion, driven by $65.3 million of inorganic sales contribution from the acquisition of UW Solutions, partially offset by lower volume.




Operating income declined to $84.5 million from $118.1 million, and operating margin decreased by 270 basis points to 6.0%.




Adjusted EBITDA decreased to $167.3 million, compared to $192.7 million, and adjusted EBITDA margin decreased to 11.9%, compared to 14.2%. The decrease was primarily due to higher aluminum costs, impacts from lower volume, and health insurance costs, partially offset by lower incentive compensation and risk-related insurance expenses, and benefits from cost savings of Fortify Phase 2.




Diluted EPS was $2.52, compared to $3.89. Adjusted diluted EPS declined to $3.47 from $4.97.



Fourth Quarter Segment Results (Fourth Quarter Fiscal 2026 Compared to Fourth Quarter Fiscal 2025)


Architectural Metals


Net sales declined 1.9% to $110.0 million, driven by lower volume, partially offset by favorable price and product mix. Adjusted EBITDA was $7.2 million, or 6.5% of net sales, compared to $7.0 million, or 6.3% of net sales. The higher adjusted EBITDA margin was primarily driven by favorable productivity from Fortify Phase 2, and product mix, partially offset by higher aluminum costs and impact from lower volume.


Architectural Services


Net sales increased 7.8% to $127.1 million, primarily due to increased volume, partially offset by price. Adjusted EBITDA was $9.6 million, or 7.5% of net sales, compared to $9.6 million, or 8.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by lower price, partially offset by the impact from higher volume and improved productivity. Segment backlog1 at the end of the quarter was $693.8 million compared to $774.7 million at the end of the third quarter.


Architectural Glass


Net sales declined 10.4% to $67.4 million, driven by lower volume and price. Adjusted EBITDA was $9.1 million, or 13.5% of net sales, compared to $14.1 million, or 18.8% of net sales. The decrease in adjusted EBITDA margin was primarily driven by impact from lower volume and price and higher material and freight costs, partially offset by productivity improvements, lower incentive compensation and warranty-related expenses.


Performance Surfaces


Net sales increased 13.5% to $54.3 million due to increased volume. Adjusted EBITDA was $10.5 million, or 19.4% of net sales compared to $12.8 million, or 26.8% of net sales. The decrease in adjusted EBITDA margin was primarily driven by higher manufacturing and materials costs, partially offset by impact from higher volume.


Corporate and Other


Corporate and other adjusted EBITDA increased to $6.0 million, compared to expense of $2.5 million, primarily due to lower incentive compensation and risk-related insurance expenses, partially offset by higher health insurance costs.


Financial Condition


Net cash provided by operating activities in the fourth quarter was $55.8 million, compared to $30.0 million in the prior year period. For the full year, net cash provided by operating activities was $122.5 million, compared to $125.2 million last year. Capital expenditures for the full year were $27.3 million, compared to $35.6 million last year.


For the full year, the Company returned $37.2 million of cash to shareholders, through $15.0 million of share repurchases and $22.2 million of dividends.


Quarter-end long-term debt decreased to $232.3 million, an improvement of $52.7 million, bringing the Consolidated Leverage Ratio2 (as defined in the Company’s credit agreement) to 1.3x at the end of the quarter.


Project Fortify


The Company substantially completed Project Fortify Phase 2 during the fourth quarter and incurred $3.9 million of pre-tax charges. Total pre-tax charges incurred under the program were $27.4 million. The Company estimates annualized cost savings of approximately $26 million as a result of the Project Fortify program.




1 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.








2 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.







Fiscal 2027 Outlook


Based on current macroeconomic conditions, the Company expects net sales to be in the range of $1.38 billion to $1.43 billion, and adjusted diluted EPS in the range of $2.70 to $3.25. The Company’s outlook assumes interest expense of approximately $10 million, an adjusted effective tax rate of 26% to 27%, and capital expenditures between $35 million to $40 million.


Conference Call Information


The Company will host a conference call today at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call.


About Apogee Enterprises


Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com.


Use of Non-GAAP Financial Measures


Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures:



Adjusted operating income, adjusted operating margin, adjusted net earnings, and adjusted diluted EPS are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that the Company does not consider to be part of core operating results, to enhance comparability of results from period to period.




Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. The Company believes adjusted EBITDA and adjusted EBITDA margin metrics provide useful information to investors and analysts about the Company’s core operating performance.




Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA . All capitalized and undefined terms used in this bullet are defined in the Company’s credit agreement dated July 19, 2024, and defined as an exhibit to our form 10-K for the year ended March 1, 2025. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all the necessary components of such GAAP financial measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors.




Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is an operating measure used by management to assess future potential sales revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog.



Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries and the potential impact of an economic downturn or recession; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) financial and operating results that could differ from market expectations; (H) self-insurance risk related to a material product liability or other events for which the Company is liable; (I) maintaining our information technology systems and potential cybersecurity threats; (J) cost of regulatory compliance, including environmental regulations; (K) supply chain disruptions, including fluctuations in the availability and cost of materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (L) integration and future operating results of acquisitions, including but not limited to the acquisition of UW Solutions, and management of acquired contracts; (M) impairment of goodwill or indefinite-lived intangible assets; (N) our ability to successfully manage and implement our enterprise strategy; (O) our ability to maintain effective internal controls over financial reporting; (P) our judgments regarding accounting for tax positions and resolution of tax disputes; (Q) the impacts of cost inflation and interest rates; and (R) the impact of changes in capital and credit markets on our liquidity and cost of capital. The Company cautions investors that actual future results could differ materially from those described in the forward-looking statements and that other factors may in the future prove to be important in affecting the Company’s results, performance, prospects, or opportunities. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor can it assess the impact of each factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. More information concerning potential factors that could affect future financial results is included in the Company’s Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission.




Apogee Enterprises, Inc.








Consolidated Statements of Income








(Unaudited)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






 






 






Twelve Months Ended






 






 








(In thousands, except per share amounts)






 






February 28, 2026






 






March 1, 2025






 






% Change






 






February 28, 2026






 






March 1, 2025






 






% Change








Net sales






 






$






351,354






 






 






$






345,694






 






 






1.6






%






 






$






1,404,733






 






 






$






1,360,994






 






 






3.2






%








Cost of sales






 






 






272,605






 






 






 






271,127






 






 






0.5






%






 






 






1,085,259






 






 






 






1,001,101






 






 






8.4






%








Gross profit






 






 






78,749






 






 






 






74,567






 






 






5.6






%






 






 






319,474






 






 






 






359,893






 






 






(11.2






)%








Selling, general and administrative expenses






 






 






52,974






 






 






 






68,433






 






 






(22.6






)%






 






 






235,000






 






 






 






241,783






 






 






(2.8






)%








Operating income






 






 






25,775






 






 






 






6,134






 






 






320.2






%






 






 






84,474






 






 






 






118,110






 






 






(28.5






)%








Interest expense, net






 






 






2,828






 






 






 






3,525






 






 






(19.8






)%






 






 






13,976






 






 






 






6,159






 






 






126.9






%








Other (income) expense, net






 






 






(42






)






 






 






(130






)






 






(67.7






)%






 






 






(6,958






)






 






 






(623






)






 






1,016.9






%








Earnings before income taxes






 






 






22,989






 






 






 






2,739






 






 






739.3






%






 






 






77,456






 






 






 






112,574






 






 






(31.2






)%








Income tax expense






 






 






6,369






 






 






 






254






 






 






2,407.5






%






 






 






23,325






 






 






 






27,522






 






 






(15.2






)%








Net earnings






 






$






16,620






 






 






$






2,485






 






 






568.8






%






 






$






54,131






 






 






$






85,052






 






 






(36.4






)%








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic earnings per share






 






$






0.79






 






 






$






0.12






 






 






558.3






%






 






$






2.54






 






 






$






3.91






 






 






(35.0






)%








Diluted earnings per share






 






$






0.78






 






 






$






0.11






 






 






609.1






%






 






$






2.52






 






 






$






3.89






 






 






(35.2






)%








Weighted average basic shares outstanding






 






 






21,130






 






 






 






21,539






 






 






(1.9






)%






 






 






21,295






 






 






 






21,726






 






 






(2.0






)%








Weighted average diluted shares outstanding






 






 






21,454






 






 






 






21,793






 






 






(1.6






)%






 






 






21,517






 






 






 






21,891






 






 






(1.7






)%








Cash dividends per common share






 






$






0.27






 






 






$






0.26






 






 






3.8






%






 






$






1.05






 






 






$






1.01






 






 






4.0






%








 






 






 






 






 






 






 






 






 






 






 






 






 








% of Sales






 






 






 






 






 






 






 






 






 






 






 






 








Gross margin






 






 






22.4






%






 






 






21.6






%






 






 






 






 






22.7






%






 






 






26.4






%






 






 








Selling, general and administrative expenses






 






 






15.1






%






 






 






19.8






%






 






 






 






 






16.7






%






 






 






17.8






%






 






 








Operating margin






 






 






7.3






%






 






 






1.8






%






 






 






 






 






6.0






%






 






 






8.7






%






 






 









Apogee Enterprises, Inc.








Consolidated Condensed Balance Sheets








(Unaudited)








(In thousands)






 






February 28, 2026






 






March 1, 2025








Assets






 






 






 






 








Current assets






 






 






 






 








Cash and cash equivalents






 






$






39,523






 






$






41,448








Receivables, net






 






 






198,516






 






 






185,590








Inventories, net






 






 






98,059






 






 






92,305








Contract assets






 






 






59,512






 






 






71,842








Other current assets






 






 






43,823






 






 






50,919








Total current assets






 






 






439,433






 






 






442,104








Property, plant and equipment, net






 






 






255,032






 






 






268,139








Operating lease right-of-use assets






 






 






48,736






 






 






62,314








Goodwill






 






 






236,744






 






 






235,775








Intangible assets, net






 






 






111,261






 






 






128,417








Other non-current assets






 






 






31,139






 






 






38,520








Total assets






 






$






1,122,345






 






$






1,175,269








Liabilities and shareholders' equity






 






 






 






 








Current liabilities






 






 






 






 








Accounts payable






 






$






105,478






 






$






98,804








Accrued compensation and benefits






 






 






39,667






 






 






48,510








Contract liabilities






 






 






60,903






 






 






35,193








Operating lease liabilities






 






 






14,729






 






 






15,290








Other current liabilities






 






 






46,079






 






 






87,659








Total current liabilities






 






 






266,856






 






 






285,456








Long-term debt






 






 






232,279






 






 






285,000








Non-current operating lease liabilities






 






 






39,375






 






 






51,632








Non-current self-insurance reserves






 






 






24,914






 






 






30,382








Other non-current liabilities






 






 






47,127






 






 






34,901








Total shareholders’ equity






 






 






511,794






 






 






487,898








Total liabilities and shareholders’ equity






 






$






1,122,345






 






$






1,175,269









Apogee Enterprises, Inc.








Consolidated Statement of Cash Flows








(Unaudited)








 






 






Twelve Months Ended








 






 






February 28, 2026






 






March 1, 2025








(In thousands)






 






 








Operating Activities






 






 






 






 








Net earnings






 






$






54,131






 






 






$






85,052






 








Adjustments to reconcile net earnings to net cash provided by operating activities:






 






 






 






 








Depreciation and amortization






 






 






49,998






 






 






 






44,608






 








Share-based compensation






 






 






8,246






 






 






 






10,725






 








Deferred income taxes






 






 






15,483






 






 






 






3,836






 








Impairment of long-lived assets






 






 






11,477






 






 






 






7,634






 








Settlement of New Markets Tax Credit transaction






 






 






(6,740






)






 






 






—






 








Non-cash lease expense






 






 






6,574






 






 






 






13,749






 








Other, net






 






 






(1,671






)






 






 






(1,247






)








Changes in operating assets and liabilities:






 






 






 






 








Receivables






 






 






(12,409






)






 






 






(508






)








Inventories






 






 






(5,340






)






 






 






(5,810






)








Contract assets






 






 






12,583






 






 






 






(22,625






)








Accounts payable






 






 






5,515






 






 






 






9,595






 








Accrued compensation and benefits






 






 






(9,117






)






 






 






(11,793






)








Contract liabilities






 






 






25,649






 






 






 






598






 








Operating lease liability






 






 






(9,706






)






 






 






(12,703






)








Accrued income taxes






 






 






3,858






 






 






 






(5,120






)








Other current assets and liabilities






 






 






(26,066






)






 






 






9,171






 








Net cash provided by operating activities






 






 






122,465






 






 






 






125,162






 








Investing Activities






 






 






 






 








Capital expenditures






 






 






(27,308






)






 






 






(35,593






)








Proceeds from sales of property, plant and equipment






 






 






1,632






 






 






 






693






 








Purchases of marketable securities






 






 






(9,670






)






 






 






(2,394






)








Sales/maturities of marketable securities






 






 






4,820






 






 






 






3,570






 








Acquisition of business, net of cash acquired






 






 






—






 






 






 






(232,169






)








Net cash used by investing activities






 






 






(30,526






)






 






 






(265,893






)








Financing Activities






 






 






 






 








Proceeds from revolving credit facilities






 






 






93,000






 






 






 






77,201






 








Repayment on revolving credit facilities






 






 






(143,000






)






 






 






(57,201






)








Proceeds from term loans






 






 






—






 






 






 






250,000






 








Repayment of term loans






 






 






(2,722






)






 






 






(47,000






)








Payments of debt issuance costs






 






 






—






 






 






 






(3,798






)








Repurchase of common stock






 






 






(15,000






)






 






 






(45,364






)








Dividends paid






 






 






(22,216






)






 






 






(21,737






)








Other, net






 






 






(6,241






)






 






 






(6,052






)








Net cash (used by) provided by financing activities






 






 






(96,179






)






 






 






146,049






 








Effect of exchange rates on cash






 






 






2,315






 






 






 






(1,086






)








(Decrease) increase in cash and cash equivalents






 






 






(1,925






)






 






 






4,232






 








Cash and cash equivalents at beginning of period






 






 






41,448






 






 






 






37,216






 








Cash and cash equivalents at end of period






 






$






39,523






 






 






$






41,448






 









Apogee Enterprises, Inc.








Components of Changes in Net Sales








(Unaudited)








 






 






 






 






 






 






 






 






 






 






 






 






 








Three months ended February 28, 2026, compared with the three months ended March 1, 2025








(In thousands, except percentages)






 






Architectural Metals






 






Architectural Services






 






Architectural Glass






 






Performance Surfaces






 






Intersegment eliminations






 






Consolidated








Fiscal 2025 net sales






 






$






112,148






 






 






$






117,895






 






 






$






75,157






 






 






$






47,899






 






 






$






(7,405






)






 






$






345,694






 








Organic business (1)






 






 






(2,111






)






 






 






9,175






 






 






 






(7,804






)






 






 






6,447






 






 






 






(47






)






 






 






5,660






 








Fiscal 2026 net sales






 






$






110,037






 






 






$






127,070






 






 






$






67,353






 






 






$






54,346






 






 






$






(7,452






)






 






$






351,354






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Total net sales growth (decline)






 






 






(1.9






)%






 






 






7.8






%






 






 






(10.4






)%






 






 






13.5






%






 






 






0.6






%






 






 






1.6






%








 






 






 






 






 






 






 






 






 






 






 






 






 








Twelve months ended February 28, 2026 , compared with the twelve months ended March 1, 2025








(In thousands, except percentages)






 






Architectural Metals






 






Architectural Services






 






Architectural Glass






 






Performance Surfaces






 






Intersegment eliminations






 






Consolidated








Fiscal 2025 net sales






 






$






524,709






 






 






$






419,861






 






 






$






322,197






 






 






$






122,131






 






 






$






(27,904






)






 






$






1,360,994






 








Organic business (1)






 






 






(20,681






)






 






 






19,371






 






 






 






(38,538






)






 






 






10,564






 






 






 






7,752






 






 






 






(21,532






)








Acquisition (2)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






65,271






 






 






 






—






 






 






 






65,271






 








Fiscal 2026 net sales






 






$






504,028






 






 






$






439,232






 






 






$






283,659






 






 






$






197,966






 






 






$






(20,152






)






 






$






1,404,733






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Total net sales growth (decline)






 






 






(3.9






)%






 






 






4.6






%






 






 






(12.0






)%






 






 






62.1






%






 






 






(27.8






)%






 






 






3.2






%








Organic business (1)






 






 






(3.9






)%






 






 






4.6






%






 






 






(12.0






)%






 






 






8.6






%






 






 






(27.8






)%






 






 






(1.6






)%








Acquisition (2)






 






 






—






%






 






 






—






%






 






 






—






%






 






 






53.4






%






 






 






—






%






 






 






4.8






%









(1)







Organic business is defined as (declines) growth in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date.








(2)







The acquisition of UW Solutions, completed on November 4, 2024.









Apogee Enterprises, Inc.








Business Segment Information








(Unaudited)








 






 






Three Months Ended






 






 






 






Twelve Months Ended






 






 








(In thousands)






 






February 28, 2026






 






March 1, 2025






 






% Change






 






February 28, 2026






 






March 1, 2025






 






% Change








Segment net sales






 






 






 






 






 






 






 






 






 






 






 






 








Architectural Metals






 






$






110,037






 






 






$






112,148






 






 






(1.9






)%






 






$






504,028






 






 






$






524,709






 






 






(3.9






)%








Architectural Services






 






 






127,070






 






 






 






117,895






 






 






7.8






%






 






 






439,232






 






 






 






419,861






 






 






4.6






%








Architectural Glass






 






 






67,353






 






 






 






75,157






 






 






(10.4






)%






 






 






283,659






 






 






 






322,197






 






 






(12.0






)%








Performance Surfaces






 






 






54,346






 






 






 






47,899






 






 






13.5






%






 






 






197,966






 






 






 






122,131






 






 






62.1






%








Intersegment eliminations






 






 






(7,452






)






 






 






(7,405






)






 






0.6






%






 






 






(20,152






)






 






 






(27,904






)






 






(27.8






)%








Net sales






 






$






351,354






 






 






$






345,694






 






 






1.6






%






 






$






1,404,733






 






 






$






1,360,994






 






 






3.2






%








Segment adjusted EBITDA






 






 






 






 






 






 






 






 






 






 






 






 








Architectural Metals






 






$






7,163






 






 






$






7,039






 






 






1.8






%






 






$






54,109






 






 






$






70,591






 






 






(23.3






)%








Architectural Services






 






 






9,575






 






 






 






9,624






 






 






(0.5






)%






 






 






30,856






 






 






 






33,533






 






 






(8.0






)%








Architectural Glass






 






 






9,101






 






 






 






14,114






 






 






(35.5






)%






 






 






45,699






 






 






 






71,664






 






 






(36.2






)%








Performance Surfaces






 






 






10,544






 






 






 






12,834






 






 






(17.8






)%






 






 






41,643






 






 






 






30,886






 






 






34.8






%








Corporate and other






 






 






6,035






 






 






 






(2,506






)






 






(340.8






)%






 






 






(5,004






)






 






 






(14,021






)






 






(64.3






)%








Adjusted EBITDA






 






$






42,418






 






 






$






41,105






 






 






3.2






%






 






$






167,303






 






 






$






192,653






 






 






(13.2






)%








Segment adjusted EBITDA margins






 






 






 






 






 






 






 






 






 






 






 






 








Architectural Metals






 






 






6.5






%






 






 






6.3






%






 






 






 






 






10.7






%






 






 






13.5






%






 






 








Architectural Services






 






 






7.5






%






 






 






8.2






%






 






 






 






 






7.0






%






 






 






8.0






%






 






 








Architectural Glass






 






 






13.5






%






 






 






18.8






%






 






 






 






 






16.1






%






 






 






22.2






%






 






 








Performance Surfaces






 






 






19.4






%






 






 






26.8






%






 






 






 






 






21.0






%






 






 






25.3






%






 






 








Adjusted EBITDA margin






 






 






12.1






%






 






 






11.9






%






 






 






 






 






11.9






%






 






 






14.2






%






 






 








Segment net sales is defined as net sales of the segment including revenue related to intersegment transactions.




Intersegment net sales eliminations are presented separately to exclude these sales from our consolidated total.





Apogee Enterprises, Inc.








Reconciliation of Non-GAAP Financial Measures








Adjusted EBITDA and Adjusted EBITDA Margin








(Unaudited)








 






 






Three Months Ended February 28, 2026








(In thousands)






 






Architectural Metals






 






Architectural Services






 






Architectural Glass






 






Performance Surfaces






 






Corporate and Other






 






Consolidated








Net earnings (loss)






 






$






968






 






 






$






9,339






 






 






$






5,782






 






 






$






6,533






 






 






$






(6,002






)






 






$






16,620






 








Interest expense (income), net






 






 






401






 






 






 






(83






)






 






 






(249






)






 






 






—






 






 






 






2,759






 






 






 






2,828






 








Income tax expense






 






 






—






 






 






 






—






 






 






 






97






 






 






 






—






 






 






 






6,272






 






 






 






6,369






 








Depreciation and amortization






 






 






3,584






 






 






 






802






 






 






 






3,471






 






 






 






3,904






 






 






 






777






 






 






 






12,538






 








EBITDA






 






 






4,953






 






 






 






10,058






 






 






 






9,101






 






 






 






10,437






 






 






 






3,806






 






 






 






38,355






 








Acquisition-related costs (1)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






107






 






 






 






65






 






 






 






172






 








Restructuring costs (2)






 






 






2,210






 






 






 






(483






)






 






 






—






 






 






 






—






 






 






 






2,164






 






 






 






3,891






 








Adjusted EBITDA






 






$






7,163






 






 






$






9,575






 






 






$






9,101






 






 






$






10,544






 






 






$






6,035






 






 






$






42,418






 








 






 






 






 






 






 






 






 






 






 






 






 






 








EBITDA margin






 






 






4.5






%






 






 






7.9






%






 






 






13.5






%






 






 






19.2






%






 






 






N/M






 






 






 






10.9






%








Adjusted EBITDA margin






 






 






6.5






%






 






 






7.5






%






 






 






13.5






%






 






 






19.4






%






 






 






N/M






 






 






 






12.1






%









 






 






Three Months Ended March 01, 2025








(In thousands)






 






Architectural Metals






 






Architectural Services






 






Architectural Glass






 






Performance Surfaces






 






Corporate and Other






 






Consolidated








Net earnings (loss)






 






$






(6,163






)






 






$






8,575






 






 






$






11,109






 






 






$






6,129






 






 






$






(17,165






)






 






$






2,485






 








Interest expense (income), net






 






 






441






 






 






 






(13






)






 






 






(91






)






 






 






—






 






 






 






3,187






 






 






 






3,524






 








Income tax expense






 






 






—






 






 






 






—






 






 






 






(22






)






 






 






—






 






 






 






276






 






 






 






254






 








Depreciation and amortization






 






 






3,859






 






 






 






1,092






 






 






 






3,118






 






 






 






5,041






 






 






 






701






 






 






 






13,811






 








EBITDA






 






 






(1,863






)






 






 






9,654






 






 






 






14,114






 






 






 






11,170






 






 






 






(13,001






)






 






 






20,074






 








Acquisition-related costs (1)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,664






 






 






 






1,230






 






 






 






2,894






 








Restructuring costs (2)






 






 






1,268






 






 






 






(30






)






 






 






—






 






 






 






—






 






 






 






(128






)






 






 






1,110






 








Impairment expense (3)






 






 






7,634






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






7,634






 








Arbitration award expense (4)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






9,393






 






 






 






9,393






 








Adjusted EBITDA






 






$






7,039






 






 






$






9,624






 






 






$






14,114






 






 






$






12,834






 






 






$






(2,506






)






 






$






41,105






 








 






 






 






 






 






 






 






 






 






 






 






 






 








EBITDA margin






 






 






(1.7






%)






 






 






8.2






%






 






 






18.8






%






 






 






23.3






%






 






 






N/M






 






 






 






5.8






%








Adjusted EBITDA margin






 






 






6.3






%






 






 






8.2






%






 






 






18.8






%






 






 






26.8






%






 






 






N/M






 






 






 






11.9






%









(1)







Acquisition-related costs relate to one-time expenses incurred to integrate the UW Solutions acquisition. In fiscal year 2025, it excludes $1.5 million of backlog amortization added back as part of the depreciation and amortization above.








(2)







Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2, including $0.6 million of asset impairment charges in fiscal 2026.








(3)







Impairment expense on intangible assets in the Architectural Metals Segment.








(4)







Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.









Apogee Enterprises, Inc.








Reconciliation of Non-GAAP Financial Measures








Adjusted EBITDA and Adjusted EBITDA Margin








(Unaudited)








 






 






Twelve Months Ended February 28, 2026








(In thousands)






 






Architectural Metals






 






Architectural Services






 






Architectural Glass






 






Performance Surfaces






 






Corporate and Other






 






Consolidated








Net earnings (loss)






 






$






37,775






 






 






$






12,193






 






 






$






32,661






 






 






$






24,659






 






 






$






(53,157






)






 






$






54,131






 








Interest expense (income), net






 






 






1,733






 






 






 






(310






)






 






 






(699






)






 






 






—






 






 






 






13,252






 






 






 






13,976






 








Income tax (benefit) expense






 






 






(43






)






 






 






(8






)






 






 






295






 






 






 






—






 






 






 






23,081






 






 






 






23,325






 








Depreciation and amortization






 






 






14,813






 






 






 






3,593






 






 






 






13,442






 






 






 






15,153






 






 






 






2,997






 






 






 






49,998






 








EBITDA






 






 






54,278






 






 






 






15,468






 






 






 






45,699






 






 






 






39,812






 






 






 






(13,827






)






 






 






141,430






 








Acquisition-related costs (1)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,831






 






 






 






313






 






 






 






2,144






 








Restructuring costs (2)






 






 






6,571






 






 






 






15,388






 






 






 






—






 






 






 






—






 






 






 






5,484






 






 






 






27,443






 








CEO transition costs (3)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






3,026






 






 






 






3,026






 








NMTC settlement gain (4)






 






 






(6,740






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(6,740






)








Adjusted EBITDA






 






$






54,109






 






 






$






30,856






 






 






$






45,699






 






 






$






41,643






 






 






$






(5,004






)






 






$






167,303






 








 






 






 






 






 






 






 






 






 






 






 






 






 








EBITDA margin






 






 






10.8






%






 






 






3.5






%






 






 






16.1






%






 






 






20.1






%






 






 






N/M






 






 






 






10.1






%








Adjusted EBITDA margin






 






 






10.7






%






 






 






7.0






%






 






 






16.1






%






 






 






21.0






%






 






 






N/M






 






 






 






11.9






%









 






 






Twelve Months Ended March 01, 2025








(In thousands)






 






Architectural Metals






 






Architectural Services






 






Architectural Glass






 






Performance Surfaces






 






Corporate and Other






 






Consolidated








Net earnings (loss)






 






$






40,345






 






 






$






30,035






 






 






$






60,451






 






 






$






19,611






 






 






$






(65,390






)






 






$






85,052






 








Interest expense (income), net






 






 






2,113






 






 






 






10






 






 






 






(408






)






 






 






—






 






 






 






4,444






 






 






 






6,159






 








Income tax expense (benefit)






 






 






7






 






 






 






—






 






 






 






(653






)






 






 






—






 






 






 






28,168






 






 






 






27,522






 








Depreciation and amortization






 






 






16,471






 






 






 






3,978






 






 






 






12,274






 






 






 






9,086






 






 






 






2,799






 






 






 






44,608






 








EBITDA






 






 






58,936






 






 






 






34,023






 






 






 






71,664






 






 






 






28,697






 






 






 






(29,979






)






 






 






163,341






 








Acquisition-related costs (1)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






2,189






 






 






 






5,773






 






 






 






7,962






 








Restructuring costs (2)






 






 






4,021






 






 






 






(490






)






 






 






—






 






 






 






—






 






 






 






792






 






 






 






4,323






 








Impairment expense (5)






 






 






7,634






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






7,634






 








Arbitration award expense (6)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






9,393






 






 






 






9,393






 








Adjusted EBITDA






 






$






70,591






 






 






$






33,533






 






 






$






71,664






 






 






$






30,886






 






 






$






(14,021






)






 






$






192,653






 








 






 






 






 






 






 






 






 






 






 






 






 






 








EBITDA margin






 






 






11.2






%






 






 






8.1






%






 






 






22.2






%






 






 






23.5






%






 






 






N/M






 






 






 






12.0






%








Adjusted EBITDA margin






 






 






13.5






%






 






 






8.0






%






 






 






22.2






%






 






 






25.3






%






 






 






N/M






 






 






 






14.2






%









(1)







Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition. In fiscal year 2025, it excludes $2.3 million of backlog amortization added back as part of depreciation and amortization above.








(2)







Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2, including $11.5 million of asset impairment charges in fiscal 2026.








(3)







Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.








(4)







Gain related to the settlement of a New Market Tax Credit transaction.








(5)







Impairment expense on intangible assets in the Architectural Metals Segment.








(6)







Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.









Apogee Enterprises, Inc.








Reconciliation of Non-GAAP Financial Measures








Adjusted net earnings and adjusted diluted earnings per share








(Unaudited)









 






 






Three Months Ended






 






Twelve Months Ended








(In thousands)






 






February 28,

2026






 






March 1, 2025






 






February 28,

2026






 






March 1, 2025








Net earnings






 






$






16,620






 






 






$






2,485






 






 






$






54,131






 






 






$






85,052






 








Acquisition-related costs (1)






 






 






172






 






 






 






4,429






 






 






 






2,144






 






 






 






10,302






 








Restructuring costs (2)






 






 






3,891






 






 






 






1,110






 






 






 






27,443






 






 






 






4,323






 








CEO transition costs (3)






 






 






—






 






 






 






—






 






 






 






3,026






 






 






 






—






 








NMTC settlement gain (4)






 






 






—






 






 






 






—






 






 






 






(6,740






)






 






 






—






 








Impairment expense (5)






 






 






—






 






 






 






7,634






 






 






 






—






 






 






 






7,634






 








Arbitration award expense (6)






 






 






—






 






 






 






9,393






 






 






 






—






 






 






 






9,393






 








Income tax impact on above adjustments (7)






 






 






(979






)






 






 






(5,614






)






 






 






(5,321






)






 






 






(7,832






)








Adjusted net earnings






 






$






19,704






 






 






$






19,437






 






 






$






74,683






 






 






$






108,872






 








 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Twelve Months Ended








 






 






February 28,

2026






 






March 1, 2025






 






February 28,

2026






 






March 1, 2025








Diluted earnings per share






 






$






0.77






 






 






$






0.11






 






 






$






2.52






 






 






$






3.89






 








Acquisition-related costs (1)






 






 






0.01






 






 






 






0.20






 






 






 






0.10






 






 






 






0.47






 








Restructuring costs (2)






 






 






0.18






 






 






 






0.05






 






 






 






1.28






 






 






 






0.20






 








CEO transition costs (3)






 






 






—






 






 






 






—






 






 






 






0.14






 






 






 






—






 








NMTC settlement gain (4)






 






 






—






 






 






 






—






 






 






 






(0.31






)






 






 






—






 








Impairment expense (5)






 






 






—






 






 






 






0.35






 






 






 






—






 






 






 






0.35






 








Arbitration award expense (6)






 






 






—






 






 






 






0.43






 






 






 






—






 






 






 






0.43






 








Income tax impact on above adjustments (7)






 






 






(0.05






)






 






 






(0.26






)






 






 






(0.25






)






 






 






(0.36






)








Adjusted diluted earnings per share






 






$






0.92






 






 






$






0.89






 






 






$






3.47






 






 






$






4.97






 








Weighted average diluted shares outstanding






 






 






21,454






 






 






 






21,793






 






 






 






21,517






 






 






 






21,891






 








 






 






 






 






 






 






 






 






 








(1






)






Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition.








(2






)






Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2, including $11.5 million of asset impairment charges in fiscal 2026.








(3






)






Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.








(4






)






Gain related to the settlement of a New Market Tax Credit transaction.








(5






)






Impairment expense on intangible assets in the Architectural Metals Segment.








(6






)






Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds.








(7






)






Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.
















 


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424787230/en/
Jeremy Steffan

Vice President, Investor Relations & Communications

952.346.3502

ir@apog.com


Original: Apogee Enterprises Reports Fiscal 2026 Fourth Quarter and Full Year Results