In This Story
Apogee Enterprises Inc. (APOG+0.39%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports consolidated net sales of $341.3 million, a slight increase from $339.7 million in the same quarter of the previous year. The increase is attributed to the acquisition of UW Solutions and a favorable mix of projects in the Architectural Services segment.
Gross margin decreased to 26.1% from 26.6% in the previous year, primarily due to unfavorable sales leverage from lower volume and less favorable product mix in the Architectural Framing Systems segment.
Operating income was reported at $28.6 million, down from $37.6 million in the previous year, with operating margin decreasing to 8.4% from 11.1%. The decline was primarily due to acquisition-related expenses and restructuring costs associated with Project Fortify.
Net earnings for the quarter were $20.9 million, compared to $27.0 million in the previous year. The decrease in net earnings was attributed to higher SG&A expenses and restructuring costs.
Adjusted operating income was $35.4 million, and adjusted operating margin was 10.4%, reflecting adjustments for acquisition-related costs and restructuring charges.
Cash provided by operating activities was $95.1 million, while cash used in investing activities was $257.1 million, primarily due to the acquisition of UW Solutions.
Net cash provided by financing activities was $169.0 million, driven by proceeds from a delayed draw term loan used to finance the UW Solutions acquisition.
Apogee's backlog in the Architectural Services segment was approximately $742.2 million as of November 30, 2024, down from $792.1 million at the end of the previous quarter.
The company remains in compliance with all covenants under its credit agreement, which includes a senior credit facility with a maturity date of July 19, 2029.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Apogee Enterprises Inc. quarterly 10-Q report dated January 7, 2025. To report an error, please email earnings@qz.com.