Apogee Enterprises, Inc. (NASDAQ:APOG)
Apogee Enterprises, Inc. (APOG), a company that provides distinctive solutions for enclosing commercial buildings and framing art, yesterday reported their fiscal 2017 first quarter financial results. Apogee reported first quarter earnings of $0.61 per share, which beat analyst estimates of $0.49 per share. Apogee reported first quarter revenues of $247.9 million
Apogee Enterprises, Inc. CEO’s Comments
“I am very pleased with our start to fiscal 2017 – in the first quarter, we grew gross margin by 280 basis points, operating margin by 300 basis points and earnings per share by 49 percent,” said Joseph F. Puishys, Apogee chief executive officer. “Revenue growth at 3 percent was consistent with our expectations, given the timing of project activity.”
“All three architectural segments delivered significant operating income growth, and two of these three segments grew the topline double digits as well,” said Puishys. “Backlog also grew in the quarter, both sequentially and compared to the prior-year period.”
“With our solid operational performance in the quarter and expectations that this level of execution will continue throughout the year, we’ve increased our earnings per share outlook for fiscal 2017 to $2.70 to $2.85, up from $2.65 to $2.80,” he said.
APOG Technical Analysis
APOG opened trading yesterday at $43.42, which was up from the previous day's trading of $43.33. APOG closed trading yesterday at $41.50 and climbed up after market to $45.00, equivalent to an 8% increase from the closing price.
Taking a look at the daily chart we can see the last time APOG traded above these levels was on June 9th, when it traded at $45.81. Taking a closer look at the daily chart we can see that APOG has been in a trading range in between $40 and $46, dating back to May 1st.
APOG has a float of 27.96 million shares, and traded 2.10 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see APOG open trading on Thursday above $43.85, and if it does I would be looking to take a long position at the bell. My stop loss would be $0.35 from my entry position, fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Apogee Enterprises, Inc. designs and develops glass solutions for enclosing commercial buildings and framing art in the United States, Canada, and Brazil. The company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems, and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated and high-performance glass used in customized windows and wall systems comprising the outside skin of commercial, institutional, and multi-family residential buildings.
The Architectural Services segment designs, engineers, fabricates, and installs the walls of glass, windows, and other curtain wall products making up the outside skin of commercial and institutional buildings. The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass windows, curtain walls, storefronts, and entrance systems comprising the outside skin, as well as entrances of commercial, institutional, and multi-family residential buildings. The LSO segment manufactures value-added glass and acrylic products for the custom picture framing and fine art markets.
The company’s products and services are primarily used in commercial buildings, such as office towers, hotels, and retail centers; and institutional buildings, including education facilities and dormitories, health care facilities, and government buildings, as well as multi-family buildings. It markets its architectural products and services through direct sales force, independent sales representatives, and distributors to general contractors and glazing subcontractors, architects, and building owners; and value-added glass and acrylics through retail chains, picture framing shops, and independent distributors to museums, and public and private galleries. Apogee Enterprises, Inc. was founded in 1949 and is headquartered in Minneapolis, Minnesota.