Apogee Enterprises Boosts FY23 Outlook As Q1 Results Top View

(RTTNews) - While reporting financial results for the first quarter on Thursday, Apogee Enterprises, Inc. (APOG) raised its adjusted earnings guidance for the full-year 2023, based on first-quarter results and increasing confidence in its outlook.

For fiscal 2023, the company now projects adjusted earnings in a range of $3.50 to $3.90 per share, up from the prior guidance range of $2.90 to $3.30 per share.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $3.08 per share for the year. Analysts' estimates typically exclude special items

The company also expects revenue growth and margin expansion going forward. The company still forecasts full year capital expenditures of $35 to $40 million.

For the first quarter, the company reported net earnings of $22.73 million or $1.00 per share, higher than $10.82 million or $0.42 per share in the prior-year quarter.

Revenues for the quarter grew 9.4 percent to $356.64 million from $326.01 million in the same quarter last year, led by growth in Architectural Services and Architectural Framing Systems.

The Street was looking for earnings of $0.56 per share on revenues of $328.59 million for the quarter.