Apogee Enterprises Raises FY19 Earnings Guidance - Quick Facts

(RTTNews) - Apogee Enterprises, Inc. (APOG) announced, for fiscal 2019, the company now expects adjusted EPS of $3.48 to $3.68, up from $3.43 to $3.63 previously. Adjusted fiscal 2019 earnings guidance excludes the after-tax impact of amortization of short-lived acquired intangibles associated with the acquired backlog of Sotawall and EFCO of $3.8 million ($0.13 per share). Earnings per share is projected in a range of $3.35 to $3.55, up from $3.30 to $3.50 previously. The company continues to anticipate revenue growth of approximately 10 percent for the fiscal year.

"Based on the first quarter's positive performance, sustained backlog growth and order activity, and a good outlook for the North American construction industry, we are raising our fiscal 2019 earnings guidance ranges by 5 cents per share, and can affirm our fiscal 2019 goals for revenue growth. We also remain confident in our outlook for continuing top- and bottom-line growth into fiscal 2020 and beyond," said Joe Puishys, Apogee's CEO.

First-quarter adjusted EPS was $0.62, consistent with the prior year. Revenues of $336.5 million were up 24% over the prior year period, driven by acquisition-related and organic growth in Architectural Framing Systems and growth in Architectural Services and in Large-Scale Optical Technologies.