Apogee Enterprises has reported revenues of$168.8 million for the third quarter of fiscal year 2013 for its architectural products and services business,up 11 percent from the same quarter of last year.The architectural products and services business includes Viracon,Harmon Inc.,Wausau Window and Wall Systems,Linetec and Tubelite.
According to the company's latest financial report,the architectural products and services business also saw an operating income of$5.8 million,compared to$0.6 million for the same period of last year.
"Results improved from the prior-year period,with higher architectural glass pricing,improving installation margins,better mix and good operational performance throughout the segment,"writes the company.
The business had a backlog of$300.4 million for the quarter,compared to$299.0 million in the second quarter and$225.1 million in the prior-year period.Approximately$111 million(37 percent)of the backlog is expected to be delivered in fiscal 2013,and approximately$189 million(63 percent)in fiscal 2014,according to the report.
"All of our architectural businesses grew,with the largest increase from our installation business,which has been gaining shares and has expanded into new domestic geographies,"said chief financial officer Jim Porter during a call with investors this morning.
Overall,Apogee's revenues increased 9 percent and its operating income grew by 59 percent.
"We delivered a better-than-expected third quarter as our architectural segment successfully executed a more favorable mix of complex work,"said CEO Joseph F.Puishys."I am pleased that in down markets,Apogee grew revenues 9 percent and operating income 59 percent in the quarter."
Porter attributed much of the company's overall results to the architectural segment.
"The improvement was driven by the architectural segment,where we had a number of positive things going on—higher architectural glass pricing,improving installation project margins,a more value-added and complex mix of work,higher capacity utilization and solid operational performance,"he said.
Company officials made the following prediction for the future.
"Regarding top-line growth,our outlook for the full year is that revenues will grow 5 to 6 percent as we continue to outperform our end markets,"said Puishys."For the full year,we expect positive free cash flow,net of spending approximately$30 million of capital for investments to improve productivity,increase capacity and introduce new products,as well as for maintenance requirements.
