Stock Story -
Architectural products company Apogee (NASDAQ:APOG) will be announcing earnings results tomorrow morning. Here’s what investors should know.
Apogee beat analysts’ revenue expectations by 2% last quarter, reporting revenues of $342.4 million, down 3.2% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ EBITDA estimates and full-year EPS guidance exceeding analysts’ expectations.
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This quarter, analysts are expecting Apogee’s revenue to decline 2.2% year on year to $332.2 million, improving from the 7.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.11 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Apogee has missed Wall Street’s revenue estimates three times over the last two years.
With Apogee being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for building products stocks. However, the segment has faced declining investor sentiment as Apogee’s peer group is down 5.8% on average over the last month. Apogee is down 11% during the same time and is heading into earnings with an average analyst price target of $83 (compared to the current share price of $71.89).