Stock Track | Apogee Enterprises Plunges 5.31% as Construction Demand Weakens, Full-Year Guidance Lowered

Stock Track01-08

Apogee Enterprises (NASDAQ: APOG) stock plummeted 5.31% in Wednesday's pre-market trading, following the company's third-quarter earnings report that revealed continued pressure from soft demand in the nonresidential construction market, impacting its framing and glass segments.

While the company's Services segment delivered its third consecutive quarter of double-digit net sales growth and an adjusted operating margin of 8.6%, the overall financial performance was weighed down by the challenges faced in the framing and glass businesses.

Highlights from the earnings report include:

Net sales were flat at $341 million, with organic net sales declining by approximately 2%, driven by lower volume in the glass segment.
Adjusted operating margin declined by 70 basis points due to unfavorable sales leverage, product mix, and higher costs.
Services backlog declined by 4% compared to a year ago, reflecting softness in the overall construction market.
Full-year net sales are expected to decline by approximately 5%, with lower-than-expected volume in the fourth quarter, primarily in the framing and glass segments.
Adjusted diluted EPS is expected to be at the bottom of the previously provided range of $4.90 to $5.20.

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