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- **Q3 Growth Driven by Acquisition**: Net sales up 2.1% YoY, with UW Solutions contributing $18.4M inorganic sales.
- **Margin Challenges**: Adjusted EBITDA margin 13.2% due to higher aluminum and health insurance costs.
- **Fortify Expansion**: $28-29M pretax charges for Phase 2, delivering $25-26M annual savings.
- **Tariff Relief**: FY2027 EPS to benefit from $0.30 tariff impact not repeating.
- **M&A Pipeline Active**: Focus on accretive deals in faster-growing markets.

**【CEO Summary Section】**
- Apogee delivered Q3 2026 net sales of $348.6 million, up 2.1% YoY, driven by the UW Solutions acquisition and favorable product mix. Metals segment sales declined due to lower volume, while Services achieved 7th consecutive quarter of net sales growth.
- Adjusted EBITDA margin was 13.2%, impacted by higher aluminum and health insurance costs. UW Solutions contributed $18.4 million in inorganic sales and is on track to meet $100 million net sales and 20% EBITDA margin targets.
- Strategic priorities remain: becoming the economic leader in target markets, pursuing accretive M&A, and strengthening core operations through Project Fortify and AMS (Apogee Management System).
- CEO Don Nolan emphasized resilience in the face of macroeconomic challenges, with a focus on cost control and operational excellence.

**【CFO Financial Commentary】**
- Adjusted diluted EPS was $1.02, in line with expectations, but down YoY due to higher amortization and interest expenses from the UW Solutions acquisition.
- Cash flow from operations was $29.3 million for the quarter, with a strong balance sheet (leverage ratio 1.4x) supporting future M&A.
- Updated FY2026 outlook: net sales $1.39 billion, adjusted EPS $3.40-$3.50, reflecting $0.30 EPS impact from tariffs. FY2027 planning includes cost headwinds from normalized incentive compensation and health insurance costs, offset by expanded Fortify Phase 2 ($28-29M pretax charges, $25-26M annual savings).
- Aluminum prices rose 13% QoQ, contributing to margin compression in Metals and Glass segments.

**【Q&A Key Highlights】**
- **M&A Strategy**: CFO Mark Augdahl highlighted a robust M&A pipeline, with UW Solutions as a successful example. Management remains disciplined in pursuing accretive deals.
- **Project Fortify**: Expanded Phase 2 will deliver $25-26M annual savings, with $10M benefit in FY2027. Cost savings offset headwinds from aluminum prices and normalization of incentive compensation.
- **Segment Performance**: Glass segment maintained 13.5% EBITDA margin despite volume and price pressures. Services backlog grew 4% YoY to $775 million.
- **Tariff Impact**: FY2026 tariff impact (~$0.30 EPS) will not repeat in FY2027, providing a tailwind.
- **Compensation Structure**: Incentive compensation expense declined in Q3 but expected to normalize in FY2027, impacting margins.

**【Strategic Initiatives】**
- **UW Solutions Integration**: Performance Surfaces segment grew organically and through acquisition, with EBITDA margin improvement expected.
- **Operational Excellence**: AMS-driven productivity improvements in Glass segment (e.g., safety, quality, on-time delivery) will be replicated across the company.
- **Risk Management**: Active monitoring of aluminum prices and market dynamics to mitigate volume and margin risks.


Apogee Enterprises, Inc.(APOG)-20260107-2026 Q3 Earnings call transcript

- **Performance Surfaces Outperform**: +18.6% organic growth, flooring products leading with automation adoption in distribution centers.
- **Updated Guidance Lowered**: FY26 net sales $1.39B-$1.42B, EPS $3.60-$3.90, reflecting higher aluminum costs and Glass price pressures.
- **Segment Risks**: Metals EBITDA margin expected to decline in Q3, Glass volume constrained by competitive pricing.
- **Cash Flow Strength**: Q2 operating cash flow $57.1M, balance sheet leverage 1.5x with no near-term debt maturities.
- **Strategic Initiatives**: Tariff mitigation (Project Fortify 2), M&A pipeline expansion, and AMS productivity improvements.

**【CEO Summary Section】**
- **Q2 Performance Highlights**: Net sales grew 4.6% to $358.2M, driven by strong organic and inorganic growth in Performance Surfaces (+18.6%), and sequential backlog growth in Architectural Services (+$100M). Metals and Glass faced headwinds from tariffs and price/volume trade-offs.
- **Segment Updates**:
  - **Performance Surfaces**: UW Solutions acquisition contributed $24.9M, with flooring products outperforming due to automation adoption in distribution centers.
  - **Architectural Services**: 2.5% sales growth and 16% sequential backlog increase to $792M, driven by Northeast market recovery and West Coast expansion.
  - **Glass**: Margins normalized within long-term range, but competitive pressure limited volume growth.
  - **Metals**: Sequential improvement in EBITDA but volume faltered due to 25% tariff pass-through.
- **Updated Outlook**: FY26 net sales guidance lowered to $1.39B-$1.42B, adjusted EPS to $3.60-$3.90, reflecting higher aluminum costs and Glass price pressures.
- **Strategic Initiatives**: Tariff mitigation (Project Fortify 2), M&A pipeline expansion, and AMS productivity improvements.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted EBITDA margin 12.4%, down due to unfavorable mix and higher costs. Adjusted EPS $0.98, impacted by tariffs ($0.35-$0.45 drag).
- **Segment Margins**:
  - **Metals**: 14.8% EBITDA margin, pressured by 20% Q2 aluminum cost increase.
  - **Services**: 5% EBITDA margin, benefiting from project mix improvements.
  - **Glass**: Margins normalized after elevated Q2'25 levels.
  - **Performance Surfaces**: 18.6% organic growth driving 12.4% EBITDA margin.
- **Cash Flow**: Q2 operating cash flow $57.1M, strong despite lower Q1 results. Balance sheet leverage 1.5x, no near-term debt maturities.
- **Tax Impact**: One Big Beautiful Bill Act provides $0.10-$0.15 EPS benefit in FY26, with 27% effective tax rate guidance.

**【Q&A Highlights】**
- **Performance Surfaces Growth**: Organic growth driven by retail channel recovery and cross-selling with UW Solutions. Flooring products (AGV mezzanines) outperforming in e-commerce and Europe.
- **Glass Segment Risks**: Competitive price pressure limiting volume growth, but EBITDA margin expected to remain mid-teens vs. mid-single digits in prior downturn.
- **Metals Challenges**: 20% Q2 aluminum cost increase, longer-lead products absorbing higher costs. Q3 EBITDA margin expected to decline.
- **Backlog Visibility**: Services backlog up 16% sequentially, with Northeast recovery and West Coast expansion.
- **Tariff Mitigation**: Project Fortify 2 actions to offset $0.35-$0.45 EPS tariff impact.
- **Tax Rate Modeling**: 27% FY26 rate, with Q3 near 27% and slight dip in Q4.
- **Surfaces Sensitivity**: Retail channel slowdown potential in Q4/Q1, but targeting upper-middle-income consumers with less inventory risk.

Apogee Enterprises, Inc. (APOG) Q2 2026 Earnings Call Transcript

- **Q1 Beat & Growth Drivers**: Revenue up 4.6% YoY, with Glass and Services leading; FY26 outlook raised to $1.40-1.44B net sales.
- **Tariff Impact Mitigation**: Revised EPS impact to $0.35-0.45 (down from $0.45-0.55), with H2 recovery on track.
- **Project Fortify Savings**: $13-15M annualized, supporting H2 margin expansion.
- **Segment Highlights**: Metals sequential improvement, Glass Q3/Q4 pipeline growth, and Performance Surfaces inorganic/organic expansion.
- **M&A Activity**: Actively pursuing deals with strategic focus, despite macro challenges.


**【CEO Opening Remarks】**
- Q1 revenue exceeded expectations, driven by strong performance in Glass and Services segments.
- Project Fortify Phase 2 delivered $13-15M annualized savings, with full impact expected in H2.
- Key growth drivers: sequential improvement in Metals, Glass pipeline growth for Q3/Q4, and Performance Surfaces inorganic/organic expansion.
- Tariff mitigation efforts expected to reduce H2 impact, barring policy changes.

**【CFO Financial Highlights】**
- Q1 net sales: $346.6M (+4.6% YoY), driven by UW Solutions acquisition.
- Adjusted EBITDA margin: 9.9% (down 120bps vs. Q1 2025), impacted by Metals mix, tariffs, and higher costs.
- Adjusted EPS: $0.56 (-22% YoY), due to lower EBITDA and tax rate changes.
- Updated FY26 outlook: $1.40-1.44B net sales, $3.80-4.20 EPS (up from prior guidance).
- Tariff impact revised to $0.35-0.45 EPS (down from $0.45-0.55), with H1 weighting.

**【Q&A Key Takeaways】**
- **Glass Segment**: Q3/Q4 growth driven by smaller, margin-friendly projects; Q2 expected to mirror Q1 trends.
- **Metals Segment**: Sequential improvement in Q1, with Q2 margin recovery dependent on pricing and operational fixes.
- **Tariff Mitigation**: $0.10-0.15 EPS savings from Q1 to Q2, primarily through operational efficiency.
- **M&A Pipeline**: Actively pursuing accretive opportunities, with focus on strategic fit and valuation reasonableness.
- **Services Segment**: Margins constrained by tariffs, but long-term 8-10% EBITDA target achievable with mix improvement.


Apogee Enterprises, Inc. (APOG) Q1 2026 Earnings Call Transcript

- **Record Financials**: FY2025 capped with 11% adjusted margin, $4.97 EPS, and ROIC >12%.\n- **Tariff Mitigation**: $0.45-$0.55 EPS impact in FY26, with 75% mitigation by H2 via U.S. production shifts.\n- **Growth Catalysts**: UW Solutions on track for mid-single-digit growth, Services' 10.9% Q4 sales growth.\n- **Risks**: Non-residential construction decline (-2% YoY), tariff volatility, and aluminum cost inflation.\n

**【CEO Strategic Overview】**
- **Fiscal 2025 Highlights**: Achieved record adjusted EPS of $4.97, 11% adjusted operating margin, and ROIC above 12% for the third consecutive year.\n- **Strategic Transformation**: Executed a three-pillar strategy (cost structure improvement, higher-margin product focus, pricing discipline) to drive 22% CAGR in adjusted operating income (2022-2025).\n- **Tariff Mitigation**: Implemented Phase 2 of Project Fortify, including Toronto manufacturing closure and U.S. production shifts, to reduce tariff impact by $0.45-$0.55 in FY26.\n- **Growth Initiatives**: UW Solutions acquisition on track for mid-single-digit organic growth, with flooring segment poised for double-digit expansion.\n
**【CFO Financial Breakdown】**
- **Q4 2025 Results**: Net sales $346M (-4.5% YoY), adjusted EPS $0.89 (-22% YoY) due to lower volume and tariffs.\n- **Segment Performance**:\n  - **Services**: 10.9% sales growth, 7.2% margin (vs. 5.8% last year).\n  - **Metals**: 19% sales decline, 2.8% margin (operational disruption).\n  - **UW Solutions**: $23M inorganic sales, 22% EBITDA margin.\n- **FY26 Outlook**: Net sales $1.37B-$1.43B, adjusted EPS $3.55-$4.10, with 75% of tariff impact in H1.\n
**【Q&A Key Takeaways】**
- **Tariff Impact**: Direct tariffs ($12M-$15M annually) mitigated via U.S. production shifts; indirect costs (aluminum +5%) offset by pricing and productivity.\n- **Customer Behavior**: Market uncertainty delays projects, but Services' 'flight to quality' maintains margin resilience.\n- **M&A Pipeline**: Actively pursuing accretive deals in high-growth markets like industrial flooring.\n- **Cash Flow**: FY26 operating cash flow expected to decline due to $25M arbitration payment and lower EBITDA.\n

Apogee Enterprises (APOG)-24 Apr 25-2025 Q4 Earnings call transcript

- **Q3 Results**: Flat revenue, Services growth (11%), and UW acquisition driving LSO expansion.
- **Margins**: Framing (9.8%), Glass (high teens), Services (8.6%) all within target ranges.
- **FY25 Outlook**: 5% revenue decline, 11% margin, EPS $4.90-$5.20 (bottom of range).
- **UW Momentum**: Industrial flooring (R&R) and 20%+ margin in FY26; M&A pipeline active.
- **Risks**: Glass volume decline, higher costs, and FY26 margin headwinds (glass moderation, insurance).
- **Strategy**: Shift to high-growth verticals, leverage UW adjacencies, and maintain strong balance sheet.


**【CEO Summary Section】**
- Q3 2025 revenue was flat year-over-year, with softness in nonresidential construction impacting framing and glass segments.
- Services segment delivered 11% sales growth and 8.6% adjusted operating margin, with backlog of $742 million.
- Acquired UW Solutions, contributing $8.8 million in Q3 revenue and expected $100 million in FY26 sales with 20% EBITDA margin.
- Focused on high-growth verticals like healthcare, education, and industrial flooring, with institutional projects now largest backlog share.
- FY25 outlook: 5% revenue decline, 11% adjusted operating margin, and EPS at $4.90-$5.20 (bottom of range).

**【CFO Financial Commentary】**
- Q3 GAAP net income: $34.1 million; adjusted EPS: $1.19 (down 3% YoY).
- Framing margin declined to 9.8% due to volume and mix; glass margin pressured by lower volume.
- LSO segment (including UW) grew 28%, but legacy business declined 6%.
- Cash flow: $31 million Q3, $95 million YTD; leverage ratio 1.3x post-acquisition.
- FY26 headwinds: glass margin moderation to 10-15%, higher insurance costs, and FY25 H1 comparables.

**【Q&A Key Takeaways】**
- Glass segment: Price holding but volume under pressure; Q4 sales expected similar to Q3.
- UW Solutions: Industrial flooring (R&R) driving growth; 20%+ margin contribution in FY26.
- M&A pipeline: Active, targeting adjacencies with higher margins and growth (e.g., robotics in manufacturing).
- Services: Outperforming market with 7%+ margin, but facing pricing pressure in soft construction market.
- Debt management: Plan to deleverage in FY26 while maintaining capacity for M&A.

**【Market Outlook】**
- Nonres construction: 1% growth in 2025, with institutional verticals (healthcare, education) offsetting weakness in office/commercial.
- ABI improvement signals potential inflection, but interest rate-sensitive sectors remain weak.
- UW Solutions: Synergy target of $5 million over 12-18 months; integration progressing smoothly.
- FY26: Focus on margin expansion, cost control, and strategic investments despite top-line headwinds.


Actual											0.51	0.15	0.73	0.9	0.63	0.42	0.53	0.63	0.91	1	1.06	1.07	0.86	1.05	1.36	1.23	1.14	1.44	1.44	1.19	0.89	0.56	0.98	1.02
Forecast											0.35	0.1875	0.29	0.685	0.5575	0.3675	0.535	0.534	0.7	0.564	0.826	0.972	0.85	0.9026	1.12	1.102	1.01	1.0375	1.225	1.1	0.8775	0.4675	0.9036	1.0175
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+45.71%	-20.00%	+151.72%	+31.39%	+13.00%	+14.29%	-0.93%	+17.98%	+30.00%	+77.30%	+28.33%	+10.08%	+1.18%	+16.33%	+21.43%	+11.62%	+12.87%	+38.80%	+17.55%	+8.18%	+1.42%	+19.79%	+8.46%	+0.25%

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