Apogee Enterprises, Inc. (NASDAQ:APOG) shares are trading higher after the company reported second-quarter sales of $342.4 million, beating the consensus estimate of $335.3 million.
Revenue fell 3.2% due to lower volume. Gross margin improved by 140 basis points Y/Y to 28.4%, led by better pricing, a favorable project mix in Architectural Services, lower material costs, and reduced insurance expenses.
Adjusted operating income increased 6.4% Y/Y to $43.1 million, while the operating margin improved by 110 basis points to 12.6%.
Adjusted EBITDA for the quarter increased 3.9% Y/Y to $53.1 million with an adjusted EBITDA margin of 15.5%.
Adjusted EPS rose 5.9% Y/Y to $1.44, beating the consensus of $1.23.
Apogee held $51.0 million in cash ...
