Apogee Enterprises Inc (NASDAQ: APOG) shares are trading higher after it reported Q3 FY24 results.
Sales declined 7.6% Y/Y to $339.71 million, missing the consensus of $360.98 million, reflecting lower volumes.
Revenue by segments: Architectural Framing Systems $139.59 million (-15.4% Y/Y), Architectural Services $94.7 million (-7.2% Y/Y), Architectural Glass $91.0 million (+11.6% Y/Y) and Large-Scale Optical $26.0 million (-2.4% Y/Y).
Gross profit increased 4.3% Y/Y to $90.3 million, and gross margin improvement of 310 bps to 26.6%, led by higher pricing, improved product mix, lower short-term incentive compensation expense, and lower insurance-related ...