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$PLL 3Q15 10-Q: Provision for income taxes was up 43.5% to $22.11MM vs. $15.41MM in 3Q14. PLL effective tax rate was 18.7% vs. 14.8% in 3Q14. As of April 30, 2015, the amount of net unrecognized income tax benefits that, if recognized, would impact the ETR was $104,594.
During 3Q18, $APOG's Architectural Framing Systems revenue rose 114% to $194.2MM. Revenues from Architectural Glass segment fell 9% to $96.6MM, due to delays caused by recent hurricane. Revenues in Architectural Services slipped 24% to $49.1MM. Large-Scale Optical Technologies revenue rose 18% to $26MM, due to strong customer orders.
$APOG, a provider of glass solutions, reported a 5% jump in its 3Q18 earnings, helped by strong performance of architectural framing systems segment. Net earnings rose to $23.6MM, or $0.82 per share from $22.55MM, or $0.78 per share in 3Q17. Adj. EPS was $0.90, up 15%. Revenue climbed 30% YoY to $356.5MM during the quarter.
$APOG said it will continue to work on resolving the issues pertaining to its acquired businesses, with focus on increasing their margins. The company expects its core businesses to perform stronger in the second half of 2018, and also to record nominal transaction costs related to past acquisitions.
$APOG said it is well equipped to capitalize on opportunities in the construction sector, which is estimated to witness sustained growth in the coming years. Strong business momentum and positive market conditions have positioned Apogee for a stronger second half and fiscal 2019. In 2Q18, the company repurchased about 0.2MM shares for $10.8MM.
$APOG said the strong performance by its Architectural Framing segment in 2Q18 was driven mainly by the recently acquired EFCO Corp. The company is working to improve EFCO’s operating margins to double-digit and generate synergy savings of $10-$15MM. Apogee expects to record double-digit revenue growth and triple-digit margin enhancement in 2019.
$APOG reaffirmed its outlook of annual revenue growth for fiscal 2018 in the 24% to 26% range. The company continues to expect earnings per share to be $3.05-$3.25 in 2018, and adjusted earnings to be between $3.40 per share and $3.60 per share. Full-year operating margin is estimated at 11-11.5%, and capital expenditure is forecast at $60MM.
Driving $APOG’s strong sales growth in 2Q18, sales of the Architectural Framing Systems division more than doubled to $189MM. Meanwhile, sales of Architectural Glass segment and Architectural Services segment dropped 2% and 40%, respectively, compared to last year. There was a 5% decline in Large-scale Optical sales.
$APOG, a provider of glass solutions, reported a 22% fall in 2Q18 profit as an increase in sales was more than offset by higher expenses. Earnings per share dropped to $0.60 from $0.77 last year, while sales advanced 24% to $344MM. Non-GAAP earnings were $0.75 per share, down 3% from 2Q17. Cost of sales and expenses rose 25% and 47%, respectively.
$GFF’s, which is into home and décor solutions, subsidiary, The Ames Companies, inked an agreement to acquire Tuscan Landscape Group Pty Ltd, an Australian company. The price is approx. $18MM and the deal would contribute approx. $20MM in annualized revenue and be accretive to Griffon’s earnings. The transaction would close by Sept-end, 2017.
$GFF said its subsidiary The Ames Companies acquired La Hacienda Ltd., an outdoor living brand of unique heating and garden decor products in the UK, for about $11MM. The acquisition is expected to contribute about $18MM in annualized revenue and be immediately accretive to $GFF's earnings in its first full year of operations.
$WSO BoD declared a regular quarterly cash dividend of $1.25 on each outstanding share of its common and Class B common stock. The dividend is payable on July 31, 2017 to shareholders of record at the close of business on July 17, 2017. $WSO also approved a 19% increase in the annual dividend rate to $5 per share.