Apogee Enterprises Files 10-Q for August 31, 2024
Ticker: APOG · Form: 10-Q · Filed: Oct 4, 2024 · CIK: 6845
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Apogee Enterprises 10-Q filed. Financials for Aug 31, 2024 period out.
AI Summary
Apogee Enterprises, Inc. filed its 10-Q for the period ending August 31, 2024. The company reported its financial results and provided updates on its business operations. Key financial figures and operational details are included in the filing.
Why It Matters
This filing provides investors with a detailed look at Apogee Enterprises' financial health and operational performance for the recent quarter, influencing investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial performance and forward-looking statements within can carry inherent risks.
Key Players & Entities
- APOGEE ENTERPRISES, INC. (company) — Filer of the 10-Q
- 20240831 (date) — End of the reporting period
- 20241004 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is August 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 4, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000006845.
What is the Standard Industrial Classification (SIC) code for Apogee Enterprises?
The Standard Industrial Classification (SIC) code for Apogee Enterprises is 3231, for GLASS PRODUCTS, MADE OF PURCHASED GLASS.
What is the fiscal year end for Apogee Enterprises?
The fiscal year end for Apogee Enterprises is March 1.
Filing Stats: 4,724 words · 19 min read · ~16 pages · Grade level 15 · Accepted 2024-10-04 14:16:22
Key Financial Figures
- $0.33 — ich registered Common stock, par value $0.33 1/3 per share APOG The Nasdaq Stock Mar
Filing Documents
- apog-20240831.htm (10-Q) — 1195KB
- apog-ex311_20240831.htm (EX-31.1) — 9KB
- apog-ex312_20240831.htm (EX-31.2) — 9KB
- apog-ex321_20240831.htm (EX-32.1) — 4KB
- apog-ex322_20240831.htm (EX-32.2) — 4KB
- 0000006845-24-000254.txt ( ) — 6091KB
- apog-20240831.xsd (EX-101.SCH) — 42KB
- apog-20240831_cal.xml (EX-101.CAL) — 57KB
- apog-20240831_def.xml (EX-101.DEF) — 155KB
- apog-20240831_lab.xml (EX-101.LAB) — 555KB
- apog-20240831_pre.xml (EX-101.PRE) — 366KB
- apog-20240831_htm.xml (XML) — 809KB
Financial Information
PART I Financial Information
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited): Consolidated Balance Sheets 4 Consolidated Results of Operations 5 Consolidated Statements of Comprehensive Earnings 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Shareholders' Equity 8
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 28
Controls and Procedures
Item 4. Controls and Procedures 29
Other Information
PART II Other Information
Legal Proceedings
Item 1. Legal Proceedings 29
Risk Factors
Item 1A. Risk Factors 29
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29
Other Information
Item 5. Other Information 30
Exhibits
Item 6. Exhibits 30
Signatures
Signatures 31 3 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except stock data) August 31, 2024 March 2, 2024 Assets Current assets Cash and cash equivalents $ 51,024 $ 37,216 Receivables, net 177,146 173,557 Inventories, net 79,591 69,240 Contract assets 49,285 49,502 Other current assets 36,742 29,124 Total current assets 393,788 358,639 Property, plant and equipment, net of accumulated depreciation of $ 460,167 and $ 445,017 240,627 244,216 Operating lease right-of-use assets 41,886 40,221 Goodwill 129,119 129,182 Intangible assets, net 64,547 66,114 Other non-current assets 47,125 45,692 Total assets $ 917,092 $ 884,064 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 86,035 $ 84,755 Accrued compensation and benefits 40,901 53,801 Contract liabilities 41,655 34,755 Operating lease liabilities 12,661 12,286 Other current liabilities 57,597 59,108 Total current liabilities 238,849 244,705 Long-term debt 62,000 62,000 Non-current operating lease liabilities 33,323 31,907 Non-current self-insurance reserves 32,055 30,552 Other non-current liabilities 44,443 43,875 Commitments and contingent liabilities (Note 6) Shareholders' equity Junior preferred stock of $ 1.00 par value; authorized 200,000 shares; zero issued and outstanding — — Common stock of $ 0.33 -1/3 par value; authorized 50,000,000 shares; issued and outstanding 21,945,986 and 22,089,265 , respectively 7,315 7,363 Additional paid-in capital 155,883 152,818 Retained earnings 373,458 340,375 Accumulated other comprehensive loss ( 30,234 ) ( 29,531 ) Total shareholders' equity 506,422 471,025 Total liabilities and shareholders' equity $ 917,092 $ 884,064 See accompanying notes to consolidated financial statements. 4 Table of Contents CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended (In thousands, except per share data) August 31, 2024 August 26, 2023 August 31, 2024
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies Basis of presentation The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The information included in this Form 10-Q should be read in conjunction with the Company's Form 10-K for the year ended March 2, 2024. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein and are of a normal, recurring nature. The results of operations for the three- and six-month periods ended August 31, 2024 are not necessarily indicative of the results to be expected for the full year. New accounting standards In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands the required disclosure for reportable segments. This guidance requires entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all segment disclosures which are currently required annually. This ASU additionally requires entities to disclose the title and position of the individual or the name of the group or committee identified as its chief operating decision-maker. Such guidance, which is required to be applied retrospectively, is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, although early adoption is permitted. While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact to our segment disclosures for the year ended March 1, 2025 and future interim periods.