Apogee Enterprises Files 10-Q for Nov 30, 2024
Ticker: APOG · Form: 10-Q · Filed: Jan 7, 2025 · CIK: 6845
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Apogee Enterprises 10-Q filed Jan 7, 2025 for Nov 30, 2024 quarter. Financials out.
AI Summary
Apogee Enterprises, Inc. filed its 10-Q for the period ending November 30, 2024. The company reported its financial performance and position, including details on its segments and financial instruments. Key dates mentioned include the filing date of January 7, 2025, and the fiscal year end of March 1.
Why It Matters
This filing provides investors with a quarterly update on Apogee Enterprises' financial health and operational performance, crucial for investment decisions.
Risk Assessment
Risk Level: medium — Quarterly reports like this 10-Q are standard for public companies and carry inherent risks related to financial performance and market conditions.
Key Numbers
- 20241130 — Period End Date (Financial reporting period)
- 20250107 — Filing Date (Date the report was submitted to the SEC)
- 0301 — Fiscal Year End (Company's fiscal year end date)
Key Players & Entities
- APOGEE ENTERPRISES, INC. (company) — Filer
- 0000006845-25-000022 (filing_id) — Accession Number
- 20241130 (date) — Period of Report
- 20250107 (date) — Filing Date
- 4400 WEST 78TH STREET SUITE 520 (address) — Business Address
- MINNEAPOLIS (location) — City
- MN (location) — State
- 55435 (zip_code) — Business Zip Code
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20241130, meaning the filing covers the period up to November 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20250107.
What is the company's primary business classification?
The Standard Industrial Classification is GLASS PRODUCTS, MADE OF PURCHASED GLASS [3231].
What is Apogee Enterprises' fiscal year end?
Apogee Enterprises' fiscal year ends on 0301.
What is the company's business address?
The business address is 4400 WEST 78TH STREET, SUITE 520, MINNEAPOLIS, MN 55435.
Filing Stats: 4,740 words · 19 min read · ~16 pages · Grade level 15.6 · Accepted 2025-01-07 15:36:18
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-20241130.htm (10-Q) — 1410KB
- apog-ex311_20241130.htm (EX-31.1) — 9KB
- apog-ex312_20241130.htm (EX-31.2) — 9KB
- apog-ex321_20241130.htm (EX-32.1) — 4KB
- apog-ex322_20241130.htm (EX-32.2) — 4KB
- 0000006845-25-000022.txt ( ) — 6870KB
- apog-20241130.xsd (EX-101.SCH) — 47KB
- apog-20241130_cal.xml (EX-101.CAL) — 72KB
- apog-20241130_def.xml (EX-101.DEF) — 189KB
- apog-20241130_lab.xml (EX-101.LAB) — 620KB
- apog-20241130_pre.xml (EX-101.PRE) — 408KB
- apog-20241130_htm.xml (XML) — 911KB
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 10
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 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 33
Other Information
PART II Other Information
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Other Information
Item 5. Other Information 34
Exhibits
Item 6. Exhibits 35
Signatures
Signatures 36 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) November 30, 2024 March 2, 2024 Assets Current assets Cash and cash equivalents $ 43,855 $ 37,216 Receivables, net 187,799 173,557 Inventories, net 97,003 69,240 Contract assets 57,545 49,502 Other current assets 45,119 29,124 Total current assets 431,321 358,639 Property, plant and equipment, net of accumulated depreciation of $ 465,837 and $ 445,017 269,063 244,216 Operating lease right-of-use assets 63,663 40,221 Goodwill 234,814 129,182 Intangible assets, net 140,390 66,114 Other non-current assets 41,269 45,692 Total assets $ 1,180,520 $ 884,064 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 96,372 $ 84,755 Accrued compensation and benefits 39,432 53,801 Contract liabilities 46,165 34,755 Operating lease liabilities 14,958 12,286 Other current liabilities 66,982 59,108 Total current liabilities 263,909 244,705 Long-term debt 272,000 62,000 Non-current operating lease liabilities 54,188 31,907 Non-current self-insurance reserves 33,303 30,552 Other non-current liabilities 35,051 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 21,939,010 and 22,089,265 , respectively 7,313 7,363 Additional paid-in capital 158,248 152,818 Retained earnings 388,478 340,375 Accumulated other comprehensive loss ( 31,970 ) ( 29,531 ) Total shareholders' equity 522,069 471,025 Total liabilities and shareholders' equity $ 1,180,520 $ 884,064 See accompanying notes to consolidated financial statements. 4 Table of Contents CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended (In thousands, except per share data) November 30, 2024 November 25, 2023 No
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 nine-month periods ended November 30, 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