Apogee Enterprises Inc. (NASDAQ: APOG) has confirmed that it will release its fiscal Q2 2022 financial results on September 16, 2021.
What to look for
The company made a solid start to fiscal 2022, and it is on track to achieve another solid quarterly result. The business has recovered from pandemic-induced issues experienced last year, and it expects to achieve sales growth across all its segments. In addition, the growth experienced in the Architectural Framing Systems, Architectural Glass, and Architectural Services segments will likely continue to Q2 2022 and serve as tailwinds for revenue growth.
Earnings: Stockearning’s Estimated EPS for Apogee for Q2 2022 is likely to better the EPS of $0.42 reported in the first quarter. In Q1, the company topped earnings estimates of $0.4 to posted EPS of $0.42 per share. Historical EPS performance indicated that in the past 12 quarters, the company has topped estimates six times (50%) and missed five times (41%).
Revenue: In Q1, the company reported revenue growth of 13% to $326 million relative to $289.1 million in fiscal Q1 2021. Earnings also increased from $0.11 per diluted share in Q1 2021 to $0.42 per share in Q1 2022. Given the exceptional performance on Q1 2022, the company revised its FY 2022 earnings outlook and now expects earnings of between $2.2 and $2.4 per diluted share, up from the previous guidance range of $2.1-$2.35.
Stock movement: Since the last earnings release, Apogee shares have gained 9.8%. Following the earnings release, Apogee shares have been DOWN in 24 of the past 46 quarters. Therefore historical price reaction suggests that there is a 52% chance that the shares will go DOWN after the company releases Q2 2022 results. According to the stock earning's algorithm, the predicted move on the first day is 7%, while the expected one on the seventh day is 7%.
What analysts are saying
Recently Craig-Hallum analysts Eric Stine upgraded Apogee Enterprises' price target from $43 to $48 and maintained a "Buy" rating on the stock. According to the analyst, the company delivered solid results to the start of fiscal 2022, with Q1 earnings topping Wall Street expectations. In addition, Stine said that its backlog was flat QoQ, but Q1 included the highest order levels in a single year. As a result, the company increased its annual EPS outlook despite cautious optimism for the rest of the year.
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