Apogee Enterprises Inc (NASDAQ:APOG) stock rose 0.084% (As on June 27, 1:03:33 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. In the fiscal first quarter, revenues in the Architectural Framing Systems segment rose 0.5% year over year to $164 million, aided by pricing mix and offset by lower volume. Revenues in the Architectural Glass segment increased 27.5% year over year to $97 million on improved pricing actions, higher volume and a favorable sales mix. Revenues in the Architectural Services segment fell 13.5% year over year to $89 million, owing to lower volumes from project executions. The segment reported an operating loss of $0.6 million against an operating profit of $3 million reported in the year-ago quarter. Revenues in the Large-Scale Optical Technologies segment were down 10.8% year over year to $22 million, driven by lower volume. Apogee returned $10.4 million of cash to shareholders through dividend payments in the fiscal first quarter.

APOG in the first quarter of FY 24 has reported the adjusted earnings per share of $1.05, beating the analysts’ estimates for the adjusted earnings per share of 97 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $362 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $358 million. The Architectural Services segment’s backlog came in at $709 million at the end of the fiscal first quarter compared with $727 million at the end of the prior quarter. Backlog in the Architectural Framing segment amounted to $221 million, up from $243 million at the end of fourth-quarter fiscal 2023. Apogee had cash and cash equivalents of $25 million at the end of first-quarter fiscal 2024 compared with $15 million at the end of fiscal 2023. Cash provided by operating activities was $21.3 million in the fiscal first quarter against the prior-year quarter’s cash utilized of $30.5 million.

Apogee expects fiscal 2024 adjusted EPS to be between $4.15 and $4.45, up from the previously disclosed $3.90-$4.25. The company anticipates flat to modestly declining revenues from that reported in fiscal 2023, owing primarily to a lower volume in Architectural Services. Management projects capital expenditure to be between $50 million and $60 million for fiscal 2024, and a long-term average tax rate of 24.5%.