Apogee Enterprises Inc (APOG) expects to report over $925 million in revenue for its fiscal year ending Feb. 28, according to Chief Executive Officer/President Joseph F. Puishys. He was speaking at the 17th Annual Needham Growth Conference, held at the New York Palace Hotel in New York City.
“Revenue growth is coming from orders growth, not a reduction of our backlog,” said Puishys, who added that revenue is being driven by acquisitions and entering new geographic markets. “You’re seeing a business growing faster than its end market.”
Apogee Enterprises is headquarted in Minneapolis and is involved in the design and development of value-added glass products and framing services. The company is organized in four segments: architectural glass, architectural services, architectural framing systems and large-scale opticals. Puishys said the company is “continuing to look for strategic investments,” and that the company has a $125 million line of credit, with positive cash and little debt.
Puishys said the commercial construction market makes up the bulk of revenue for its three operating segments, and that the overall end markets are expected to grow roughly 10% this year. “I am very confident of sustained double-digit growth in our market,” Puishys said.
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