Apogee Enterprises reported fiscal fourth-quarter net sales of $351.4 million, up 1.6% from $345.7 million a year earlier, as higher price and mix more than offset lower volume.
Net earnings jumped to $16.6 million from $2.5 million, and diluted earnings per share rose to $0.78 from $0.11. Adjusted diluted EPS increased to $0.92 from $0.89. Adjusted EBITDA edged up to $42.4 million from $41.1 million, while adjusted EBITDA margin widened to 12.1% from 11.9%.
Operating income climbed to $25.8 million from $6.1 million, and operating margin expanded to 7.3% from 1.8%. Gross margin improved to 22.4% from 21.6%, while SG&A fell to 15.1% of sales from 19.8%.
For the full fiscal year, net sales rose 3.2% to $1.40 billion from about $1.36 billion. But operating income fell to $84.5 million from $118.1 million, and operating margin slipped to 6.0% from 8.7%. Adjusted EBITDA declined to $167.3 million from $192.7 million, with margin narrowing to 11.9% from 14.2%. Diluted EPS dropped to $2.52 from $3.89, and adjusted diluted EPS fell to $3.47 from $4.97.
Cash from operations was $55.8 million in the quarter, up from $30.0 million, and $122.5 million for the year, down from $125.2 million. Capital expenditures totaled $27.3 million for the year, compared with $35.6 million a year earlier. The company returned $37.2 million to shareholders through $15.0 million of share repurchases and $22.2 million of dividends.
Long-term debt fell to $232.3 million, down $52.7 million, and the consolidated leverage ratio improved to 1.3x. The company said it substantially completed Project Fortify phase 2 in the quarter and incurred $3.9 million of pre-tax charges, bringing total pre-tax charges under the program to $27.4 million.
By segment in the fourth quarter: Architectural metals sales fell 1.9% to $110.0 million, while adjusted EBITDA rose to $7.2 million from $7.0 million. Architectural services sales increased 7.8% to $127.1 million, with adjusted EBITDA flat at $9.6 million. Architectural glass sales dropped 10.4% to $67.4 million, and adjusted EBITDA fell to $9.1 million from $14.1 million. Performance surfaces sales rose 13.5% to $54.3 million, while adjusted EBITDA declined to $10.5 million from $12.8 million.
Backlog in architectural services ended the quarter at $693.8 million, down from $774.7 million at the end of the third quarter. As a result of these announcements, the company's shares have moved -0.49% on the market, and are now trading at a price of $32.72. Check out the company's full 8-K submission here.
