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–	Record full-year performance . . . revenues up 19%, EPS of $2.76, adjusted EPS of $3.23

–	Made strategic progress on diversifying revenues and improving operationally, while generating strong operating cash flow to support productivity/growth investments, dividend increase and share buybacks

–	Grew backlog in longer-lead time businesses

–	Announced FY19 guidance; continued outlook for multiple years of growth

–	Revenues of $1.3 billion were up 19 percent vs. FY17.

–	Operating income was $114.3 million, vs. $122.2 million in FY17.

◦	Adjusted operating income of $132.9 million was up 7 percent vs. FY17.

–	Earnings per diluted share were $2.76, vs. $2.97 in FY17.

◦	Adjusted EPS was $3.23, up 7 percent vs. FY17.

◦	Full-year and fourth-quarter EPS include $0.13 per share benefit from tax reform.

–	Operating cash flow was $127 million.

–	Increased cash dividend by 12.5 percent.

–	Repurchased approximately 700,000 shares.

–	See Reconciliation of Non-GAAP Financial Measures at the end of this release.

–	Revenues of $353.5 million were up 13 percent, vs. prior-year period.

–	Operating income was $27.9 million, vs. $29.7 million in prior-year period.

◦	Adjusted operating income was $34.1 million, up 7 percent vs. prior-year period.

–	Earnings per diluted share were $0.78, vs. $0.80 in prior-year period.

◦	Adjusted EPS was $0.96, up 12 percent vs. prior-year period.

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•	We’re strategically focused on the architectural framing systems segment, which is our largest and most profitable segment; the segment now serves more of North America with a broader range of products, and we are driving organic expansion into underserved geographies.

•	The architectural glass segment continues to penetrate mid-size markets and is again winning more large projects, while reducing fixed costs; it also is moving forward with strategies to pursue expansion into broader architectural glass markets.

•	The architectural services segment has the backlog and order pipeline strength to support our outlook for growth in fiscal years 2019 and 2020.

•	The large-scale optical segment investments in new market sectors are expected to deliver growth for this high-margin segment in fiscal 2019.

–	Full-year revenues were up 75 percent. Excluding the EFCO and Sotawall acquisitions, revenues were up 9 percent, with growth in all legacy businesses from increased pricing, share gains and geographic growth in North America.

–	Full-year operating income was up 32 percent, with adjusted operating income up 50 percent.

–	Operating margin was 8.7 percent, vs. 11.6 percent, and adjusted operating margin was 10.3 percent, vs. 12.0 percent, as improved operating margins for legacy businesses were offset by the addition of EFCO, which currently operates at a lower margin.

◦	Significant progress is being made on purchasing and operational synergies with EFCO, and Apogee has the expertise and resources to bring this business to segment levels of performance.

–	Fourth-quarter revenues were up 51 percent; excluding acquisitions, revenues were down 4 percent vs. a strong prior-year period and on project timing.

–	Fourth-quarter operating income was up 24 percent, and adjusted operating income was up 31 percent, with increases for all legacy businesses.

–	Operating margin was 6.6 percent, vs. 8.0 percent, and adjusted operating margin was 8.2 percent, vs. 9.4 percent, primarily due to the addition of EFCO.

–	Segment backlog grew $27 million sequentially, excluding the transfer of $70 million from EFCO backlog to architectural services during the quarter. Fourth-quarter segment backlog was $405.7 million.

◦	The project pipeline and bidding remain strong.

–	Full-year revenues were down 7 percent, due to large projects lost to international competition in prior years, partially offset by growth in mid-size projects. Recent investments in automation and productivity have enabled share gains in mid-size projects. The fiscal 2018 top line also was

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–	Full-year operating income was down 27 percent, and adjusted operating income was down 20 percent, vs. the strong prior year; fiscal 2018 segment adjusted operating income was the second highest in the history of the business.

–	Operating margin was 8.5 percent, vs. 10.8 percent, on reduced volume leverage, lower pricing/mix and the closure of the Utah facility in the fourth quarter, partially offset by productivity gains; adjusted operating margin was 9.3 percent.

–	Fourth-quarter revenues were down 18 percent, as expected, vs. an historically record prior-year period and as a result of the revenue impacts noted for the full year.

–	Fourth-quarter operating income was down 70 percent, and adjusted operating income was down 48 percent.

–	Operating margin was 4.4 percent, and adjusted operating margin was 7.7 percent, vs. 12.3 percent, due to operating margin impacts noted for the full year.

–	The business is growing in the mid-size project sector with attractive margins and successfully regaining large-project work, which is expected to begin generating revenue later in fiscal 2019 and beyond; it also is moving forward with strategies to pursue expansion into broader architectural glass markets.

–	Full-year revenues were down 21 percent, largely as expected, on project timing.

–	Full-year operating income was down 44 percent, and operating margin was 4.9 percent, vs. 6.8 percent, as expected, due to lower volume.

–	Fourth-quarter revenues were up 3 percent, for the third consecutive quarter of top-line growth, as the business has begun to execute new projects booked into backlog over the last year.

–	Fourth-quarter operating income was up 52 percent, and operating margin was 9.3 percent, vs. 6.3 percent, due to improved operating performance on higher volume.

–	Segment backlog grew $10 million sequentially, excluding approximately $70 million from EFCO backlog that was transferred from architectural framing systems to the services backlog during the quarter. Fourth-quarter backlog was $426.3 million, which was up more than $100 million from the fiscal 2017 year-end level, not including the transfer from EFCO.

◦	Bidding activity remains strong for projects expected to generate revenue into fiscal 2021.

–	Full-year revenues were down 2 percent.

–	Full-year operating income was down 2 percent, and operating margin was flat at 24.9 percent.

–	Fourth-quarter revenues were down 11 percent, driven by the timing of orders from national retailers.

–	Fourth-quarter operating income was up 2 percent, and operating margin was 29.8 percent, vs. 26.0 percent, on improved mix.

–	Investments made in new market initiatives are expected to generate growth in fiscal 2019.

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–	Revenue growth of approximately 10 percent.

–	Operating margin of 8.8 to 9.3 percent.

◦	Adjusted operating margin of 9.1 to 9.6 percent.

–	Earnings of $3.30 to $3.50 per diluted share.

◦	Adjusted EPS of $3.43 to $3.63.

–	Adjusted fiscal 2019 earnings guidance excludes the after-tax impact of amortization of short-lived acquired intangibles associated with the acquired backlog of Sotawall and EFCO of $3.8 million ($0.13 per diluted share).

–	Capital expenditures of $60 to $65 million.

–	Tax rate of approximately 24 percent.

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Architectural Framing Systems segment businesses design, engineer, fabricate and finish the aluminum frames for window, curtainwall and storefront systems that comprise the outside skin of buildings. Businesses in this segment are: Wausau, a manufacturer of custom aluminum window systems and curtainwall; Sotawall, a manufacturer of unitized curtainwall systems; EFCO, a manufacturer of aluminum window, curtainwall, storefront and entrance systems; Tubelite, a manufacturer of aluminum storefront, entrance and curtainwall products; Alumicor, a manufacturer of aluminum storefront, entrance, curtainwall and window products for Canadian markets; and Linetec, a paint and anodizing finisher of window frames and PVC shutters.

–	Architectural Glass segment consists of Viracon, a leading fabricator of coated, high-performance architectural glass for global markets.

–	Architectural Services segment consists of Harmon, one of the largest U.S. full-service building glass installation companies.

–	Large-Scale Optical segment consists of Tru Vue, a manufacturer of value-added, coated glass and acrylic primarily for framing and display applications.

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Adjusted operating income, adjusted operating margin, adjusted net earnings and adjusted earnings per diluted share (“adjusted earnings per share or adjusted EPS”) are used by the company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results when assessing performance to improve comparability of results from period to period. Examples of items excluded to arrive at these adjusted measures include the impact of acquisition-related costs, amortization of short-lived acquired intangibles associated with backlog, and non-recurring restructuring costs.

–	Backlog represents the dollar amount of revenues Apogee expects to recognize in the near-term from firm contracts or orders. The company uses backlog as one of the metrics to evaluate near-term sales trends in its business.

–	Free cash flow is defined as net cash provided by operating activities, minus capital expenditures. The company considers this measure an indication of its financial strength.

–	Days working capital is defined as average working capital (current assets less current liabilities) multiplied by the number of days in the period and then divided by net sales in the period. The company considers this a useful metric in monitoring its performance in managing working capital.

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Constant currency revenue excludes the impact of fluctuations in foreign currency on Apogee’s international operations. The company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. Constant currency percentages are calculated by converting prior-period local currency results using the current period exchange rates and comparing these converted amounts to current-period reported results.

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