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Why Architectural Services Company Apogee Shares Are Trading Higher Today

Apogee Enterprises, Inc. (NASDAQ:APOG) reported first-quarter FY25 sales of $331.5 million, missing the consensus estimate of $333.2 million. Revenue fell 8.3% Y/Y, driven by lower volume. Gross margin improved by 410 basis points Y/Y to 29.8%, primarily driven by a more favorable mix of projects in Architectural Services, favorable material costs, lower insurance-related costs, and productivity gains. Adjusted operating income rose 25.9% to $42.5 million, with the operating margin improving 350 basis points Y/Y to 12.8%, led by favorable project mix, lower material and insurance costs, productivity gains, and reduced bad debt expense. Adjusted EBITDA for the quarter increased 20.2% Y/Y to $52.6 ...