Apogee Enterprises rises after Q2 beat and raised FY27 outlook

Apogee Enterprises (APOG) is sharply higher after reporting Q2 adjusted EPS of $1.17, well above expectations, and revenue of $391.1 million (+9.2% y/y). The company raised its FY27 adjusted EPS guidance to $3.00-3.40 from $2.70-3.25 and revenue guidance to $1.46-1.50 billion from $1.38-1.43 billion. Adjusted EBITDA margin expanded to 12.7% from 12.4%. Services continued steady growth with backlog up 5% y/y and 13% sequentially. Glass segment showed meaningful margin improvement despite soft end-markets. Acquisitions Kalwall and Groglass are contributing as expected.