Apogee to resume share buybacks after suspending them in April due to coronavirus

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Apogee Enterprises Inc. said Monday it is resuming its share buyback program after temporarily suspending it in April due to the uncertainty created by the coronavirus pandemic. The maker and installer of glass said it has about 2 million shares remaining in its authorization. The company also said it has identified cost savings of at least $10 million to $20 million on an annual run-rate basis by end fiscal 2023. “The costs to implement such opportunities are likely to be recognized during the latter part of the fourth quarter of fiscal 2021 and during fiscal 2022,” the company said in a regulator filing. “These SG&A reduction opportunities are in addition to the cost savings actions, of $40 million on an annualized basis, referenced in the Company’s second quarter earnings release, dated September 17, 2020.” Shares were not active premarket, but have fallen 34% in the year to date, while the S&P 500 has gained 3.6%.
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