Apogee Enterprises Inc. (POG) reported that its fourth-quarter net income was $2.96 million or $0.11 per share, compared to a net loss of $4.41 million or $0.16 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $168.71 million from $147.90 million in the prior year quarter. Three analysts had consensus revenue estimate of $166.51 million for the quarter.
"Our year-over-year improvement was particularly strong in the architectural segment. However, our large-scale optical picture framing glass business continued to deliver solid results," said Joseph Puishys, Apogee chief executive officer.
The company expects continued revenue and earnings growth in fiscal 2013, as its architectural business continues to gain market share.
The company expects mid-single digit revenue growth for fiscal 2013, in part coming from continued U.S. geographic expansion in our installation and storefront businesses.
Looking ahead for fiscal 2013, the company anticipates earnings per share to be in the range of $0.40 to $0.50, as it expect to benefit from a full year of improved architectural glass pricing, higher installation margins in the second half and the ongoing strong performance of its picture framing glass business.
Analysts expect the company to report earnings of $0.59 per share on revenues of $719.13 million for fiscal 2013.
The company said that its second half should be better than the first half of fiscal 2013 due to an expected first-quarter gap in project flow and improvement in commercial construction market conditions occurring in the second half.
by RTT Staff Writer
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