Apogee Enterprises Inc. (APOG) Wednesday reported a swing to profit in the first quarter, due mainly to lower production costs, even as revenues grew modestly.
The Minneapolis, Minnesota-based company' first-quarter net profit was $1.61 million or $0.06 per share, compared to a net loss of $2.18 million or $0.08 per share last year. On average, four analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 1 percent to $154.13 million from $153.34 million in the prior-year quarter. Three analysts had a consensus revenue estimate of $160.74 million for the quarter.
For the quarter, cost of goods sold decreased to $123.06 million from $129.65 million in the year-ago quarter.
Looking ahead, the company lifted its earnings guidance for the fiscal year 2013 to a range of $0.48 to $0.58 per share from previous estimate of $0.40 to $0.50 per share. Analysts currently expect earnings of $0.49 per share for the year.
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