Industrial glass maker Apogee Enterprises Inc. (APOG: Quote), Wednesday posted a profit for the second quarter, turning around from a loss last year, as architectural products segment returned to profitability. Earnings for the quarter came in line with analysts' estimates, so did revenues.
Apogee also lifted its earnings guidance for the fiscal year 2013. Following the announcement, shares of the company surged over 12 percent in after-hours trade.
Chief Executive Joseph Puishys said, "I'm pleased that the architectural segment returned to profitability in the quarter. In addition, both our architectural and large-scale optical segments grew their top and bottom lines, as well as their margins, and all our operations performed well."
Architectural products and services, which generates the majority of revenues, grew 5 percent to $156.4 million, helped mainly by share gains in the installation and storefront businesses. Operating income for the quarter was $3.0 million, compared to a loss of $5.1 million last year.
Large-Scale optical technologies revenues rose 19 percent to $19.6 million. Operating income was $5.2 million, compared to $3.5 million a year ago.
Apogee's revenues for the second quarter grew 6 percent to $175.9 million from $165.6 million last year. Three analysts on a consensus estimated revenues of $170.88 million for the quarter.
The Minneapolis, Minnesota-based company' second-quarter profit was $5.1 million or $0.18 per share, compared to a loss of $1.7 million or $0.06 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the full year 2013, Apogee lifted its earnings guidance to a range of $0.56 to $0.64 per share, from the previous estimate of $0.48 to $0.58 per share. Analysts currently expect earnings of $0.54 per share for the year.
"We continue to anticipate mid single-digit revenue growth for the full year, despite market indicators pointing to a low- to no-growth year. We believe growth will continue to come from share gain by our architectural businesses," Joseph Puishys said.
APOG closed Wednesday's trading at $17.62, up $0.42 or 2.44%, on the Nasdaq. The stock further gained $2.18 or 12.37 percent in after-hours trade.
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by RTT Staff Writer
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