Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Apogee Enterprises Q3 Profit Rises, Lifts FY Outlook - Update

RELATED NEWS
Trade APOG now with 

Industrial glass maker Apogee Enterprises Inc. (APOG: Quote), Tuesday reported a higher profit in the third quarter, driven mainly by strong performance at the architectural products unit. Earnings for the quarter trumped analysts' estimates, as did revenues.

Moving ahead, the company also lifted its earnings outlook for the fiscal year 2013.

Chief Executive Joseph Puishys said, "We delivered a better than expected third quarter as our architectural segment successfully executed a more favorable mix of complex work."

Architectural products and services, which generates the majority of revenues, grew 11 percent to $168.8 million, driven mainly by strong installation business. Operating income for the segment was $5.8 million compared to $0.6 million last year.

Large-Scale optical technologies revenue dropped 5 percent to $21.6 million from last year. Operating income was $6.6 million, compared to $7.4 million last year.

Apogee's revenues for the quarter grew 9 percent to $190.42 million from $174.85 million last year. Analysts estimated revenues of $182.45 million for the quarter.

Minneapolis, Minnesota-based Apogee's third-quarter earnings improved to $8.05 million or $0.28 per share from $5.54 million or $0.20 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Looking forward to fiscal year 2013, the company now expects earnings from continuing operations of $0.62 to $0.67 per share, up from prior estimate of $0.56 to $0.64 per share. Analysts currently anticipate earnings of $0.65 per share for fiscal year 2013.

Puishys said the company lifted its earnings outlook to reflect the benefit of "improving margins resulting from better mix and good operational performance."

The company expects revenue for the full year to grow 5 to 6 percent.

APOG closed Tuesday's trading at $23.72, up $0.63 or 2.73%, on the Nasdaq.

Register
To receive FREE breaking news email alerts for Apogee Enterprises Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Proctor and Gamble (PG) has sold two of its soap brands to European consumer products giant Unilever (UN). Cincinnati-based P&G says the sale includes the global Camay brand, the Zest brand outside of North America and its Talisman manufacturing plant in Mexico. The plant employs approximately... Dish Network is no longer carrying Fox News in yet another dispute for the television provider. Fox News, which changed the face of cable news with its ardent advocacy of conservative issues, went dark Sunday, replaced on Dish by The Blaze, Glen Beck's new right-leaning channel. Fox Business channel... Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.