logo
Share SHARE
FONT-SIZE Plus   Neg

Apogee Enterprises Q3 Profit Rises, Lifts FY Outlook - Update

Industrial glass maker Apogee Enterprises Inc. (APOG), 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
GoPro Inc. (GPRO) has launched two new mobile video editing applications for its users. The two new mobile apps Quik and Splice will help users to manage, edit, and share all of the content from GoPro cameras and mobile devices. In February, GoPro had acquired two mobile video editing apps, Replay... Fast changing fashion trends have been hitting Aeropostale badly for the last several quarters, and at last it opted for Chapter 11 bankruptcy filing on Wednesday. Google will collaborate with Fiat Chrysler Automobiles N.V. to integrate Google's self-driving technology into the 2017 Chrysler Pacifica Hybrid minivans. The collaboration will expand Google's existing self-driving test program and also marks the first time that Google will be working directly with an automaker to integrate its self-driving system.
comments powered by Disqus
Follow RTT