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.
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