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Apogee Enterprises Q2 Profit Tops Estimates; CEO Joe Puishys To Retire

Apogee Enterprises, Inc. (APOG) reported second quarter adjusted earnings of $0.73 per share, compared to $0.72, prior year. Adjusted results excluded $2.3 million of pre-tax costs related to COVID-19 and acquired project matters. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.30, for the quarter. Analysts' estimates typically exclude special items.

Second-quarter revenue was $319.5 million, compared to $357.1 million, last year, reflecting COVID-19 and market related volume declines in three of the company's segments. Analysts expected revenue of $314.73 million, for the quarter.

Joseph Puishys, CEO, said: "As we forecasted last quarter, each of our four segments delivered increased revenue and profitability in the second quarter compared to the first quarter. Large-Scale Optical recovered sharply from the first quarter, returning to profitability, and we benefited from strong execution and effective cost and cash management across our business."

The company expects continued project delays and soft market conditions but expects revenue and earnings in the second half of fiscal 2021 to improve compared to the first half of the fiscal year.

Apogee also announced that Joseph Puishys intends to retire as Chief Executive Officer and member of the Board, effective February 27, 2021. The Board has initiated a process to identify next CEO and has retained a leading executive search firm to support the process.

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