Apogee Enterprises, Inc. (APOG), a manufacturer of glass and metal products, on Thursday reported higher earnings for its third quarter, beating the Street view. However, revenue declined by 7.6 percent.
Further, the company updated its earnings and revenue guidance for fiscal 2024.
Quarterly earnings increased to $26.97 million or $1.23 per share from $23.76 million or $1.07 per share, last year.
On average, five analysts polled by Thomson Reuters had expected earnings of $1.1 per share for the quarter. Analysts' estimates typically exclude special items.
Operating income grew 8.3 percent to $37.6 million from $34.76 million of the prior year, driven by improved segment operating margin in Architectural Glass segment.
Revenue fell to $339.71 million from $367.84 million in the previous year, on lower volumes.
The Street view for revenue was $360.98 million.
Looking forward to the full year, the company now expects earnings per share in a range of $4.71 to $4.86, and adjusted earnings per share in a range of $4.55 to $4.70. This is higher than the previous guidance of earnings per share in the range of $4.15 to $4.45 and adjusted earnings per share in the range of $4.35 to $4.65.
Revenue is now expected to decline approximately 3 percent compared to fiscal 2023. In the previous guidance, the expectation was flat to slightly declining net sales compared to fiscal 2023.
Analysts' estimate $4.48 earnings per share and $1.42 billion of revenue for the full year.
In pre-market activity, Apogee shares are trading at $52.82, up 1.99% on the Nasdaq.
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