Monday, glass products and services company Apogee Enterprises, Inc. (APOG) reported a decline in profit for the fourth quarter from the previous year, as revenues for the quarter dropped 17% from the preceding year.
The Minneapolis, Minnesota-based company's net income for the fourth quarter was $10.9 million or $0.40 per share, down from $14.4 million or $0.50 per share in the prior year quarter.
Earnings from continuing operations were $0.40 per share versus $0.49 per share a year earlier.
Total revenues for the quarter were $201.7 million, down 17% from $243.3 million in the year-ago quarter. Revenue decline was attributed mainly to the architectural glass and installation businesses due to the timing of project flow, along with certain project delays and cancellations.
Analysts polled by Thomson Reuters expected the company to earn $0.31 per share for the quarter on revenue of $217.40 million.
Operating margin for the quarter was 8.6%, down from 9.2% recorded in the prior-year period.
For the full-year period, the company's net income was $51.0 million or $1.81 per share, up from $48.5 million or $1.67 per share in the year-ago period.
Earnings from continuing operations were $1.82 per share, up 22% from earnings of $1.49 per share a year ago.
Total revenues for the full fiscal year increased 5% to $925.5 million from 481.8 million in the preceding year period.
Looking ahead, Russell Huffer, Apogee Chairman and Chief Executive Officer said "We are entering fiscal 2010 with an unprecedented level of uncertainty, and, as a result, will not be providing earnings per share and detailed annual guidance. We expect continued profitability on revenues that will likely be down at least 15 percent. At this time, we are estimating operating margins in the mid-single digits as lower capacity utilization and competitive pricing are slightly offset by productivity improvements, and lower energy and some material costs."
APOG closed Monday's trading at $11.90, up $0.06 or 0.51%. In after hours, the stocks are currently trading at $11.70, down $0.20 or 1.68% on the Nasdaq.
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