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Apogee reports solid fiscal 2012 third-quarter results

Post Time:Dec 15,2011Classify:Industry NewsView:79

Apogee Enterprises, Inc.announced fiscal 2012 third-quarter results on Dec. 14, posting revenues of $174.9 million, up 19 percent over the same period last year. Architectural segment revenues increased 21 percent, with operating income of $0.6 million compared to a loss of $8.4 million the previous year.

“I am pleased to report very positive results for the third quarter, as we returned to quarterly earnings and grew revenues significantly,” said Joseph Puishys, Apogee CEO, in a release. “The architectural segment moved to profitability on strong third-quarter revenues and maintained its backlog on increased order flow... .“

Seven percentage points of the increase in architectural products and services revenue came from the addition of the Brazilian architectural glass business acquired in the fourth quarter of fiscal 2011. The remaining growth was split between increased volume in the window and storefront businesses, and improved architectural glass pricing, according to the release.

Improved operating earnings were the result of higher architectural glass pricing and leverage on volume growth, partially offset by lower margin work in the installation business.

“With the strong third-quarter performance, we have increased our fiscal 2012 full-year outlook,” Puishys said, in the release. “We now anticipate that revenues will increase approximately 14 percent, up from prior expectations of more than 10 percent growth... ."

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Source: http://www.glassmagazine.com/news-item/commercial/apogee-reports-solid-fiscal-2012-third-quarter-results-119145Author:

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