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Apogee raises earnings expectations for 2007

Post Time:Nov 12,2013Classify:Industry NewsView:82

Officials at Minneapolis-based Apogee Enterprises Inc. announced Nov. 13 that they have increased the company’s earnings guidance for fiscal year 2007 to a range of 92 cents to 98 cents per share. The previous guidance was 88 cents to 94 cents, according to a company release. Apogee’s fiscal year 2007 will end March 3. Company officials attributed the increased earnings guidance to a strong performance in the company’s architectural business that includes Viracon of Owatonna, Minn. The segment has experienced improved operating margins and a strong backlog of $395.3 million at the end of October. "Continued solid production efficiencies in our architectural segment, combined with a strong commercial construction market are allowing us to raise operating margin expectations for the year and, therefore, increase our earnings per share guidance," said Russell Huffer, Apogee chairman and chief executive officer, in the release. The predicted overall revenues for fiscal 2007 will increase 12 percent to 15 percent, with revenues in the architectural segment increasing 16 percent to 19 percent, according to the release. The success of the architectural business is countered with Apogee’s deteriorating auto glass business that is expected to suffer a 10 percent drop in margins during the fiscal year, according to the release. “We have begun the process of transitioning the auto replacement windshield portion of our auto glass segment to support architectural glass fabrication,” Huffer said in the release. To view the full release, click here.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/apogee-raises-earnings-expectations-2007Author:

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