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Apogee reports gains in second quarter 2007

Post Time:Nov 12,2013Classify:Industry NewsView:47

Second quarter 2007 earnings per share for Minneapolis-based Apogee Enterprises Inc. increased 30 percent compared to the same period last year to 26 cents, company officials announced in a Sept. 20 earnings report. While revenues hit $188.6 million for the quarter, up 9 percent compared to second quarter 2006, they fell short of previous estimates by analysts of $195 million for the quarter, according to a Sept. 21 article in the Minneapolis St. Paul Business Journal. The lower-than-expected revenues reflect, in part, a 24 percent decrease in sales for the large-scale optical segment that makes glass for picture frames, according to the article. Revenues for the architectural segment, constituting most of Apogee’s business, reached $163.2 million, 15 percent above the same period last year, according to the report. The architectural segment includes Owatonna, Minn.-based fabricator Viracon; Eden Prairie, Minn.-based glazier Harmon Inc.; Wausau, Wis.-based window system and curtain-wall manufacturer Wausau Window and Wall Systems; and Wausau-based paint and anodizing finisher Linetec. “We are pleased with our second quarter results, especially in our core architectural segment,” said Russell Huffer, chairman and chief executive officer, in the report. “The nonresidential construction markets we serve remain strong, as seen in our backlog and bidding activity.” Higher volume and pricing for Viracon products, and increased job flow for Harmon helped drive gains to the architectural segment, according to the report. Huffer also attributed the gains to “robust commercial construction markets.” Backlogs for the segment increased from $276.5 million in second quarter 2006 to $391 million in second quarter 2007. The segment had $360.4 million in backlogs at the end of first quarter 2007, according to the report. “Our strong architectural backlog … with improving margins gives us confidence in our outlook for the year,” Huffer said in the report.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/apogee-reports-gains-second-quarter-2007Author:

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