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Apogee reports drop in 1Q profit of 26 percent

Post Time:Jun 25,2009Classify:Company NewsView:346

MINNEAPOLIS -- Glass maker Apogee Enterprises Inc. reported a 26 percent profit drop for the first quarter of its 2010 fiscal year, in line with analysts' expectations, as higher unemployment and soft retail markets weighed on market conditions.

Apogee shares jumped by $1.21, or 9.7 percent, to $13.68 in morning trading.

The Minneapolis-based company, which provides glass to the architectural and picture framing industries, reported net income of $7.5 million, or 27 cents per share, in the quarter ended May 30, compared with $10.2 million, or 36 cents per share, in the first quarter of fiscal 2009.

Sales fell 24 percent, to $180.9 million from $238.5 in the year-earlier period.

Analysts polled by Thomson Reuters, on average, expected earnings of 27 cents per share on higher revenue of $195 million.

Source: http://www.forbes.comAuthor: shangyi

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