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Apogee Enterprises 2Q profit rises 7 percent

Post Time:Sep 18,2009Classify:Company NewsView:394

Glass maker Apogee Enterprises Inc. said its fiscal 2010 second-quarter profit rose 7 percent and beat analyst expectations despite a decline in sales amid a weaker commercial construction market.

On Wednesday, the company said quarterly earnings climbed to $13 million, or 47 cents per share, up from $12.2 million, or 43 cents per share in the prior-year period.

Analysts polled by Thomson Reuters estimated a profit of 24 cents per share, on average. Analysts typically exclude one-time items.

Revenue fell 23 percent to $187.4 million, down from $245 million. Analysts forecast an average revenue of $186.29 million.

For the full fiscal 2010, the company expects a mid-single digit operating margin on revenues, which are estimated to fall 20 to 25 percent as project timing for new orders has shifted into fiscal 2011. This compares to prior expectations of a 15 percent decline in 2010 revenue.

Shares of the company rose 52 cents, or 3.6 percent, to close at $14.80 on Wednesday.

Source: www.forbes.comAuthor: shangyi

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