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Glass maker Apogee raises profit forecast, shares rise

Post Time:Sep 20,2012Classify:Industry NewsView:361

 

Glass products maker Apogee Enterprises Inc (APOG.O) reported a quarterly profit above estimates and raised its full-year profit forecast as sales rose in its architectural business, sending its shares up 12 percent in extended trading.

 

The company, which makes windows and glass facades for buildings such as Seven World Trade Center and Bank of America Tower in New York, raised its earnings forecast for fiscal 2013 to between 56 and 64 cents per share from its prior estimate of between 48 and 58 cents per share.

 

"Our architectural segment backlog reached its highest level in 12 quarters and grew by more than 30 percent year on year," Apogee Chief Executive Joseph Puishys said.

 

Revenue in its architectural business rose 5 percent to $156.4 million in the second quarter. Backlog rose 32 percent to $299 million.

 

Revenue in its other business, which makes glass for picture frames, rose 19 percent to $19.6 million.

 

Total revenue rose 6 percent to $175.9 million.

 

Apogee posted net income of $5.1 million, or 18 cents per share, compared with a loss of $1.7 million, or 6 cents per share, a year earlier.

 

Analysts had expected earnings of 9 cents per share on revenue of $170.9 million, according to Thomson Reuters I/B/E/S.

 

Shares of the Minneapolis-based company, which have risen 44 percent this year, closed at $17.62 on the Nasdaq on Wednesday.

 

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

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