Apogee Enterprises Boosts FY24 EPS Outlook As Q2 Results Top View

(RTTNews) - While reporting financial results for the second quarter on Friday, Apogee Enterprises, Inc. (APOG) raised its earnings and adjusted earnings guidance for the full-year 2024, while reaffirming annual net sales outlook.

For fiscal 2024, the company now projects earnings in a range of $4.81 to $5.08 per share and adjusted earnings in a range of $4.90 to $5.20 per share on net sales decline of 4 to 7 percent.

Previously, the company expected earnings in the range of $4.56 to $4.88 per share and adjusted earnings in the range of $4.65 to $5.00 per share on net sales decline of 4 to 7 percent.

On average, four analysts polled by Thomson Reuters expect the company to report earnings of $4.82 per share on net sales decline of 5.3 percent to $1.34 billion for the year. Analysts' estimates typically exclude special items

For the second quarter, the company reported net earnings of $30.57 million or $1.40 per share, lower than $33.33 million or $1.52 per share in the prior-year quarter.

Net sales for the quarter decreased 3.2 percent to $342.44 million from $353.68 million in the same quarter last year.

The Street was looking for earnings of $1.23 per share on revenues of $335.29 million for the quarter.