25.06.2014 01:07:14
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Apogee Enterprises Q1 Profit Rises - Update
(RTTNews) - Glass-products designer Apogee Enterprises Inc. (APOG), Tuesday reported a surge in profit for the first quarter, as revenues rose 18 percent reflecting growth across all segments. Nonetheless, earnings for the quarter fell short of Wall Street estimates due to the harsh winter in Canada, while revenues beat expectations.
Moving ahead, the company lifted the lower end of its earnings outlook for full-year 2015, while maintaining its revenue guidance.
Minneapolis, Minnesota-based Apogee's first-quarter profit rose to $6.1 million or $0.21 per share from $4.2 million or $0.14 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.25 per share for the first quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter grew 18 percent to $210.9 million from $179.3 million last year. Analysts had a consensus revenue estimate of $210.6 million for the quarter.
Chief Executive Joseph Puishys said, "... our good results were somewhat impacted by the severe winter weather that led to contraction in the Canadian commercial construction market, resulting in a first-quarter loss for our Canadian storefront acquisition rather than the expected profit."
Architectural glass revenues climbed 6 percent to $79.6 million with growth in the US and international markets. Architectural services rose 11 percent to $51.6 million, while Architectural Framing Systems soared 44 percent to $64.2 million, with organic growth of 22 percent. Large-Scale optical technologies revenue increased 3 percent to $20.1 million.
For the fiscal year 2015, the company now expect earnings of $1.40 to $1.50 per share, compared to prior estimate of $1.35 to $1.50 per share. Apogee continues to expects revenue to grow 15 to 20 percent in 2015.
Analysts currently expect earnings of $1.43 per share on revenue growth of 15.6 percent for the fiscal year 2015.
"With our significant first-quarter backlog growth, solid operational performance and a stronger outlook for Architectural Glass, combined with growth in our end-market sectors that appears sustainable moving ahead, I expect an exceptional year in fiscal 2015," Puishys said.
APOG closed Tuesday's trading at $31.54, up $0.49 or 1.58%, on the Nasdaq.
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