Apogee Enterprises Q3 Profit Beats Estimates, Revenue Up 6.6%; Narrows Guidance

(RTTNews) - Apogee Enterprises, Inc. (APOG) reported third-quarter adjusted profit per share of $0.63 compared to $0.90, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.53, for the quarter. Analysts' estimates typically exclude special items. Net profit was $11.06 million or $0.44 per share compared to $37.27 million or $1.42 per share.

Sales increased to $334.22 million from $313.58 million, a year ago. Analysts on average had estimated $314.62 million in revenue. Third-quarter revenue grew 6.6 percent led by growth in Architectural Services and Architectural Framing Systems.

The company narrowed its guidance for full-year adjusted earnings to a range of $2.25 to $2.40 per share, from the previous range of $2.20 to $2.40. The guidance excludes the impact of restructuring and impairment costs. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.22. Analysts' estimates typically exclude special items.

The company now expects full-year capital expenditures of approximately $25 million, down from the previous estimate of approximately $35 million, as it has slowed some investments while conducted strategic review.