Apogee Enterprises Q3 Profit Beats View - Quick Facts

(RTTNews) - Apogee Enterprises Inc. (APOG) reported that its net earnings for the third quarter of fiscal 2021 climbed to $37.27 million or $1.42 per share from $15.23 million or $0.57 per share in the prior year. The latest-quarter results included a pre-tax gain of $19.3 million on the sale of a building and $1.4 million of pre-tax costs related to COVID.

Excluding certain items, adjusted earnings increased to $0.90 per share, from $0.57 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the third-quarter. Analysts' estimates typically exclude special items.

Quarterly revenue declined to $313.6 million, from $337.9 million last year, reflecting market-related volume declines in Architectural Framing Systems and Architectural Glass, partially offset by growth in Architectural Services and Large-Scale Optical. Analysts expected revenue of $327.41 million for the quarter.

The company said it did not provide detailed financial guidance due to continued uncertainty driven by the impact of COVID and end-market conditions. The company expects that continued project delays and soft market conditions will negatively impact revenue in the fourth quarter.