Apogee Q1 Profit Rises, Lifts FY Outlook - Update

(RTTNews) - Glass-products designer Apogee Enterprises Inc. (APOG), Wednesday reported a surge in profit for the first quarter, due largely to a 14 percent growth in revenues with earnings coming in ahead of analysts estimates. Nonetheless, revenues fell short of Wall Street expectations. Moving ahead, the company lifted its earnings outlook for the full year 2016, citing strong "first quarter performance."

Minneapolis, Minnesota-based Apogee's first-quarter profit rose to $12.1 million or $0.41 per share from last year's profit of $6.1 million or $0.21 per share. On average, five analysts polled by Thomson Reuters expected earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 14 percent to $240.0 million from $210.9 million last year. Analysts had a consensus revenue estimate of $241.76 million for the quarter.

CEO Joseph Puishys said, "In every segment, we achieved top- and bottom-line growth, and delivered strong rates of conversion on incremental first-quarter revenues. Our results reflect our success in leveraging volume, increasing pricing and improving productivity in our architectural businesses."

Architectural glass revenues jumped 27 percent to $101.2 million, while architectural services rose 8 percent to $5.7 million. Architectural framing systems gained 12 percent to $71.9 million, while Large-Scale optical technologies revenue inched up 1 percent to $20.2 million.

Looking forward to the full year 2016, the company raised its earnings outlook to $2.10 to $2.25 per share from prior outlook of $2.05 to $2.20 per share. Analysts currently expect earnings of $2.13 per share for the year.

Apogee maintained its revenue growth guidance of 10 to 15 percent for full year 2016. Analysts currently expect revenue growth of 13.40 percent for the year.

APOG closed Wednesday's trading at $60.06, down $0.04 or 0.07%, on the Nasdaq.