Apogee Enterprises Q2 Profit Surges

(RTTNews) - Glass-products designer Apogee Enterprises Inc. (APOG), Tuesday reported a surge in profit for the second quarter, reflecting a 30 percent growth in revenues and a tax benefit. Both earnings and revenues for the quarter came in ahead of Wall Street estimates.

Moving ahead, the company lifted its financial outlook for the full year 2015, sending its shares up five percent.

Minneapolis, Minnesota-based Apogee's second-quarter profit surged to $16.8 million or $0.57 per share from $6.1 million or $0.21 per share last year.

Excluding a $0.22 per share tax credit, adjusted earnings for the quarter were $0.35 per share. Analysts polled by Thomson Reuters expected earnings of $0.34 per share for the second quarter. Analysts' estimates typically exclude special items.

Net sales for the second quarter rose 30 percent to $231.95 million from $178.29 million a year ago. Analysts had a consensus revenue estimate of $217.88 million for the quarter.

Chief Executive Joseph Puishys said, "All three architectural segments experienced significant growth in revenues and earnings. I am pleased that our architectural business is starting to deliver on its potential, even as we overcome some higher costs to expand our workforce and capacity."

Architectural glass revenues climbed 20 percent to $84.2 million with, while architectural services jumped 41 percent to $59.4 million. Architectural framing systems soared 55 percent to $76.7 million, with organic growth of 28 percent, while Large-Scale optical technologies revenue dropped 2 percent to $19.4 million.

Looking forward to the fiscal year 2015, the company now expect earnings of $1.62 to $1.72 per share and revenue growth of about 20 percent. Analysts currently expect earnings of $1.44 per share on revenue growth of 16.90 percent.

Earlier, the company expected earnings of $1.40 to $1.50 per share and revenue growth of 15 to 20 percent in 2015. Earnings outlook were lifted to reflect the $0.22 per share tax credit earned in the second quarter.

APOG closed Tuesday's trading at $36.41, up $0.63 or 1.76%, on the Nasdaq. The stock further gained $1.98 or 5.44% in after-hours trade.