Apogee Enterprises Q3 Profit Rises - Update

(RTTNews) - Glass-products designer Apogee Enterprises Inc. (APOG), Wednesday reported an increase in profit for the third quarter, due largely to a 23 percent growth in revenues. Earnings for the quarter fell short of analysts estimates by a penny, but revenues trumped Wall Street expectations. Moving ahead, the company lifted its earnings outlook for the full year 2015.

Minneapolis, Minnesota-based Apogee's third-quarter profit rose to $13.7 million or $0.47 per share from $9.7 million or $0.33 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the third quarter jumped 23 percent to $244.4 million from $199.4 million last year. Analysts had a consensus revenue estimate of $238.9 million for the quarter.

"I am pleased that Apogee again achieved another quarter of outstanding revenue and earnings growth," said Apogee CEO Joseph Puishys. "In our third quarter, all four segments had double-digit revenue growth, while all but one segment had strong earnings growth."

Architectural glass revenues jumped 23 percent to $90.3 million, while architectural services rose 10 percent to $56.2 million. Architectural framing systems soared 36 percent to $80.4 million, with organic growth of 19 percent, while Large-Scale optical technologies revenue rose 13 percent to $25.5 million.

Looking forward to the full year 2015, the company now expect earnings of $1.64 to $1.72 per share, up from prior guidance of $1.62 to $1.72 per share. Apogee continues to see revenue growth of at least 20 percent. Analysts currently expect earnings of $1.68 per share on revenue growth of 19.9 percent for 2014.

"We have extended our long-term outlook to fiscal 2018 expectations for revenues of $1.3 billion at 12 percent operating margin." Puishys said.

APOG closed Wednesday's trading at $44.03, up $2.06 or 4.91%, on the Nasdaq. The stock, however, dropped $0.03 or 0.07% in after-hours trade.