Apogee Q2 Profit Tops Estimate; Revenue Misses; Cuts FY16 Revenue Outlook

(RTTNews) - Architectural glass maker Apogee Enterprises, Inc. (APOG) reported net income for the second quarter of $14.8 million or $0.50 per share, compared to $16.8 million or $0.57 per share for the year-ago quarter.

The year-ago quarter earnings per share included $0.22 from a tax credit.

Net sales for the second quarter rose 4% to $240.75 million from $231.95 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.49 per share on revenue of $246.89 million for the second quarter.

The company lowered its fiscal 2016 revenue outlook to high single digit growth from its earlier forecast of 10% to 15%, citing construction site delays, but maintained its fiscal 2016 earnings per share outlook of $2.10 to $2.25.

Analysts currently expect the company to earn $2.38 per share on revenue growth of 13.60% for the fiscal year 2016.

The company also maintained its longer-term outlook for revenues of $1.3 billion at 12% operating margin in fiscal 2018.