Apogee Enterprises Swings To Profit In Q2, Beats Estimates

(RTTNews) - Apogee Enterprises, Inc. (APOG) Tuesday announced a turnaround to profit for the second quarter from loss last year. On a per-share basis, earnings beat estimates. Revenues were up 14 percent, supported by growth in Architectural Framing Systems and Architectural Services. The company also raised its full-year earnings outlook range.

The company reported a quarterly profit of $37.39 million or $1.68 per share compared to loss of $2.116 million or $0.08 per share last year. On an adjusted basis, earnings were $1.06 per share.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.83 per share. Analysts' estimates usually exclude special items.

Revenue for the second quarter increased to $372.11 million from $325.79 million a year ago. Wall Street expected $344.64 million.

Looking ahead to the full year, the company raised its earnings guidance to a range of $3.75-$4.05 per share. The previous outlook was in the range of $3.50 to $3.90. Revenue growth projection is 8 to 10 percent. Analysts' estimates are for $3.66 per share on revenue of $1.38 billion.