Apogee’s record profit and sales beats expectations, amid strength in architectural framing and services


Apogee Enterprises Inc. APOG, +3.96% reported Tuesday record fiscal second-quarter profit and sales that beat expectations, citing strength in its architectural framing systems and services businesses. For the quarter to Aug. 27, the provider of architectural products and services for enclosing buildings swung to net income of $37.4 million, or $1.68 a share, from a loss of $2.1 million, or 8 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.06 was well above the FactSet consensus of 83 cents. Sales grew 14.2% to $372.1 million, above the FactSet consensus of $842.8 million, as architectural framing revenue rose 26% and architectural services revenue increased 11%, while architectural glass revenue fell 2.5%. For the full fiscal year, the company raised its adjusted EPS guidance range to $3.75 to $4.05 from $3.50 to $3.90, which compares with the FactSet consensus of $3.66. The stock, which was still inactive in premarket trading, has lost 18.3% year to date while the S&P 500 SPX, -1.18% has declined 18.2%.

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