Reports Strong Second Quarter
Apogee Reports Strong Second Quarter Minneapolis-based Apogee Enterprises'
chairman and chief executive officer Russ Huffer said that the company
just finished another strong quarter in its conference call on September
"Our architectural segment exceeded our expectations for a very
strong quarter with higher revenue growth than we had anticipated
generating higher operating income," he said. "Revenues were stronger
due to project timing and flow and there were fewer project delays
than expected in the current strong commercial construction market.
Project delays tend to be the norm in this business."
Huffer reported that the company's earnings from continuing operations
were 40 cents per share, up 54 percent from a year ago, when they
were 26 cents per share, and the company's revenues increased 20
percent to $217.7 million. For the architectural segment, Huffer
said the company's revenue grew 21 percent and operating income
grew 57 percent.
Apogee's operating margin was 7.9 percent, compared to 5.7 percent
in the prior-year period, and architectural segment revenues grew
21 percent. The company's operating income increased 57 percent
versus the prior year period. In the optical segment, Apogee's revenues
increased 6 percent while operating income grew by 91 percent.
"Sales of our best value-added framing glass products, which offer
visual benefits to consumers, increased significantly as we convert
customers to a higher margin product mix," he said.
Chief financial officer Jim Porter also discussed the company's
outlook for 2008. "We remain optimistic about fiscal 2008 and have
raised our outlook for the year," he said. "And with our market
leadership positions, we remain confident in the longer-term growth
potential of our businesses."
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