Apogee shares fall after fiscal 4Q results
Apogee's profit and revenue up for 4Q, but shares fall after-hours
MINNEAPOLIS (AP) -- Apogee Enterprises Inc., a glass products company, said Wednesday that its net income jumped 48 percent on improved revenue but investors were not impressed and shares fell in after-hours trading.
The Minneapolis-based company earned $4.4 million, or 15 cents per share, for the quarter that ended March 2. That compares with $3 million, or 11 cents per share, for the same quarter a year ago. Excluding one-time items, it earned 15 cents per share.
Apogee's revenue increased 7 percent to $179.7 million on gains in its architectural segment and declines in its optical business. Apogee CEO Joseph Puishys said that the company's architectural segment revenue gains were led by the installation, window and architectural glass business. It was also helped by better prices. There was one less week in the period than in the prior year.
Puishys said the company expects improved performance in 2014, forecasting revenue gains in the high single percentage digits and earnings from continuing operations of 90 cent to $1 per share.
Puishys said the company is experiencing stronger bidding activity for future work and its margins on new orders are improving. He said the company's plan to grow through new markets and new products should allow it to reach $1 billion in revenue by the end of its 2016 fiscal year.
Shares fell $1.99, or 6.8 percent, to $27.20 in after-hours trading.
