Apogee returns to profit in 2Q; revenue up 6 pct.

Improved revenue, lower costs help Apogee Enterprises return to profit in 2Q; shares surge

Associated Press

MINNEAPOLIS (AP) -- Glass maker Apogee Enterprises Inc. returned to a profit in its fiscal second quarter, buoyed by stronger revenue and lower expenses compared to a year earlier.

The company also raised its earnings per share outlook for fiscal 2013. Shares surged more than 12 percent in aftermarket trading.

Apogee reported net income of $5.06 million, or 18 cents per share, for the quarter ended Sept. 1. That compares with a loss of $1.68 million, or 6 cents per share, in the comparable period last year.

Analysts' consensus forecast called for earnings of 9 cents per share, according to FactSet.

Quarterly revenue rose 6 percent to $175.9 million from $165.6 million a year earlier.

Apogee's architectural products and services segment generated $156.4 million in revenue, an increase of 5 percent from the prior-year quarter.

The company credited market share gains in the installation and storefront business.

The segment backlog at the end of the quarter was valued at $299 million, up from $227 million a year earlier.

Apogee expects to deliver 56 percent of the backlog in the current fiscal year and the rest in fiscal 2014.

Revenue for the large-scale optical technologies segment vaulted 19 percent to $19.6 million.

Citing the architectural segment backlog, management raised its fiscal 2013 earnings per share outlook to a range of 56 cents to 64 cents, up from a range of 48 cents to 58 cents. Analysts have forecast full-year earnings of 56 cents per share.

Apogee shares ended regular trading up 42 cents, or 2.4 percent, at $17.62. The stock added $2.18, or 12 percent, to $19.80 in extended trading. Shares are up about 44 percent so far this year to Wednesday's close of regular trading.

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