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