Apogee Enterprises Earnings Fall on Lower Volumes, Raises EPS Outlook

Dow Jones10-04 19:10

By Don Nico Forbes

Apogee Enterprises posted a fall in earnings in the fiscal second quarter on lower volumes, but raised its earnings per share outlook for the fiscal year.

The Minneapolis-based building-supply company posted a profit of $30.6 million in the quarter ended Aug. 31, or $1.40 a share, compared with $33.3 million, or $1.54, in the same quarter a year ago.

On a per-share basis, earnings rose to $1.44 from $1.36 in the year-ago quarter. Analysts polled by FactSet had been expecting $1.23 a share.

Sales fell 3.2% to $342 million, but came in above consensus of $335 million, according to four analysts polled by FactSet.

The fall in sales was largely primarily driven by lower volumes, and was partially offset by improved pricing and mix. Revenue for Architectural Framing Systems, its largest unit, fell to $141.4 million from $158.8 million.

Looking ahead, the company raised its outlook for adjusted EPS to a range of $4.90 to $5.20, compared with a prior view of $4.65 to $5.00.

It continues to expect a full-year net sales decline in the range of 4% to 7%.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

October 04, 2024 07:10 ET (11:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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