Apogee Shares Jump 20% After Raised Adj EPS View, Better-Than-Expected 2Q

Dow Jones10-04 22:26

By Paul Ziobro

Shares of Apogee Enterprises soared after the building-supply company boosted its adjusted earnings outlook and posted stronger margins in its latest quarter despite lower sales.

The stock rose 20% in early trading to $82.00, on pace for its largest single-day gain since March 2020. Shares are up nearly 55% this year.

The Minneapolis-based company on Friday reported adjusted per-share earnings and revenue ahead of Wall Street expectations. Apogee raised its adjusted per-share earnings outlook for the year, while still expecting sales to drop between 4% and 7%.

Its bottom line is being supported by stronger margins from improved pricing, a more favorable mix of projects in its architectural services unit, and lower material and insurance-related costs.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

October 04, 2024 10:26 ET (14:26 GMT)

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