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Apogee: 1Q 2006 profit up 21%

Glass product maker Apogee Enterprises Inc. announced quarterly earnings up 21% on higher sales and improved profit margins for its architectural and manufacturing businesses.
For the 1Q ended 3 June…

Glass product maker Apogee Enterprises Inc. announced quarterly earnings up 21% on higher sales and improved profit margins for its architectural and manufacturing businesses. For the 1Q ended 3 June 2006, the company posted net income of USD 4.7 million, or USD 0.17 a share, against USD 3.9 million, or USD 0.14 a share, a year earlier. Revenue increased 23% to USD 165.3 million. Looking ahead, the company said it still expects full-year earnings of USD 0.88 to USD 0.94 cents share, including USD 0.05 a share for options expense. Apogee also raised its outlook for full-year revenue growth to a range of 11% to 15%, from the prior range of 5% to 9%, but said higher costs for health care, wages, energy, material and freight will hit profit margins.

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