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Apogee: 4Q earnings double, but outlook remains disappointing

US architectural and automotive glass products manufacturer Apogee Enterprises Inc. announced on 2 April 2003 a doubling of its 4Q earnings, helped by a one-time gain and cost cuts.
The Minneapolis-b…

US architectural and automotive glass products manufacturer Apogee Enterprises Inc. announced on 2 April 2003 a doubling of its 4Q earnings, helped by a one-time gain and cost cuts. The Minneapolis-based company posted a net profit of USD 8.6 million, or USD 0.31 per share, compared with USD 4.4 million, or USD 0.15 per share, a year ago. The latest quarter“s results included income from discontinued operations of USD 0.13 per share. Looking ahead, Apogee forecast first-quarter earnings of between USD 0.04 and USD 0.10 per share. It is keeping a wide guidance range in part due to continued weak demand for commercial construction. For fiscal 2004, Apogee said it expects earnings at the low end of a range of USD 0.85 to USD 0.93 per share. To achieve the high end, economic conditions would need to improve more than expected. Apogee shares closed at USD 8.92 on 2 April 2003 on the New York Stock Exchange.

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