Apogee Enterprises: 2Q 2005 earnings up 27%

Glass products manufacturer Apogee Enterprises Inc. reported fiscal 2Q 2005 earnings up 27% on sales 15% higher than a year earlier.
The company backed its previous fiscal 2006 earnings expectation.

Glass products manufacturer Apogee Enterprises Inc. reported fiscal 2Q 2005 earnings up 27% on sales 15% higher than a year earlier. The company backed its previous fiscal 2006 earnings expectation. Apogee said 14 September 2005 that earnings for the quarter ended 27 August 2005 increased to USD 5.5 million, or USD 0.20 a share, from USD 4.3 million, or USD 0.16 a share, a year earlier. Sales went up to USD 173.7 million from about USD 151 million a year earlier. The company said it still expects fiscal 2006 earnings of USD 0.74 to USD 0.80 a share. In fiscal 2005, earnings were USD 0.60 a share. Also for 2006, the company said its sees its margins flat from 2005 to slightly higher. In addition, the company increased its estimated capital expenditures from USD 25 million to USD 30 million. The company is also expecting its revenue growth to be between 9% to 11% better than USD 628.8 million for fiscal 2005. Thus, the company is expecting fiscal 2006 sales at the upper end of a range of USD 685.4 million to USD 698 million.