Apogee Enterprises: architectural unit boosts 4Q profit

Apogee Enterprises Inc., a designer and manufacturer of glass for windows, picture frames and other products, said 11 April 2007 that its 4Q profit jumped 81%, driven by strong performance at its arch…

Apogee Enterprises Inc., a designer and manufacturer of glass for windows, picture frames and other products, said 11 April 2007 that its 4Q profit jumped 81%, driven by strong performance at its architectural unit. Earnings for the quarter ended 3 March 2007 increased to USD 9.7 million, or USD 0.34 per share, from USD 5.3 million, or USD 0.19 per share, in the prior-year period. Sales for the quarter rose 17% to USD 206.2 million from USD 175.6 million. Wall Street, on average, expected quarterly earnings of USD 0.28 per share on USD 204.9 million in sales, according to a Thomson Financial analyst survey. During the quarter, Apogee said operating income at its architectural unit surged 140% while revenue was up 20%. Chairman and Chief Executive Russell Huffer said in a statement that the unit“s pricing increased, and it had a better mix of projects with higher margins. Full fiscal-year earnings rose to USD 31.7 million, or USD 1.12 per share, from USD 23.8 million, or USD 0.85 per share. Annual sales grew to USD 778.8 million from USD 665.5 million.