US glass products maker Apogee Enterprises, Inc. reported on 2 June net earnings for the of US$ 5.6 million versus US$ 2 million in the same quarter the year previous, a 177% increase driven by gains …
US glass products maker Apogee Enterprises, Inc. reported on 2 June net earnings for the of US$ 5.6 million versus US$ 2 million in the same quarter the year previous, a 177% increase driven by gains at its division that makes glass used in building construction. Sales were US$ 203 million versus US$ 237 million – impacted by last year“s retail store closings and strategies to reduce low-margin business. Net diluted earnings per share were 20 cents versus 7 cents. Apogee expects fiscal 2002 earnings toward the high end of its 4 April forecast of 64 cents to 74 cents a share. The glass products maker said it remains focused on 15% earnings growth. Apogee, which said first quarter revenue was flat if adjusted for the formation of the PPG Auto Glass joint venture with the US firm, PPG Industries, Inc. (PPG), reiterated that it expects single-digit revenue growth for the year, adjusted for the joint venture. For the year ended 3 March, earnings from continuing operations were 48 cents a share. Sales for the year were US$ 865.2 million. First quarter capital expenditures were US$ 2.7 million, down from US$ 3.6 million a year ago. Apogee expects fiscal 2002 expenditures of US$ 25 million. In April, the company expected capital spending of US$ 25 million to US$ 30 million for the year. Apogee Enterprises is confident that 2002 earnings will be in the high end of its previous projection because of its “outstanding” first quarter, but isn“t changing overall guidance due to softness in large-scale optical segment markets and a conservative outlook for the automotive segment. The company said its architectural segment is experiencing minor delays in projects but continues to have a strong outlook, starting the second quarter with a backlog of about six months.