Apogee Enterprises shares fell about 16% on 18 September 2008, a day after the company cut its fiscal 2009 outlook due to project delays and cancellations. Apogee, which makes glass for office buildin…
Apogee Enterprises shares fell about 16% on 18 September 2008, a day after the company cut its fiscal 2009 outlook due to project delays and cancellations. Apogee, which makes glass for office building exteriors and picture frames, said softer architectural market conditions resulted in project delays and cancellations in its architectural glass business. The company now expects fiscal 2009 earnings of USD 1.65 to USD 1.82 a share from continuing operations. It had previously forecast full-year earnings of USD 1.82 to USD 1.94 a share. For the 2Q, Apogee posted net income of USD 12.2 million, or USD 0.43 a share, compared with USD 11.5 million, or USD 0.40 a share, a year ago. Sales increased 13% to USD 245 million. Analysts were expecting earnings of USD 0.41 a share, excluding items, on revenue of USD 242.1 million, according to Reuters Estimates.