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Apogee: profits up but auto glass lagging

Optical and automotive glass products maker Apogee Enterprises , said on 18 December 2002 its quarterly profit grew 35%, but the tough auto glass market would reduce earnings for the year.
Apogee rep…

Optical and automotive glass products maker Apogee Enterprises , said on 18 December 2002 its quarterly profit grew 35%, but the tough auto glass market would reduce earnings for the year. Apogee reported a USD 7.6 million profit, or USD 0.27 per share, for its third quarter compared with USD 5.8 million, or USD 0.20 per share, in 2001 But pricing and volume in its automotive glass business suffered and it said difficulties in that market, combined with uncertain timing for its new construction projects, would “make it difficult to grow in fiscal 2004.” The Minneapolis company reduced its forecast for fiscal 2003 profits to a range from USD 0.93 to USD 0.95 per share from its earlier USD 1.00 per-share view. Commercial construction market uncertainty prompted Apogee to estimate it would earn USD0.85 to USD 0.93 per share for fiscal 2004. Apogee still expected to earn USD 0.18 to USD 0.20 per share in its fiscal fourth quarter ending 1 March. Shares of the company closed 5.3% lower, down USD 0.47, at USD 8.42, on Nasdaq 18 December 2002.

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