29 July 1999: Apogee Enterprises, Inc., a US-based maker of glass products, said it expects to report earnings in its fiscal second quarter and year that are below year-earlier results and below analy…
29 July 1999: Apogee Enterprises, Inc., a US-based maker of glass products, said it expects to report earnings in its fiscal second quarter and year that are below year-earlier results and below analysts“ forecasts. Citing weakness in the distribution price of auto glass, reduced demand in the retail marketplace and the seasonal nature of its business, Apogee said earnings in its second quarter ending in August would be US$ 0.18 to US$ 0.20 a share. That is well below year-earlier levels of US$ 0.27 and First Call Corp.“s estimate of US$ 0.38. The company said operating results in fiscal 2000 ending in February would fall under the US$ 0.71 a share it earned in the previous year. That figure excludes US$ 0.20 a share from discontinued operations. In its survey of two analysts, First Call said the Minneapolis-based company would earn US$ 1.00 a share. The company, whose products are largely aimed at the non-residential construction market, said its new second quarter outlook includes the impact of about US$ 3 million, or US$ 0.07 per share, for one-time reorganization costs within the auto glass business. The company expects to report earnings during fiscal 2000 from its discontinued operations in Asia.