Apogee Enterprises 4Q net down 24 percent on lower sales; cuts outlook

[Minneapolis-based] Apogee Enterprises Inc.'s fiscal fourth-quarter net income dropped 24 percent on lower sales because of the slowdown in commercial construction.

The commercial glass provider cut its revenue forecast for the fiscal year, but said the second half could benefit from stimulus projects to upgrade government and school buildings.

"To manage through the downturn, we have already implemented and continue to evaluate further cost cutting initiatives, ranging from reduction of headcount and discretionary spending to ongoing productivity improvements," said Chief Executive Russell Huffer.

Before the latest quarter, Apogee's sales had remained resilient though the company expected the slowdown in commercial real estate to take a toll. Apogee exited the auto-glass market when it sold its 34 percent interest in the PPG Auto Glass LLC joint venture last fall, according to an April 6 report in The Wall Street Journal.