Apogee revenues up 18 percent in third quarter
Company plans to exit automotive market
As a result of strong third quarter results, officials from Minneapolis-based Apogee boosted its 2007 earnings outlook to a range of 98 cents to $1.04 per share, up from the earlier guidance of 92 cents to 98 cents per share.
Third quarter results for the comapnybrought in higher numbers than even company officials could anticipate, according to Apogee’s Dec. 20 earnings report.
Revenues for the company increased 18 percent compared to the same period last year, reaching $209.8 million. Operating incomes increase 61 percent year-over-year, and earnings per share reached 35 cents, up 9 percent from the 32 cents of last year, according to the Apogee announcement.
The company’s architectural segment that includes glass fabricator Viracon, of Owatonna, Minn., helped drive revenues for the quarter. Revenues for the segment increased 24 percent and operating income more than double last year, according to the release.
However, steep declines from the company’s automotive replacement business countered the strong performance on the architectural side. Revenues fell 33 percent year-over year for the automotive segment, leading Apogee officials to exit the business, according to a Dec. 22 article from financial publication, The Motley Fool in Alexandria, Va.
Several of the company’s automotive facilities will be transferred over to the architectural segment, according to the article.
To view the whole Apogee release, click here.