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Financials
Business headlines
Revenues near $210 million for Apogee in first quarter
Officials from Minneapolis-based Apogee Enterprises Inc. announced the company’s first quarter 2008 fiscal revenues increased 12 percent over last year, reaching $209.9 million, according to a June 26 release. The company’s fiscal year begins in March.
Apogee’s architectural and optical businesses drove revenues, increasing 14 percent and 25 percent, respectively, compared to last year.
"Our architectural segment [lead by Viracon of Owatonna, Minn.], which more than doubled its operating income compared to last year, operated well in a strong market," said Russell Huffer, Apogee chairman and CEO, in the release. "We also continue to benefit from good pricing and replacement of lower-margin legacy work with projects having higher margins. In addition, the startup and gradual ramp-up of our new [St. George, Utah] architectural glass facility is on schedule.
"Our architectural backlog remains high at $413.7 million, and bidding activity continues to be strong," Huffer said. "With the improving outlook for our picture framing and architectural businesses, we have increased our earnings guidance for fiscal 2008."
Apogee will continue to focus on several value-added glazing markets, including energy-efficient, hurricane and blast, Huffer said.
The company increased its fiscal 2008 earnings outlook to a range of $1.37 to $1.47 per share, up from $1.27 to $1.37 per share, according to the release.
Revenues in the architectural segment are expected to increase 11-to-14 percent, up slightly from previous estimates of 10-to-13 percent.
Increases in wages, heath care, energy, materials and freight, and costs to start up the Utah architectural glass facility should be offset by the predicted gross margin of 20 percent, up about 1 percent from last year, according to the release.
To view the full release, click here.
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