FX.co ★ Apogee Q1 Earnings Surpass Estimates; Ups Annual Outlook

Apogee Enterprises, Inc. (APOG), a leading provider of architectural products and services, announced its first-quarter profit of $31.01 million, or $1.41 per share. This is an increase from $23.58 million, or $1.05 per share, in the same period last year, largely attributed to a reduction in the cost of sales. Additionally, the company has upgraded its full-year earnings forecast.

When excluding one-time items, the earnings stood at $31.86 million, or $1.44 per share, surpassing analysts' average estimates of $1.04 per share. It is common for analysts’ estimates to omit special items.

Operating income saw an increment, reaching $41.38 million compared to $33.77 million in the previous year.

Net sales experienced an 8.3 percent decline, falling to $331.52 million from $361.71 million in the prior year, primarily due to decreased volume. The consensus estimate was pegged at $333.22 million.

For the full year, Apogee now projects earnings per share (EPS) in the range of $4.56 to $4.88, revised up from the earlier forecast of $4.25 to $4.55. The company also raised its full-year adjusted EPS outlook to between $4.65 and $5.00, compared to the previous range of $4.35 to $4.75.

Analysts are anticipating the company to report an EPS of $4.52 for the year.

Despite the optimistic earnings forecast, Apogee continues to predict a full-year net sales decline in the range of 4 percent to 7 percent.