Apogee Enterprises Q4 Profit Rises, But Shares Tank On Weak Outlook

(RTTNews) - Glass-products designer Apogee Enterprises Inc. (APOG), Wednesday said its fourth quarter profit surged from last year, as revenues jumped 19 percent reflecting growth across most segments.

Moving ahead to full year 2015, the company detailed a weak outlook that is indicated to miss Wall Street estimates. Shares of the company slipped seven percent in extended trade on the Nasdaq.

Chief Executive Joseph Puishys "The fourth quarter finished strong despite the unexpected severe winter weather late in the quarter that adversely impacted the Architectural Framing Systems and Large-Scale Optical segments and costs related to the acquisitions made in the second and third quarters."

Minneapolis, Minnesota-based Apogee's fourth-quarter profit rose to $8.0 million or $0.27 per share from $4.4 million or $0.15 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 19 percent to $214.4 million from $179.7 million last year. Four analysts had a consensus revenue estimate of $209.23 million for the quarter.

Architectural glass revenues climbed 9 percent to $75.7 million with growth in the US and Brazil. Architectural services surged 22 percent to $63.5 million while, Framing Systems soared 41 percent to $63.1 million. Large-Scale optical technologies revenue dropped slightly to $19.2 million from $19.5 million last year due to retail softness impacted by the severe winter.

Looking forward to the full year, the company expects earnings of $1.35 to $1.50 per share and revenues to grow 15 to 20 percent. Analysts currently expect full-year earnings of $1.55 per share and revenue growth of 14.3 percent.

"I believe that fiscal 2015 will be another exceptional year for Apogee, as we expect revenues to grow in the double digits and operating income to be up approximately 50 percent," said Puishys.

APOG closed Wednesday's trading at $32.47, up $1.39 or 4.47%. The stock, however, dropped $2.17 or 6.68%, in after-hours trade.