Apogee Enterprises Reports Higher Q1 Profit (APOG)

released its fiscal first-quarter earnings results on Tuesday after the closing bell. The company reported earnings per share that were in-line with Wall Street consensus and revenue that was well ahead of estimates. Looking ahead, Apogee reiterated its fiscal 2014 guidance calling for EPS of $0.90 to $1.00 and revenue growth in the high single digits. Currently, analysts have consensus EPS estimates of $0.97 for fiscal 2014.

“Apogee recorded another quarter of strong growth, with revenues up 16 percent and operating income more than doubling,” said Joseph F. Puishys, Apogee chief executive officer. “Our operating margin increased 190 basis points to 3.4 percent driven by improvements in volume, pricing and productivity." “I am pleased that Apogee's consolidated backlog grew to $302 million on top of the very strong first-quarter revenues,” said Puishys. “We continue to see improving margins in our backlog as we grow the business.”

Apogee reported net income of $4.2 million or $0.14 per share, compared to $1.6 million or $0.06 per share, in last year's corresponding period. This was in-line with Wall Street consensus EPS expectations. Revenue in the quarter was up 16 percent to $179.3 million from $154.1 million last year. This easily beat analysts' consensus revenue estimates of $172.35 million. Operating margin rose 190 basis points to 3.4 percent in the first-quarter.