Boston, MA 09/17/2014 (wallstreetpr) – Designer and developer of value-added glass products, Apogee Enterprises Inc (NASDAQ:APOG) Chief Executive Officer, Joseph Puishys, said that its backlog, which witnessed its highest level in six-year period, would place the company for the future.
CEO Comments
The company CEO said that most of the work, for which it was currently bidding and booking, would be delivered in the fiscal year 2016, its statement disclosed. Its backlog jumped 58% or $176 million to reach $480.2 million at the end of its second quarter.
Apogee Enterprises Inc (NASDAQ:APOG) CEO said that it was also investing in reopening its architectural glass facility in Utah to support the rapid and sustainable growth. Puishys added that it would expand its architectural finishing capacity and indicated that the two projects would commence during the second six-month period of the current fiscal year. He pointed out that its new architectural coater went live in August. This would offer new product abilities besides improved productivity.
Commenting on the second quarter financial results, the CEO said that all its three segments witnessed significant growth in both the top line, as well as, the bottom line. He has not only indicated that its architectural business performing to its potential but also said that the company was able to overcome some higher costs to extend its capacity and workforce.
2Q Results
Apogee Enterprises Inc (NASDAQ:APOG) reported 174% jump in net earnings to $164.79 million from $6.12 million while earnings climbed 171% to 57 cents a share from 21 cents a share in the year-ago quarter. Excluding tax credit, earnings would have increased 67% to 35 cents a share.
The company’s top line advanced 30% to $231.9 million from $178.3 million in the previous year quarter. Its operating income jumped 66% to $15.5 million indicating healthy margin over the last year quarter as it gained in all its three divisions.
Boosts Outlook
The Apogee Enterprises Inc (NASDAQ:APOG) has lifted its earnings per share guidance to $1.62 – $1.72 for the fiscal year 2015 to reflect 22 cents a share tax credit it has recorded in the second quarter. Apogee has also boosted its revenue forecast uptick to about 20% from earlier estimation of 15% – 20%.
