Apogee Enterprises reported Q3 results after the close of the market last night that came in below forecasts in terms of revenue but management increased the lower end of the guidance range provided for the full year.<p>
Revenue for the three month period amounted to $199.4 million (+5% YoY) while operating income at $12.7 million (+11% YoY) also increased resulting in a significant increase in earnings per share versus 2012 coming in at 33c (+18% YoY).<p>
Of note to CRH will be the performance in architectural glass where Apogee recorded revenues of $73.4 million, (-2% YoY) a slight decline of 2012 levels that management put down to the timing of projects. The backlog of business across all divisions amounted to $299.9 million (Q3 2012: $302.9 million).<p>
In terms of outlook for the fiscal 2014 full year, Apogee management are guiding for an EPS outturn of 95c-100c with revenue expected to increase be between 10-11%. This compares the company’s previous guidance of 93c-100c. The shares fell by 1.8% in after hours trading.
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