For the fiscal first quarter ending May 30, Apogee posted net earnings of $11.5 million, or 54 cents per share. This performance marks a significant recovery from the $2.7 million loss, or 13 cents per share, recorded during the same period last year. The swing reflects a broader trend for the stock, which had already gained 17% year-to-date before Thursday's market close.
In section Market Quotes
Apogee Enterprises Shares Surge on Profit Turnaround
Shares of Apogee Enterprises climbed 12% to $47.60 in premarket trading after the architectural products manufacturer reported a sharp shift to profitability. Despite a slight dip in quarterly revenue, the company’s aggressive cost-cutting measures successfully propelled its bottom line out of the previous year’s red ink.
Revenue for the quarter slipped 1.1% to $342.7 million. However, the company’s operating income more than doubled, climbing to $18.8 million from $6.9 million a year ago. This efficiency gain pushed the operating margin to 5.5%, up from 2%. Management attributed the improved financial standing to sustained efforts to reduce sales, general, and administrative expenses.
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