In its second-quarter financial report released on Friday, Apogee Enterprises, Inc. (APOG) updated its earnings and adjusted earnings projections for the full year 2024, maintaining its annual net sales forecast.
The company now anticipates fiscal 2024 earnings between $4.81 and $5.08 per share, with adjusted earnings ranging from $4.90 to $5.20 per share, based on a projected net sales decline of 4% to 7%. This is an upward revision from earlier predictions of earnings between $4.56 and $4.88 per share and adjusted earnings between $4.65 and $5.00 per share, with the same expected decline in net sales.
According to an average of forecasts by four analysts surveyed by Thomson Reuters, Apogee is expected to post earnings of $4.82 per share, alongside a 5.3% reduction in net sales to approximately $1.34 billion for the year. Analyst estimates typically exclude special items.
For the second quarter, Apogee reported net earnings of $30.57 million or $1.40 per share, which fell short of the previous year's $33.33 million or $1.52 per share. Net sales were $342.44 million, representing a 3.2% decrease from $353.68 million in the same period last year.
These second-quarter results surpassed expectations from financial analysts on Wall Street, who had anticipated earnings of $1.23 per share on revenues of $335.29 million.
