Apogee Enterprises, Inc. (APOG), a company specializing in architectural products and services, witnessed a pre-market surge of over 7% on Friday, reaching $73.75. This rise followed the release of second-quarter results that surpassed market expectations. Additionally, the company elevated its full-year earnings forecast beyond analyst consensus projections.
After accounting for one-time items, Apogee reported earnings of $1.44 per share, surpassing the average analyst expectation of $1.23 per share.
However, the net profit for the quarter decreased to $30.57 million, or $1.40 per share, compared to $33.33 million, or $1.52 per share, in the corresponding period the previous year.
The quarter's sales experienced a year-on-year decline of 3.2%, totaling $342.44 million, although they exceeded the consensus estimate of $335.29 million.
For the future outlook, Apogee has revised its full-year adjusted earnings per share (EPS) guidance to a range of $4.90 to $5.20, up from the previous forecast of $4.65 to $5.00. The market had anticipated earnings of $4.82.
Previously, Apogee shares closed at $68.43, marking a 1.3% decline on Thursday. Over the past year, the stock has traded within a range of $41.01 to $71.49.
