Apogee Enterprises (APOG) has updated its forecast, indicating that it now anticipates its full-year adjusted earnings per share to be at the lower end of its previously stated guidance range, between $4.90 and $5.20. Furthermore, the company projects that its full-year net sales will decrease by approximately 5%.
In the third quarter, the earnings per share stood at $0.96, down from $1.23 in the same period last year. The adjusted earnings per share dropped to $1.19, largely due to a reduction in adjusted operating income. According to Thomson Reuters, analysts had, on average, predicted the company would achieve earnings of $1.11 per share. Typically, analysts' projections exclude unusual or one-time items. Net sales for the quarter showed a slight increase of 0.5%, reaching $341.3 million.
