MN Glass Company’s Profits Up 80 Percent
Apogee Enterprises, Inc., recently reported that its fourth-quarter earnings were up more than 80 percent with a 20 percent increase in revenue.
The Bloomington-based company, which makes glass for the architectural and picture-framing industries, said all four of its product segments grew despite the severe winter weather late in the quarter.
Apogee announced that net earnings for the fourth quarter, which ended March 1, totaled $8.04 million, or $0.27 per share, up 83 percent from $4.4 million, or $0.15 per share, during the same period in 2013. Earnings per share were $0.02 lower than what analysts polled by Thomson Reuters had expected.
Revenue, meanwhile, totaled $214.4 million, up 19 percent from $179.7 million in the fourth quarter of 2013. Fourth-quarter revenue was above analysts’ projections of $209.2 million.
“With fourth-quarter revenues up 19 percent and operating income up 97 percent, Apogee delivered an outstanding finish to a year of significant growth,” CEO Joseph Puishys said in a statement. “In fiscal 2014, all four segments grew at the top and bottom line as they successfully executed our growth strategies. Our organic growth, which excludes the Canadian storefront acquisition, was 8 percent as we benefitted from increased sales and improving pricing and project margins.”
Apogee completed two acquisitions in 2014, both within its architectural framing systems segment, for a total of about $54 million.
Earnings for its full year totaled $28 million, up 42 percent from $19.1 million last year. Its revenue for the full year, meanwhile, totaled $771.4 million—up 10 percent from $700.2 million last year.
“I am pleased with our fiscal 2014 results, which put us on a path to achieve our strategic goals of $1 billion in revenues and 10 percent operating margin by the end of our fiscal 2016,” Puishys said. “Our top-line growth and bottom-line improvement are on track even though the recovery of our commercial construction market lagged behind our original expectations.”
Shares of Apogee’s stock were trading up about 0.85 percent at $30.89 per share Monday afternoon.
Apogee was also one of six Minnesota companies ranked among Forbes' “Most Trustworthy Companies” in March.