Apogee 2nd-qtr earnings hit by weak auto market

Date: 23 September 2002
Source: Reuters

Date: 23 September 2002

Apogee Enterprises Inc. APOG.O , a maker of glass products for the building and auto industries, on Wednesday said its quarterly earnings fell 17 percent on tough auto and architectural markets.

Apogee, of Minneapolis, reported net income of $8.6 million, or 30 cents a share, compared with $10.3 million, or 36 cents in the same period a year ago.

Revenues slipped 5 percent, to $200.3 million from $210.2 million.

The company forecast fiscal 2003 earnings of $1 a share, compared with 91 cents a year ago, and said it was disappointed with a slower-than-expected rebound in the commercial construction industry.

It said it was committed to its long-term earnings growth plan of 10 percent to 15 percent a year, and revenue growth of 7 percent to 10 percent.

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