UPDATE 1-Apogee Enterprises shares sink on weak results, outlook

Thu Apr 8, 2010 12:20pm EDT

* Sees pricing pressure

* Expects loss in first half of FY11

* Sees full-year profit boosted by optical segment

* Shares down as much as 16 pct (Adds comments from conference call; updates share movement)

BANGALORE, April 8 (Reuters) - Shares of Apogee Enterprises Inc (APOG.O) fell as much as 16 percent Thursday, a day after the developer of glass products and services posted fourth-quarter results below market expectations, and forecast lower fiscal 2011 revenue.

The company said it expects to be profitable during fiscal 2011 but said revenue is estimated to be down 10 percent to 15 percent.

Apogee expects losses in the first half of the year, as there is a gap between completion of some projects and start of new work in its architectural segment, the company said on a conference call.

"We anticipate that earnings from our large-scale optical segment will offset losses in our architectural segment, where we expect the second half will be stronger than the first half," the company said in a statement late Wednesday.

Apogee expects to have free cash during the year and said it would be willing to invest in "attractive long-term opportunities" if the timing is right.

For the fourth quarter, earnings from continuing operations were $282 million, or 1 cent a share.

Analysts on average were looking for a profit 9 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 26 percent to $148.6 million. Analysts were expecting $163.8 million.

Shares of the company were down $1.90 at $14.67 in morning trade on Nasdaq. They touched a low of $14.00 earlier in the session. (Reporting by Amulya Nagaraj in Bangalore; Editing by Roshni Menon)

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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