Apogee Enterprises, Inc. (APOG): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:
Apogee's third-quarter fiscal 2015 earnings improved an impressive 42% year over year to $0.47 per share. Total revenue also increased 23% year over year to $244 million. Apogee raised the lower end of its earnings per share projection to $1.64 $1.72 for fiscal 2015. The company reaffirmed its revenues guidance of at least 20% growth for 2015. Apogee is expecting strong year-over-year improvement due to its strategies to grow through new geographies, new products and new markets along with focus on productivity and operational improvements. While, the macroeconomic uncertainties, political issues and volatility in foreign exchange rates remain challenges for Apogee. Hence, we have maintained our Neutral recommendation on Apogee with a target price of $46.


Overview:

Apogee Enterprises Inc. (APOG) is a leader in technologies for the design and development of value-added glass products, services, and systems. The company operates under four segments, with three of the segments serving the commercial construction market:

The Architectural Glass segment (37% of total revenue in the first quarter of fiscal 2015) fabricates glass used in customized window and wall systems forming the outside skin of commercial and institutional buildings. The segment consists of Viracon, a fabricator of coated, high-performance architectural glass for global markets. Its markets include the U.S. government, offices, education, health care and hotels.

The Architectural Services segment (24%) is involved in designing, engineering, fabricating and installing walls and windows of glass constructing the outside skin of commercial and institutional buildings which are being constructed or renovated. The segment consists of Harmon, one of the largest U.S. full-service building glass installation and renovation companies. Architectural Services segment operates mid to smaller size complex projects in the U.S.

The Architectural Framing Systems (30%) designs, engineers, fabricates and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront and entrance systems structuring the outside skin and entrances of commercial and institutional buildings with features such as energy efficiency and hurricane protection. The segment comprises of Wausau Window and Wall Systems, Tubelite and Linetec.

The Large-Scale Optical (LSO) segment (9%) manufactures value-added glass and acrylic products for the picture framing market. LSO segment consists of Tru Vue, a manufacturer of value-added glass and acrylic for the custom picture framing and fine art market.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




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