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Glass Sales Rise Despite 'Flat' Forecasts

MINNEAPOLIS-Apogee Enterprises reports that it has a large backlog of orders for the "architectural" part of its business. First quarter fiscal 2002 earnings from operations are $0.20 per share.

By Jim McCartney | Updated on June 19, 2001

MINNEAPOLIS-Apogee Enterprises, which provides glass for the construction, large-scale optical and automotive industries, says its first quarter fiscal 2002 earnings from operations were $0.20 per share, or $5.6 million, up 186% compared to the year-ago quarter. Revenues for the first quarter were $203.6 million, down 14% from the same period last year–although they are flat after being adjusted for the formation of the PPGAuto Glass, LLC joint venture last July.

Revenues for Apogee’s architectural business, its largest segment, was up 5% to $116.2 million and operating income increased 11% to $7.0 million from the fiscal 2001 first quarter. Strong operating income growth year to year from Viracon, the largest business in the segment, due to improved volume and continuing operating improvements contributed to the segment’s strong performance.

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