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Apogee Says Construction Still Strong

MINNEAPOLIS-Although it's raising its earnings estimates, glass products and services company Apogee Enterprises is cautious about the future of some of its segments, including construction, due to a slowing economy.

By Jim McCartney | Updated on September 24, 2001

MINNEAPOLIS-Apogee Enterprises, which develops and delivers value-added glass products and services for the architectural and other industries, says its earnings were unexpectedly strong despite the economic slowdown, and one of its strongest business segments is the construction industry. Even so, the company is cautious about the future of this segment, as the effects of the economic slowdown take effect.

The Minneapolis-based company says its second quarter net earnings of $10.3 million, or $0.36 a share, increased more than 140% compared to the prior-year period, well ahead of expectations. The company’s revenues for the second quarter totaled $210.2 million, down 3% compared to the second quarter of last year.

“And, I’m pleased to report that despite the economic slowdown, we are seeing growth in our architectural segment, our largest and strongest, as the construction industry continues to expand its use of our value-added glass and window products and services,” says Russell Huffer, Apogee chairman, president and chief executive officer.

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