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.
Revenues for Apogee's architectural segment grew 6% to $120.0 million, as its operating income increased 50% to $9 million. This strong growth was due to a combination of increased revenue, more efficient and effective operations and a higher-margin product mix. The architectural segment backlog held at $190.4 million, up 7% from a year ago. The company is monitoring the backlog in this segment, as it has experienced some minor project delays.
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