Strength in the construction sector boosted Bloomington-based Apogee Enterprises' first-quarter earnings.
Revenue for the quarter ended June 1 rose 6 % to $355.4 million. Earnings rose nearly a half-percentage point to $15.44 million, or 58 cents a share. Adjusted for one-time items, earnings were 60 cents a share, beating estimates by 4 cents.
The company, which made the exterior building glass for U.S. Bank Stadium and the World Trade Center, saw increased demand during the quarter for its largest products — architectural glass and architectural framing systems. At the same time, revenue from its smallest division — architectural services — fell 8 %.
"We had a solid start to our fiscal year in the first quarter with good progress toward achieving our full-year goals," said CEO Joseph Puishys in a statement. "Conditions in our end-markets remain healthy, which helped us deliver another quarter of top-line growth and increased backlog."
Puishys said Apogee expects to spend $60 million to $65 million in capital expenditures this fiscal year.
It also expects full-year revenue to grow 1 to 3 % beyond the $1.4 billion achieved in fiscal 2019. Earnings per share are expected to reach $3 to $3.20.
Puishys told analysts during a conference call that strong construction trends should continue.
He noted that the U.S. economic recovery is approaching a historic 10-year stretch, but he said commercial construction represented only half that success.
