Shares of Apogee Enterprises rose sharply after the provider of architectural materials, including exterior glass, boosted its guidance for the current fiscal year, citing better-than-expected earnings from its fiscal second quarter.
The company said Tuesday it raised its fiscal 2027 outlook thanks to its stronger-than-expected first-half performance and recent acquisitions of Kalwall, a transcluent daylighting solutions company, and glass manufacturer Groglass.
Apogee Enterprises now anticipates net sales to range from $1.46 billion to $1.5 billion in fiscal 2027, up from a previous guidance of $1.38 billion to $1.43 billion. Adjusted earnings are now projected to range from $3 to $3.40 a share, above a prior outlook of $2.70 to $3.25.
Shares of Apogee Enterprises gained 20.3% to $42.89 in premarket trading Tuesday. The stock has declined 2.1% this year.
In the second quarter, Apogee Enterprises posted adjusted earnings of $1.17 a share, well above Wall Street’s calls for 59 cents, on revenue of $391.1 million, topping analysts’ estimates of $362.6 million. Revenue grew 9.2% from the year before.
Apogee Enterprises, based in Minneapolis, makes and installs the outer glass, metal framing, and windows for commercial buildings. The company is known for supplying the high-performance exterior glass for the One World Trade Center in New York City.