Apogee Looks to Acquisitions for Long-Term Growth
Apogee Enterprises (NASDAQ: APOG) has had to deal with a sluggish construction market over the past several years in its efforts to foster faster growth in its architectural glass and framing divisions, which make up a substantial part of its overall business. In response, Apogee has sought to amplify future increases in sales by turning to the merger and acquisition arena, making several strategic purchases to try to expand and take advantage of new opportunities in the industry.
Coming into Tuesday's fiscal second-quarter financial report, Apogee investors were prepared to see falling earnings, but they wanted evidence of strong sales growth along with signs that the company's merger-based strategy would work out well. Apogee's results were once again mixed, as we've seen in past quarters, and investors seem uncertain about whether the company is truly taking maximum advantage of the current environment. Let's take a closer look at what Apogee Enterprises said and what's ahead for the rest of the year and beyond.
Image source: Apogee Enterprises.
Source: Fool.com