Why Apogee Rocketed 25% Higher Today
Shares of architectural products and services company Apogee Enterprises (NASDAQ: APOG) rallied 25.5% on Friday, as of 2 p.m. ET.
Apogee released second-quarter earnings today. Not only did the company beat expectations, but it also raised profit guidance for the rest of the year, even amid negative revenue growth. The news sent shares rallying to all-time highs.
Apogee makes high-end framing, glass, and protective acrylic building products, and also provides architectural services. But its main markets are in the non-residential space. So, it hasn't exactly had a great growth profile recently as non-residential construction has had a tough few years amid work-from-home trends and higher interest rates.
Source Fool.com
