Why Shares of Apogee Enterprises Are Plunging Today
Shares of Apogee Enterprises (NASDAQ: APOG) fell more than 20% on Thursday morning after the architectural products and services provider reported weaker-than-expected third-quarter results and lowered full-year guidance. The company blamed lower volumes and some operating difficulties for the miss, but said it remains confident in its long-term outlook.
Apogee, which provides glass and aluminum framing systems and installation for commercial buildings, reported third-quarter earnings of $0.57 per share on revenue of $337.9 million, well below analyst expectations for $0.76 per share in earnings on sales of $360 million. Revenue was down in three of the company's four divisions, with customer delays on major projects and competitive issues related to the strong U.S. dollar blamed.
Image source: Apogee Enterprises.
Source Fool.com
