Apogee Enterprises Inc (NASDAQ:APOG) reported shares skyrocket early Thursday, on second-quarter financial numbers.
The Minneapolis-based company reported Q2 revenue was $319.5 million, compared to $357.1 million in the second quarter of fiscal year 2020, reflecting COVID-19 and market related volume declines in three of the company’s segments.
Earnings were $0.67 per diluted share, compared to $0.72 per diluted share in the prior year period, reflecting the lower revenue, partially offset by cost savings and improved productivity. Adjusted earnings were $0.73 per diluted share, compared to $0.72 in the prior year. Adjusted results excluded $2.3 million of pre-tax costs related to COVID-19 and acquired project matters.
According to CEO Joseph Puishys, "Our team turned in impressive results in the second quarter, delivering adjusted earnings growth despite a challenging economic situation.
"As we forecasted last quarter, each of our four segments delivered increased revenue and profitability in the second quarter compared to the first quarter. Large-Scale Optical recovered sharply from the first quarter, returning to profitability, and we benefited from strong execution and effective cost and cash management across our business."
Fiscal year-to-date, the company has returned $14.5 million to shareholders through dividend payments and share repurchases. The company did not repurchase any stock in the second quarter.
Shares leaped $1.18, or 5.7%, to $21.91.
