US glass and wall panel maker Apogee Enterprises Inc., facing challenges in different glass businesses, said it expects losses in its third and fourth quarters and profit in its fiscal year ending in …
US glass and wall panel maker Apogee Enterprises Inc., facing challenges in different glass businesses, said it expects losses in its third and fourth quarters and profit in its fiscal year ending in February. The Minneapolis company said it expects a third-quarter loss from continuing operations in the range of 15 to 20 cents a diluted share, a “slight” fourth quarter loss and a year profit from continuing operations from 10 to 16 cents a share. It cited weak conditions in the auto glass operations of its glass services unit and slower than expected production ramp-up by some of its glass technologies businesses, but noted it expects big improvements in fiscal 2001. The company earned a profit of 71 cents a share in its last fiscal year ended in February 1999. Apogee“s third and fourth quarters end in November and August respectively. “Our reduced earnings expectations are especially disappointing given the strong demand in our glass technologies businesses,” said Russell Huffer, Apogee“s chairman, president and chief executive officer. “Demand is strong in glass technologies, but our execution at Viracon and Viratec has not met our expectations.” He said results should improve significantly in fiscal 2001. The company is realigning some senior management and cutting costs to help shore up results.