Thursday, September 20, 2012

Apogee Enterprises (NASDAQ:APOG) & Adobe (NASDAQ:ADBE) Are Today’s Top Movers

Apogee Enterprises, Inc.(NASDAQ:APOG) reported a net profit for the second quarter, sending its shares up more than 15.50 percent in early trades.

Higher revenues and lower costs contribute to its profitability, the company said on Wednesday.

Apogee reported net income of $5.06 million, or 18 cents per share, for the quarter ended Sept. 1. That compares with a loss of $1.68 million, or 6 cents per share, in the comparable period last year.

Analysts' consensus forecast called for earnings of 9 cents per share.

Quarterly revenue rose 6 percent to $175.9 million from $165.6 million a year earlier.

Revenues from the architectural products and services segment contributed revenues worth $156.4 million, up 5 percent on year.

The management raised its fiscal 2013 earnings per share outlook to a range of 56 cents to 64 cents, up from a range of 48 cents to 58 cents. Analysts have forecast full-year earnings of 56 cents per share.

Meanwhile Adobe Systems Incorporated(NASDAQ:ADBE)reported 58 cents a share earnings for the third quarter, meeting forecasts. For the current quarter, the company has forecast earnings to range from 53 cents to 58 cents a share on revenue of $1.075 billion to $1.125 billion.

That's below analysts' average estimate of fourth-quarter earnings of 67 cents per share on revenue of $1.2 billion.

Analysts expect that the company's new cloud subscription service launched in the quarter will hurt its growth prospects in the short term.

Adobe shares rose 1.65% in early hours to $33.67.

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