Thursday, September 20, 2012

Top 2 News: Apogee Enterprises (NASDAQ:APOG) & Adobe Systems (NASDAQ:ADBE)

Apogee Enterprises, Inc.(NASDAQ:APOG) reported a net profit for the second quarter, sending its shares up more than 12 percent in after-hours 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 fell 0.7 percent in after-hours trading to $32.90, after closing up 1.69 percent at $33.12.

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