Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of glass maker Apogee Enterprises
So what: Apogee's second-quarter earnings -- EPS of $0.18 versus the consensus of just $0.09 -- and full-year outlook was so impressive that analysts have no choice but to raise their price targets, yet again. In fact, the backlog at Apogee's architectural segment now stands at $299 million, versus $229 million in the year-ago period, providing Wall Street with decent visibility into its earnings growth going forward.
Now what: Management now sees full-year EPS of $0.56 to $0.64, up nicely from its prior view of $0.48 to $0.58. According to CEO Joseph Puishys:
I believe that our focus on operational improvements, new geographies, new products and new markets will continue to deliver improving top- and bottom-line results during fiscal 2013 and beyond. Apogee has significant opportunities to grow domestically and internationally.
Of course, with the stock hitting yet another new high today, and trading at a 60+ P/E, much of that optimism might already be baked into the price.
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