RTTNews | Sep 21, 2021 07:05AM EDT

07:05 Tuesday, September 21, 2021 (RTTNews.com) - While reporting financial results for the second quarter on Tuesday, Apogee Enterprises, Inc. (APOG) provided adjusted earnings guidance for the full-year 2022, in line with analysts' estimates.

For fiscal 2022, the company now projects adjusted earnings in a range of $2.20 to $2.40 per share, compared to the previously expected earnings in a range of $2.20 to $2.40 per share.

This guidance includes $7 to $10 million of expected pre-tax costs related to investments in transformation initiatives.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $2.28 per share for the year. Analysts' estimates typically exclude special items

The company said it anticipates significant cost inflation through the remainder of the fiscal year, which it will work to mitigate through pricing actions, improved execution, and cost-savings measures.

For the second quarter, the company reported a net loss of $2.12 million or $0.08 per share, compared to net income of $17.66 million or $0.68 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.53 per share, compared to $0.73 per share in the prior-year quarter.

Revenues for the quarter grew 2.0 percent to $325.8 million from $319.5 million in the same quarter last year, led by growth in Architectural Services and Large-Scale Optical.

The Street was looking for earnings of $0.55 per share on revenues of $315.39 million for the quarter.

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