NEW YORK (TheStreet) -- Shares of Apogee Enterprises(APOG) - Get Report closed higher by 9.23% to $45.33 on heavy trading volume Thursday after the glass products company reported better-than-expected earnings for the 2017 fiscal first quarter.
After yesterday's market close, the Minneapolis-based company reported earnings of 61 cents per share, handily beating analysts' expectations of 49 cents per share.
Revenue increased 3% to $247.9 million from last year and was slightly above analysts' estimates of $247.2 million.
For fiscal 2017, Apogee now sees earnings per share between $2.70 and $2.85, up from its previous view of $2.65 to $2.80.
Analysts are modeling earnings of $2.72 per share.
D.A. Davidson maintained its "buy" rating on the stock following the results.
"Operating margin increased 300bp year-over-year and was solidly above our estimates for the architectural segments. Relative to our forecasts, lower glass sales were anticipated though were more than offset by stronger services and framing systems contributions," the firm wrote in an analyst note earlier today.
About 1.2 million of the company's shares changed hands today vs. its average volume of 250,418 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: APOG