NEW YORK (TheStreet) -- Shares of Apogee Enterprises(APOG) - Get Report were slipping in late morning trade on Thursday despite the company posting strong results for the 2017 fiscal second quarter and a higher earnings view for the year.
After Wednesday's market close, the Minneapolis-based glass technology company reported earnings of 77 cents per share which topped analysts' estimates of 67 cents per share.
Revenue for the quarter gained 16% year-over-year to $278.5 million and beat Wall Street's projections of $268.05 million.
For the fiscal year 2017, Apogee expects earnings in the range of $2.80 per share to $2.90 per share, higher than its prior outlook of $2.70 to $2.85.
Analysts are looking for earnings of $2.83 per share for the year.
The company is projecting year-over-year revenue growth of approximately 10%.
Apogee stock surged over 6% in after-hours trade Wednesday on the report.
About 1.1 million shares of Apogee have traded so far on Thursday vs. the 30-day average volume of about 186,000 shares.
Separately, 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.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
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 reasonable valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: APOG