Piper Jaffray Adjusts Apogee FY12 Sales Projection

Piper Jaffray is adjusting its Apogee Enterprises, Inc. APOG sales projection for FY12 upward “given the higher guidance management offered while slightly lowering our GM view for the year based on previously mentioned higher-than-expected transportation and material costs.” “The net effect remains slightly positive EPS for FY12,” Piper Jaffray writes. “Looking ahead we do believe conditions should improve much more significantly in FY13 as a result of improving architectural segment volumes and the resulting capacity utilization. Our FY13 estimates now call for 19.3% revenue growth with 19.6% gross margins.” Apogee Enterprises closed Wednesday at $12.61.