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Apogee lowers profit outlook as business slows

MINNEAPOLIS, Feb 19 (Reuters) - Apogee Enterprises Inc. , a maker of architectural and automotive glass products, on Wednesday lowered its earnings forecasts, citing sluggish construction demand and a competitive auto market.

Apogee cut its guidance for continuing operations in the fourth quarter to 10 cents to 12 cents per share, down from the 18 cents to 20 cents it forecast in December.

For full-year 2003, Apogee said it now expects to earn 85 cents to 87 cents a share, down from its December prediction of 93 cents to 95 cents. First-quarter earnings were projected at 4 cents to 10 cents a share, down from 12 cents to 14 cents previously forecast.

Apogee forecast 2004 earnings at the lower end of its previously expected range of 85 cents to 93 cents a share, provided architectural markets stabilize and begin to grow in the year's second half.

The company said it is implementing measures to cut costs and expenses in its architectural unit to offset the business slowdown. It also is reducing costs in its auto segment to withstand pricing pressures.

Shares of Apogee plunged 97 cents, or about 10.2 percent, to trade at $8.55 on Wednesday afternoon on the Nasdaq system.