AFG Reports Sharp Gains in 2nd-Period Profit, Sales

AFG Industries Inc. in Irvine, a leading producer of specialty glass, reported Wednesday that its second-quarter net income nearly doubled to a record $9.2 million from $4.8 million. Revenue rose 36% to $103.4 million from $76.1 million.

The company had said last month that it expected to report a significant increase in second-quarter performance.

Earnings for the quarter included an after-tax gain of $1.5 million from the sale of stock in MeraBank, a Phoenix savings bank.

For the first six months, AFG’s net income jumped 69% to $15.2 million from $9 million earned in the same period last year. Revenue rose 28% to a record $188.5 million from $147.1 million.

R. D. Hubbard, AFG’s chairman, attributed the earnings and revenue gains to record demand for construction glass and expanded distribution capabilities.