NCI Building Systems 3Q Profit Drops Sharply

HOUSTON (AP) — Building components maker NCI Building Systems Inc. said on Wednesday that its third-quarter profit dropped to about $4 million, a fraction of its earnings during the same period last year.

The company said it earned 20 cents per share during the quarter that ended Aug. 2, after earning $31.9 million, or $1.63 per share, during the quarter that ended July 27, 2008. Revenue was halved to $238.4 million, from $477.6 million a year ago.

The company said the results included a $1.2 million restructuring charge for severance and plant closings. Not counting that charge, it would have earned $4.8 million, or 25 cents per share.

Three analysts surveyed by Thomson Reuters were expecting a profit of 11 cents per share, although the estimates included one prediction of a profit of 29 cents per share and another who expected a loss of 9 cents per share.

Still, the results were a huge improvement over the $120.2 million loss reported in this year's second quarter. The company said it has faced a significant decline in commercial and industrial construction compared with a year ago.