Ply Gem Holdings, Inc. (“Ply Gem” or the “Company”) (NYSE: PGEM), a leading manufacturer of exterior building products in North America, today announced financial results for the third quarter and nine months ended September 28, 2013.
Third Quarter 2013 Highlights
- Net sales of $407.4 million increased by 33.1% or $101.2 million over the third quarter 2012. Net sales for the Windows and Doors segment grew by 41.8% while the Siding, Fencing and Stone segment increased 26.9%.
- Operating earnings increased by 27.0% or $7.7 million to $36.2 million compared to the third quarter 2012 after adjusting for $5.3 million of one-time charges.
- Adjusted EBITDA was $48.3 million compared to $41.6 million for the third quarter of 2012, an increase of 16.2%.
“Ply Gem continued to execute during the third quarter as the new construction market drove further demand for our products while channel inventory levels improved. We experienced strong revenue growth led by our Windows and Doors segment. As a result, we are continuing to add labor resources to scale our operations in order to satisfy customer demand. Importantly, as we complete the implementation of our enterprise lean initiatives, we anticipate experiencing productivity improvements. In addition, demand for our vinyl siding product, which is more closely aligned with the repair and remodeling market, showed improvement as compared to the third quarter of 2012," said Gary E. Robinette, Ply Gem's President and CEO.
Third Quarter 2013 Financial Results
Net sales totaled $407.4 million, up $101.2 million, or 33.1%, compared to $306.2 million for the third quarter of 2012. Excluding the impact of the acquisitions of Gienow and Mitten, net sales increased $30.4 million or 9.9%. The sales improvement reflects the continued housing market recovery along with continued market penetration in both our Siding, Fencing and Stone segment, in which organic sales increased 5.2%, and our Windows and Doors segment, which increased 16.6%.