This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ply Gem Reports Third Quarter 2013 Results

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%.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs