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 fourth quarter and year ended December 31, 2013.
Fourth Quarter 2013 Highlights
- Total net sales for the fourth quarter increased 23.9% to $332.9 million.
- Net sales in our Windows and Doors segment increased 31.5% while the Siding, Fencing and Stone segment increased 17.7%.
- Adjusted operating earnings decreased $8.7 million to $3.2 million compared to the fourth quarter 2012.
- Adjusted EBITDA was $16.0 million compared to $25.1 million for the fourth quarter of 2012.
2013 Year End Highlights
- Total net sales for 2013 increased 21.8% to $1,365.6 million.
- Net sales in our Windows and Doors segment increased 35.5% while the Siding, Fencing and Stone segment increased 12.1%.
- Adjusted operating earnings decreased $8.6 million to $63.1 million compared to 2012.
- Adjusted EBITDA was $117.5 million compared to $127.3 million for 2012.
“Despite an uneven recovery in the U.S. housing market, our 2013 sales reflect the positive impact of our acquisitions of Gienow and Mitten, which were completed during our second quarter, as well as, a significant increase in demand for our U.S. new construction window products during the first half of the year. However, the market experienced a pull-back that began during the third quarter and intensified during the fourth quarter due to severe weather, compounded by the continued lag in demand for our higher profit margin big ticket repair and remodeling products," said Gary E. Robinette, Ply Gem's President and CEO.Fourth Quarter 2013 Financial Results Net sales totaled $332.9 million, up $64.3 million, or 23.9%, compared to $268.6 million for the fourth quarter of 2012. Excluding the impact of the acquisitions of Gienow and Mitten, net sales increased $8.9 million or 3.3%. Our organic sales were relatively stable for the fourth quarter despite all of our businesses experiencing a decline in demand during the last five weeks of the year. We believe the decrease in demand was largely driven by severe winter weather and a pull-back in the new construction housing market.