Ply Gem, a leading manufacturer of siding, windows, doors and other exterior products, reported net sales of $294.5 million for its second fiscal quarter, a 2.4% drop from sales in the same quarter last year.
Excluding $2.7 million of buyback expense associated with a significant new customer win, second-quarter operating earnings were $28.5 million compared with $30.3 million for the second quarter of 2010.
In a prepared statement, company president and CEO Gary Robinette said he was satisfied with Ply Gem’s sales and adjusted EBITDA for both the second quarter and the first half of 2011. “Despite single-family housing starts being down 17% in the first half of 2011 as compared with the prior year, Ply Gem’s sales only showed a modest 2.2% decline, reflecting a significant new customer win and further demonstrating our ability to gain profitable market share,” Robinette said. “Given that market conditions for 2011 are expected to remain challenging, Ply Gem will continue to focus on maintaining a lean overall cost structure, while maximizing cash flow and striving to outperform the marketplace in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers."
Headquartered in Cary, N.C., Ply Gem produces a product line of vinyl siding, designer accents and skirting, vinyl fencing and vinyl and composite railing, stone veneer and vinyl windows and doors used in both new construction and home repair and remodeling in the United States and western Canada. The company also manufactures aluminum-clad windows, steel, fiberglass and patio doors. Its products are sold through two-step distributors, pro dealers, home improvement dealers and big-box retailers.