Ply Gem Holdings reports sales growth in 2010
Cary, N.C.-based exterior products manufacturer Ply Gem Holdings posted 2010 sales of $995.9 million, up 4.7% from 2009.
Net income for the full year ended Dec. 31, 2010, was $27.7 million, compared with a loss of $76.8 million in the prior year.
“Ply Gem’s fourth-quarter and full-year results continue to reflect the challenging conditions that exist in the housing market today. Despite these challenging market conditions, Ply Gem’s operating performance improved in 2010 with demonstrated sales growth, improved operating earnings and increased Adjusted EBITDA,” said Gary E. Robinette, president and CEO of Ply Gem.
For the quarter, sales were $220.5 million, up from $214.6 million in the same quarter last year. The company posted a fourth-quarter loss of $19.6 million, compared with a loss of $17.6 million in the prior-year quarter.
Chinese hardwood flooring slapped with duty
An unfair-competition complaint by U.S manufacturers has led to preliminary duties on multilayered wood flooring from China.
The Commerce Department Tuesday announced a 27.01% duty rate on multilayered flooring imports — a move described as a preliminary decision, based on evidence of Chinese subsidies.
Facing what they called unfair competition, a group of hardwood flooring suppliers formed the Coalition for American Hardwood Parity (CAHP) in October and filed an unfair trade petition regarding imported engineered wood flooring from China.
Existing-home sales decline in February
After three consecutive months of existing-home sales increases, the National Association of Realtors reported a 9.6% drop in completed transactions for February.
The NAR’s existing-home sales figure fell to a seasonally adjusted annual rate of 4.88 million, compared to 5.40 million in January. The February pace is 2.8% below the February 2010 pace of 5.03 million.
“Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers,” said Lawrence Yun, NAR chief economist. “This tug and pull is causing a gradual but uneven recovery. Existing-home sales remain 26.4% above the cyclical low last July.”
The NAR also reported that the national median existing-home price for all housing types was $156,100 in February, down 5.2% from February 2010.