Ply Gem’s Q2 results show sales gain with net loss
Ply Gem Holdings, Inc. announced mixed results for its fiscal second quarter, with a gain in net sales but a loss on the bottom line.
Net sales for the second quarter were $368.1 million, up 19.8% over last year’s $307.3 million. The company’s second quarter acquisitions of Gienow and Mitten accounted for approximately $37.5 million in sales.
Meanwhile, net income swung to a loss of $50.9 million, compared to from 2012 income of $5.3 million.
“Ply Gem’s sales continue to benefit from the recovery in new construction markets; however, demand for big-ticket repair and remodeling items has been sluggish and further compressed by unfavorable weather conditions during the first quarter that drove higher inventory levels within distribution channels, which resulted in lower demand for our products during April and May,” said Gary E. Robinette, Ply Gem’s president and CEO.
According to Robinette, Ply Gem expects long-term growth in tandem with the U.S. housing recovery, but short-term challenges exist in the form of meeting the increased demand with sufficient labor resources. The company launched a lean initiative earlier this year to provide greater manufacturing flexibility to help address this issue.
P&F Industries ramps up growth in Q2
P&F Industries, Inc. reported robust second quarter earnings, primarily due to a strong Tools segment and the recent entry of its Florida Pneumatic subsidiary into The Home Depot market.
Net revenue came in at $19.48 million for the quarter, a big jump up from year-ago figures of $15.24 million. Net income was $875,000, compared to last year’s $796,000.
"Despite the on-going sluggishness in the sectors of the economy we serve, during the second quarter of 2013, we were able to increase our revenue and pre-tax income 27.8% and 70.6%, respectively, compared to the second quarter of 2012," said chairman, CEO and president Richard Horowitz. "Our management teams throughout the organization remain focused on successfully expanding their presence in their respective markets, without sacrificing quality or customer service."
The company’s Tools segment experienced a 36.7% year-ago increase in revenue during the second quarter, which Horowitz mainly attributed to Home Depot sales. P&F’s Hardware segment went up 12.3% in revenue.
Melville, N.Y.-based P&F Industries, Inc. is a manufacturer of air-powered tools and residential hardware. Its subsidiaries include Continental Tool Group Incorporated, Countrywide Hardware Incorporated, Florida Pneumatic, Nationwide Industries Incorporated and Hy-Tech Machine Incorporated.
Gibraltar president Henning Kornbrekke plans year-end retirement
Henning Kornbrekke, president and COO of building products supplier Gibraltar Industries, is preparing for his planned retirement at the end of the year.
“I will look back at my 12 years with Gibraltar with a deep sense of satisfaction,” Kornbrekke said. “Not only have I had the honor to get to know and work with an extraordinarily talented and dedicated team, but I believe that working together we have put the company in a solid position to continue its tradition of growth, evolution and shareholder value creation. I look forward to continuing to work with my fellow team members in the upcoming months as we strive to position Gibraltar for profitable growth.”
Kornbrekke was at the helm of the company since 2004 after a two-year stint as president of its Building Products Group.
“Henning Kornbrekke has done an outstanding job as Gibraltar’s president and COO and has been a trusted confidant to me and a friend as well during the past twelve years,” said Brian J. Lipke, chairman and CEO. “His dedication and loyalty to the company during both the good times and challenging times are greatly appreciated. Henning’s years of service to Gibraltar leave a solid foundation along with a metrics-driven operational structure to build upon. We wish him good health and happiness during a richly deserved retirement.”
The board of directors will be searching for a replacement with the aid of Korn/Ferry International.