Sales rise, losses narrow at Ply Gem
Ply Gem Holdings, a maker of siding, fencing, doors, windows and other exterior products, reported third-quarter net sales of $297.9 million, a 10.5% hike over sales of $269.5 million in the same quarter last year.
The Cary, N.C., company posted a net loss of $458,000 for the third fiscal quarter, which ended Oct. 1. This compares with a net loss of $6.4 million in the corresponding quarter of fiscal 2010. Third-quarter operating earnings were $25.1 million compared with $24.6 million for the third quarter of 2010.
Gary Robinette, president and CEO, said in a prepared statement: “Market conditions for the U.S. home-building and remodeling industry have remained challenging throughout 2011. As such, Ply Gem continues to focus on gaining profitable market share, while maintaining tight control over operating expenses and maximizing cash flow. Despite single-family housing starts being down 12.7% in the first nine months of 2011 as compared with the prior year, Ply Gem’s sales increased 2.2%, reflecting new customer wins and further demonstrating our ability to gain profitable market share.”
PPG launches zero-VOC commercial line
PPG Industries, one of the leading manufacturers of paint and architectural coatings, has released a line of zero-VOC (volatile organic compound) paint for the commercial market. Speedhide, an existing line, will now offer Speedhide zero interior paint as a one-stop solution for contractors, building owners and facility managers looking for durability, affordability and long-lasting performance, according to the company.
Speedhide zero paint contains no ethylene glycol and zero VOCs, making it the first Speedhide product to comply with Greenguard Environmental Institute (GEI) emissions standards. The product’s low odor enables contractors to paint in occupied spaces with little disruption to everyday activities. The product is recommended for use on drywall, plaster, masonry, wood and metal surfaces. It is available in primer, flat, eggshell and semi-gloss finishes, in a variety of bases,
Speedhide zero paint is available nationwide at PPG Pittsburgh Paints and PPG Porter Paints retail locations and independent dealers.
Housing permits continue to fall in Canada
Building permits in Canada decreased 4.9% in September 2011 compared with August, marking the third consecutive monthly decline, according to Statistics Canada, the government’s national database. Permit activity fell in six provinces, led by British Columbia and Alberta.
The decline nationally was mainly attributable to both the residential and non-residential sectors in British Columbia and the non-residential sector in Alberta. Building permits increased in Ontario, Manitoba, Saskatchewan and Nova Scotia.
In the residential sector, however, building permit activity declined 1.0% to C$3.6 billion, following a 6.0% drop in August. The value of permits declined in six provinces, led by British Columbia.
Municipalities issued C$1.4 billion worth of building permits for multi-family dwellings in September, down 2.5% from August and the second consecutive monthly decline. British Columbia accounted for much of the decrease, followed by Quebec. Increases were posted in four provinces, the largest of which was in Ontario.
The value of building permits for single-family dwellings edged down 0.1% to C$2.2 billion, following a 4.0% decrease in August. Declines in the single-family dwelling permit activity in seven provinces, led by British Columbia and Nova Scotia, more than offset gains in Alberta, Quebec and Manitoba.
In the non-residential sector, the value of permits fell 11.0% to C$2.0 billion in September, a third consecutive monthly decline. Alberta, British Columbia and Ontario accounted for much of the monthly decline at the national level. Non-residential permits rose in five provinces, led by Saskatchewan and Quebec.
The value of commercial building permits edged down 0.5% to C$1.3 billion in September, after falling 19.6% the previous month. Lower construction intentions for a wide variety of commercial buildings in most provinces were behind the declines. However, the decreases were partly offset by combined gains in office buildings and recreational facilities, primarily in Ontario.
In the institutional component, municipalities issued permits worth C$368 million, down 40.8% from August and the second consecutive monthly decrease. This was the component’s lowest level since January 2011. Institutional construction intentions fell in seven provinces. The largest decreases were in building permits for educational institutions in Ontario and British Columbia and medical facilities in Alberta.
Canada’s economy is also suffering from rising unemployment, as the nation shed a net 54,000 jobs in October, its biggest monthly drop since the beginning of the global recession.