Ply Gem Enjoys a Solid Second Quarter

August 11th, 2015 by Editor

Ply Gem’s second-quarter earnings exceeded Wall Street’s estimates by a wide margin.

The company reported earnings per share on Monday of 49 cents, compared with 14 cents per share in the second quarter of 2014. Most analysts predicted earnings of around 33 cents per share, according to Sleek Money.

Net sales increased $93.1 million, or 23%, to $502.3 million compared to $409.2 million for the second quarter of 2014. Ply Gem’s acquisition of Simonton, which was completed during the third quarter of 2014, drove a net sales increase of $86.5 million during the second quarter of 2015.

“I am pleased with our second quarter performance as both business segments made substantial contributions to adjusted EBITDA,” said Gary E. Robinette, Ply Gem’s chairman and CEO, in a statement. “While extreme winter weather caused a slow start to the spring building season, volumes rebounded nicely and allowed us to deliver the fifth consecutive quarterly year-over-year growth of both net sales and adjusted EBITDA. While we anticipate the housing market to continue experiencing near-term choppiness, we remain encouraged by the macro-economic trends that support the long-term recovery of the housing industry and Ply Gem is well positioned to participate in the recovery.”

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