Ply Gem Net Sales Grow in Second Quarter 2013August 14th, 2013 | Category: Industry News
Cary, N.C.-based Ply Gem Holdings, Inc. has announced financial results for the second quarter and six months ended June 29, 2013.
Ply Gem reports net sales for the second quarter as $368.2 million, which it says is higher than 2012 second quarter net sales of $307.3 million by 19.8 percent. Additionally, its second quarter acquisitions of Gienow in April and Mitten in May provided net sales of $37.5 million from the acquisition dates through June 29. The company’s second quarter 2013 adjusted EBITDA was $41.1 million compared to an adjusted EBIDTA of $45.1 million during the second quarter of 2012.
“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,” says Gary E. Robinette, Ply Gem’s president and CEO.
“The expected recovery in the U.S. housing market represents significant growth opportunity for Ply Gem, however it also brings near-term challenges primarily in the form of labor resource requirements to meet increasing market demand,” he adds. “Recognizing this challenge, earlier this year we launched our enterprise lean initiative that when completed will provide greater manufacturing flexibility.
“In regards to our two recently completed acquisitions of Gienow and Mitten, both of these businesses complement Ply Gem’s existing portfolio of products while expanding our North American footprint. I expect each of these strategic acquisitions to yield meaningful synergies and growth opportunities, while enhancing Ply Gem’s future sales and earnings performance,” says Robinette.