Ply Gem Reports 2011 Net Sales Increase; Decrease in Operating IncomeMarch 20th, 2012 by DWM Magazine
In announcing its financial results for the fourth quarter and full year ended December 31, 2011, Ply Gem Holdings reported a 3.9 percent increase in net sales for 2011, which were $1,034.9 million. This was$39.0 million higher than 2010 net sales, which were $995.9 million. Operating earnings for 2011 decreased by $11.9 million to $44.9 million compared to operating earnings of $56.8 million for 2010. Adjusted EBITDA also decreased and was $112.2 million compared to $120.6 million in 2010.
“Ply Gem’s fourth quarter and full year results continue to reflect the challenging conditions that exist in the housing market today. During 2011, Ply Gem’s performance improved with net sales growth of 3.9 percent compared to 2010 despite single-family housing starts declining approximately 7.9 percent from 2010,” says Gary E. Robinette, president and CEO of Ply Gem. “Ply Gem continued to demonstrate its ability to grow with existing and new customers that will further benefit the company as the housing market recovers. Ply Gem also reported an improvement in its fourth quarter Adjusted EBITDA which improved from $22.1 million in 2010 to $23.7 million in 2011, an increase of 7.3 percent.”
He continues, “Our fourth quarter 2011 sales were up 9.9 percent over the same period in 2010 and sales for the first two months of 2012 have been even stronger relative to the same period in 2011, however it is still too early to tell how much of the positive performance may be attributable to the favorable weather conditions that have been experienced across much of the country. As such, we will continue our focus on maintaining a lean overall cost structure while striving to outperform the market across all of our product categories.”
Read the full report here.