Ply Gem sales up 33.1% in Q3
Ply Gem Holdings, Inc. released financial results for the third quarter ended Sept. 28, 2013, which highlighted a year-over-year transition into the black for the company in terms of its net income.
Net sales also received a hearty boost of 33.1% compared to the third quarter of 2012, increasing to a total of $407.4 million. The growth was even sharper for the Windows and Doors segment, which increased by 41.8%. Net sales for Siding, Fencing and Stone grew 26.9%.
That said, the acquisitions of Gienow and Mitten factored heavily into the robust growth. With the impact of these acquisitions excluded, net sales increased 9.9%, Windows and Doors grew 16.6% and Siding, Fencing and Stone was up 5.2%.
Meanwhile, net income came in at positive growth of $16.9 million, compared to 2012's third-quarter loss of $3.7 million.
“Ply Gem continued to execute during the third quarter as the new construction market drove further demand for our products while channel inventory levels improved," said president and CEO Gary E. Robinette. “The housing market recovery is still in the early stages, however, I am encouraged by the favorable trends in the market and the significant demand it is creating for our products. Our expectation is that the housing market will continue its recovery into 2014 and 2015, and I remain confident in Ply Gem’s ability to capitalize on the market recovery. We remain focused on executing our strategic initiatives and solidifying our position as a leading building products manufacturer."
Robinette also added that revenue growth led by the Windows and Doors segment has resulted in the addition of extra labor resources intended to scale operations to meet the demand.