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.”