NCI Building Systems (NCS) Tops Q4 EPS by 1c, Sales Miss
NCI Building Systems (NYSE: NCS) reported Q4 EPS of $0.19, $0.01 better than the analyst estimate of $0.18. Revenue for the quarter came in at $392.4 million versus the consensus estimate of $425.2 million.
"Despite a 40% year-over-year decline in Adjusted EBITDA for our first half, and slow second half market growth of just 2.2% in new construction starts for low-rise buildings, as measured in square feet, we achieved meaningful full year financial improvement. Commercial discipline combined with the recent realignment of manufacturing operations are driving top line growth and margin expansion across each of our business units as we continue to deliver high quality products and service. As our strategic initiatives continue to gain traction we expect the level of profitability we achieved in our second half to continue into 2015.
"We are encouraged that our bookings and backlog trends continue to suggest a broadening recovery in our non-residential construction markets. Notably, in November, the first month of fiscal year 2015, our backlog increased 11% year-over-year and bookings showed 27% growth over the same period last year. Although the recent decline in oil prices may create a slight headwind for our brands that operate in the oil and gas segment, historically the segment has accounted for less than 5% of our consolidated annual revenue. The anticipated addition of CENTRIA to the NCI family, as well as our continuing focus on manufacturing excellence and brand execution further strengthens our position to maintain our value pricing and accelerate our improving financial performance into 2015," Mr. Chambers concluded.
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