NCI Building Systems (NCS) Tops Q4 EPS by 4c, Beats on Revenues; Offers Guidance
NCI Building Systems (NYSE: NCS) reported Q4 EPS of $0.32, $0.04 better than the analyst estimate of $0.28. Revenue for the quarter came in at $488.7 million versus the consensus estimate of $478.88 million.
Fourth Quarter 2017 Financial and Operational Highlights:
- Sales rose 1.8% to $488.7 million for the quarter, compared to $480.3 million in the prior year\'s fourth quarter
- Gross profit for the quarter was $116.3 million or 23.8% of revenues, compared to $120.8 million or 25.2% of revenues in the prior year's fourth quarter
- Net income was $17.5 million for the quarter, compared to $19.0 million in last year\'s fourth quarter. Adjusted Net Income was $22.3 million this quarter, compared to $19.8 million in the prior year\'s fourth quarter
- Net income per diluted common share for the quarter was $0.25, compared to $0.27 in the prior year\'s fourth quarter. Adjusted Net Income was $0.32 per diluted common share, compared to $0.28 in the prior year's fourth quarter
- Adjusted EBITDA was $53.9 million or 11.0% of revenues for the quarter, compared to Adjusted EBITDA of $53.7 million or 11.2% of revenues in the prior year's fourth quarter.
- Repurchased over 2.6 million shares at an average purchase price of $14.73 per share using $37.6 million. For fiscal 2017, the Company repurchased 2.8 million shares at an average purchase price of $14.68
Total consolidated backlog increased to $545.6 million, up 5.8% year-over-year
For the period, the Company estimated the hurricanes negatively impacted sales by approximately $16.0 million, gross profit by approximately $8.3 million and Adjusted EBITDA by approximately $8.5 million
Cost Initiatives and Guidance
- The Company's two cost savings initiatives in manufacturing and ESG&A were ahead of schedule at the end of the fourth quarter. The Company is targeting an additional $40 - $50 million in cost savings reductions and efficiencies by the end of 2020.
- For the first quarter of fiscal 2018, NCI expects revenues to be in the range of $390 to $410 million and Adjusted EBITDA to be in the range of $24 to $34 million.
- The Company has provided additional detailed financial guidance in the quarterly supplemental presentation at www.ncibuildingsystems.com under the "Investors" section.
For earnings history and earnings-related data on NCI Building Systems (NCS) click here.