Cornerstone Building Brands (CNR) Misses Q4 EPS by 9c

Cornerstone Building Brands (NYSE: CNR) reported Q4 EPS of $0.06, $0.09 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.18 billion.

Outlook

First-Quarter 2021 Guidance

• The first quarter of fiscal 2021 will have three fewer ship days; 64 ship days as compared to 67 ship days in the first quarter of 2020
• The Company expects net sales to be between $1,195 million and $1,240 million as a result of:
• Strong single-family housing end-market momentum; expect double digit growth in residential businesses over prior year
• Improving non-residential end-markets
• Gross Profit is anticipated to be between $250 million and $265 million.
• Adjusted EBITDA1 is expected to be between $110 million and $125 million based on the following assumption:
• Disciplined price leadership to more than offset increasing raw material costs

Additional Fiscal Year 2021 Guidance

• Cost savings initiatives of $75 million to $80 million
• Return of near-term costs of approximately $20 million to $30 million
• Capital spending is projected to be approximately 2.5% of net sales
• Cash interest expense is expected to be approximately $215 million
• Cash tax rate expected to be approximately 30%
• Expect to improve net debt leverage by 3/4 to one turn

For earnings history and earnings-related data on Cornerstone Building Brands (CNR) click here.

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