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