Ply Gem Holdings (PGEM) Misses Q2 EPS by 5c, Slight Beat on Revenues; Offers 3Q & FY17 Adj. EBITDA Outlook
Ply Gem Holdings (NYSE: PGEM) reported Q2 EPS of $0.44, $0.05 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $544.8 million versus the consensus estimate of $543.63 million.
- Net sales increased 6.7% to $544.8 million for the second quarter.
- Operating earnings increased $3.9 million to $66.1 million for the second quarter.
- Net income was $29.9 million for the second quarter.
- Adjusted EBITDA increased to $81.1 million or 5.4% for the second quarter.
The Company’s 2017 annual outlook is based on a U.S. single family housing starts market growth assumption of 5% to 10% in our markets and an assumption of approximately 3% growth in the U.S. big ticket repair and remodel market.
“As we enter into the seasonally important third quarter, we look forward to capitalizing on the momentum we’ve built during the first half of 2017,” said Mr. Robinette. “As the housing market in the U.S. continues to recover and we get on the positive side of commodities, Ply Gem is well positioned to drive profitable growth and generate meaningful operating leverage, earnings and cash flow. For the remainder of 2017, we expect our full year 2017 adjusted EBITDA to be in the range of $250 to $255 million and our third quarter adjusted EBITDA to be in the $82.5 million range.”
For earnings history and earnings-related data on Ply Gem Holdings (PGEM) click here.