NCI Building Systems (NCS) Misses Q2 EPS by 4c, Comments on Outlook
NCI Building Systems (NYSE: NCS) reported Q2 EPS of ($0.07), $0.04 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $305.8 million versus the consensus estimate of $313.2 million.
"Although our performance in the first half of fiscal 2014 was significantly impacted by severe winter weather, our bookings and backlog have continued to improve both sequentially and as compared to last year, both in volumes and in expected margins. The level of inquiries is solid and legacy component sales for commercial and industrial application, a harbinger of the last cyclical recovery, are growing at a double digit pace. Also, the recent realignment of manufacturing operations is resulting in measurable improvement, especially in our Buildings group."
"As we mentioned in our first quarter earnings release, we historically generate approximately 60% to 90% of our annual EBITDA in the second half of the year and we currently anticipate that our second half results will reflect this pattern. We continue to expect mid-single digit growth in low rise new nonresidential starts for our fiscal 2014," Mr. Chambers concluded.
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