Strengthening recovery in the housing market nationwide drove Ply Gem's sales up nearly 11% to $268.6 million during the fourth quarter ended Dec. 31, 2012 from a year earlier as adjusted EBITDA inched upward by 4.3% to $24.7 million for the same period, the company reported March 15. Gross margins of 21.2% for the quarter showed a slight increased from the year-earlier period's 20.5%.
For the year, the Cary, N.C.-based exterior building-products maker reported adjusted EBITDA of $124.7 million, an increase of 11% from 2011, while sales rose 8.4% to $1.12 billion for the same period. Gross margins were 21.8% during 2012 compared with 20.3% during 2011.
Still, interest expenses drove the company to a $15.0 million net loss during the quarter, a slight dip from its $15.2 million loss during the year-earlier period. Higher sales in 2012, as well as a $27.4 million loss recorded in paying off debt or modifying its loan agreements in 2011 compared to $3.6 million in 2012, helped the company cut its year-end operating loss by more than one-half from 2011, posting a $39.0 million loss in 2012 from a loss of $84.5 million a year earlier.
"As we go into 2013, we expect the new-home construction market to show strong growth and anticipate the repair and remodeling market to demonstrate more modest growth, with big ticket remodeling expenditures continuing to lag," Gary Robinette, Ply Gem CEO and president, said in a statement.