Ply Gem cut its net loss by almost $6 million in the third quarter from the year-earlier period to reach $458,000, the company announced today. Net sales at the exterior building products manufacturer increased by 11% to hit $297.9 million in the quarter ended Oct. 1.
The Cary, N.C.-based company reported growth of almost $3 million in gross profit to $65.8 million. Adjusted EBITDA--which the company defines as net income or loss plus interest expense (net of interest income), provision or benefits for income taxes, depreciation and amortization, non-cash foreign currency gain or loss, customer inventory buybacks, restructuring and integration costs, and gain or loss on modification or extinguishment of debt--fell just under $1 million to $39.4 million. Operating earnings increased 2% to $25.1 million.
"Market conditions for the U.S. home building and remodeling industry have remained challenging throughout 2011," said president and CEO Gary Robinette. "As such, Ply Gem continues to focus on gaining profitable market share while maintaining tight control over operating expenses and maximizing cash flow."
Ply Gem manufactures a number of residential exterior building products including vinyl siding, designer accents and skirting, vinyl fencing, vinyl and composite railings, and stone veneer. It also produces vinyl windows and doors for both new construction and remodeling in the U.S. and Canada. Some of the company's brands include Mastic Home Exteriors, Variform, Ply Gem Stone, and DuraBuilt, and are sold through two-step distributors, professional dealers, and big box retailers.