Boston, MA 08/11/2014 (wallstreetpr) – Ply Gem Holdings Inc (NYSE:PGEM) reported second quarter results wherein the net sales came at $409.2 million. It was up by 11.2% as compared to $368.1 million in 2Q2013. It reported the net sales of $12.3 million in its windows and doors segment. It was up by 7.3%. The sales from the stone segment surged 14.4% to $28.8 million.
The financial figures
The operating earnings came at $31.2 million as against $24.2 million in 2Q2013. It was inclusive of the initial public offering costs of $23.5 million. The adjusted EBITDA came at $44.3 million, up by 7.9% as compared to $41.1 million in 2Q2013. The earnings per share came at $0.17 as against the loss of $0.90 in the prior-year quarter. The sales were driven higher due to the acquisitions of Gienow and Mitten in the second quarter of 2013. It enhanced the sales by $24.0 million.
Lower operating earnings
The gross profit margin came at 21.4%. It was the rise of 120 basis points as compared to the second quarter of 2013. The improved pricing and the rise in average selling prices resulted in the expansion of gross profit margins. The operating earnings came at $31.2 million. It didn’t include the initial public offering costs of $23.5 million. The company incurred higher expenses due to the integration of the two separate facilities into one single unit.
The future outlook
Ply Gem Holdings Inc’s CEO and President, Gary E. Robinette said that the company was able to make up for the loss resulted from the severe winter weather conditions in the first quarter. The growth in net sales and profit margins is an indication that Ply Gem is on the right track. The focus stays on the strategic priorities to enhance gross profit improvements. The housing industry is expected to recover soon. With the sector growth, the company will be set to strengthen its position in the industry.