Ply Gem shares rise after Q2 earnings report
08/08/2014 10:34 AM
08/08/2014 10:35 AM
Ply Gem Holdings stock was up more than 10 percent in early trading Friday after the Cary company reported that net sales increased 11 percent in the second quarter.
Ply Gem’s net sales rose $41.1 million to $409.2 million, which was above the $406 million that was the consensus among analysts who cover the company, according to Bloomberg.
The company reported earnings per share of 17 cents, compared to a loss of 90 cents in the second quarter of 2013. Analysts had forecast earnings of 16 cents per share.
Ply Gem produces vinyl siding, windows and doors and other products for home exteriors.
“Despite the choppiness in U.S. single-family housing starts, we continue to demonstrate improvement in our operating performance and remain focused on our strategic priorities to drive further gross profit improvements,” CEO Gary Robinette said in a statement.
Ply Gem’s gross profit margins improved by 1.2 percent in the quarter, driven by better pricing and an increase in average selling prices.
Ply Gem, which employs more than 6,200 people in North America, raised $353.4 million in an initial public offering of stock in May 2013.
After rising initially after the IPO, Ply Gem's stock has been trading well below its offering price of $21. The shares were trading Friday morning at $9.97, up $1.33.
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