Ply Gem, a leading manufacturer of siding, windows, doors and other exterior products, reported net sales of $294.5 million for its second fiscal quarter, a 2.4% drop from sales in the same quarter last year.
Excluding $2.7 million of buyback expense associated with a significant new customer win, second-quarter operating earnings were $28.5 million compared with $30.3 million for the second quarter of 2010.
In a prepared statement, company president and CEO Gary Robinette said he was satisfied with Ply Gem’s sales and adjusted EBITDA for both the second quarter and the first half of 2011. “Despite single-family housing starts being down 17% in the first half of 2011 as compared with the prior year, Ply Gem’s sales only showed a modest 2.2% decline, reflecting a significant new customer win and further demonstrating our ability to gain profitable market share,” Robinette said. “Given that market conditions for 2011 are expected to remain c