Ply Gem Holdings, Inc. announced mixed results for its fiscal second quarter, with a gain in net sales but a loss on the bottom line.
Net sales for the second quarter were $368.1 million, up 19.8% over last year's $307.3 million. The company's second quarter acquisitions of Gienow and Mitten accounted for approximately $37.5 million in sales.
Meanwhile, net income swung to a loss of $50.9 million, compared to from 2012 income of $5.3 million.
“Ply Gem's sales continue to benefit from the recovery in new construction markets; however, demand for big-ticket repair and remodeling items has been sluggish and further compressed by unfavorable weather conditions during the first quarter that drove higher inventory levels within distribution channels, which resulted in lower demand for our products during April and May,” said Gary E. Robinette, Ply Gem's president and CEO.
According to Robinette, Ply Gem expects long-term growth in tandem with the U.S. housing recovery, but short-term challenges exist in the form of meeting the increased demand with sufficient labor resources. The company launched a lean initiative earlier this year to provide greater manufacturing flexibility to help address this issue.