Volume 13, Issue 8 - October 2012

Financial News

PGT Reports Sales Increase for 2012 Second Quarter

PGT Inc. reported that for the second quarter ended June 30, 2012 net sales were $46.5 million, an increase of $1.3 million, or 2.9 percent compared to the second quarter of 2011. Gross margin was 35.5 percent, an increase from the second quarter of 2011 gross margin of 19.9 percent, though the company noted that after adding back consolidation charges would have been 29.9. Net income was $3.7 million compared to a net loss of $5.0 million in the second quarter of 2011. The 2011 second quarter included consolidation charges totaling $1.4 million and additional expenses relating to manufacturing inefficiencies caused by the consolidation totaling $3.4 million, according to the company. (See chart below for more details.)

Fortune Brands Window Segment Sales Increase
In announcing 2012 second-quarter results, Fortune Brands Home & Security Inc. reported that within its Advanced Material Windows & Door Systems segment net sales were up 7 percent, “with strength in new construction contributing to growth in both the window and door product lines.” The segment’s net sales were $159.6 million compared to $149.0 million in 2011.

Company-wide, net sales were $935 million, an increase of 5 percent over the second quarter of 2011.Diluted earnings per share were 29 cents compared to 28 cents in the prior year quarter, and diluted EPS before charges/gains was 29 cents compared to 24 cents the prior year, a 21-percent increase.

Operating income was $72.3 million, an increase of 11 percent over the prior-year quarter. Operating income before charges/gains was $72.7 million, up 18 percent year-over-year.

Quanex Reports Drop in Consolidated Net Sales
Quanex Building Products Corp. reported second-quarter consolidated net sales totaling $194.4 million, down from $203.1 million a year ago. The company also reported an operating loss of $0.34 per diluted share compared to an operating loss of $0.04 per diluted share a year ago, according to the company’s most financial report.

The company’s Engineered Products Group (EPG) saw second-quarter net sales of $108.8 million, compared with $82.5 million for the same period last year. According to information from the company, the increase in sales “was predominantly related to higher vinyl extrusion sales at Mikron, and the benefit of a full quarter’s results from Edgetech compared to its one month’s results in the year ago quarter.”

The release also states operating income was $0.1 million for EPG’s second quarter of this year (operating income totaled $1.9 million a year ago). The expenses related to its facility consolidation were $3.7 million in the quarter.

NSG Reports Stabilization of North American Glass Market
The NSG Group has released its financial report for the first quarter of the fiscal year, noting that while its architectural markets in the American North Market are stable, they are “still significantly below the level of 2008.” Overall, company officials say the architectural market “has been below expectations,” and that its senior managers have agreed to reduce their compensation, “reflecting their clear commitment to an early turnaround of the Group’s performance.” Worldwide, the company reported revenue of approximately $669.4 million, compared with approximately $814.3 million for the same period last year—a 17.8-percent drop. According to the company, sales of its solar energy glass fell in North America during the quarter, while domestic residential and commercial volumes remained flat.


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