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January 10, 2014
16:15 EDTPGEMPly Gem sees Q4 revenue $330M-$335M, consensus $370.76M
Sees Q4 adjusted EBITDA $15M-$17M. The company said that despite an uneven recovery in the U.S. housing market, it experienced significant demand for U.S. new construction window products during the first half of the year. However, the market experienced a pull-back in demand that began during Q3 and intensified during Q4 due to severe weather, compounded by the continued lag in demand for higher profit margin “big ticket” repair and remodeling products. The company said that despite its preliminary Q4 net sales and adjusted EBITDA performance and the challenge that the recent “Polar Vortex” weather pattern presents, its outlook for the future remains positive with estimates for 2014 U.S. single family housing starts projected to increase in the range of 15%-20%.
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