Cornerstone Building Brands Reports Third Quarter 2019 Results
CARY, N.C., Nov. 6, 2019 /PRNewswire/ -- Cornerstone Building Brands, Inc. (NYSE: CNR) (the "Company"), the largest manufacturer of exterior building products in North America, today reported financial results for the quarter ended September 28, 2019.
Financial and Operational Highlights for the Third Quarter:
-- Net sales of $1,285.0 million
-- Gross profit of $309.8 million, or 24.1% of net sales
-- Net income of $25.2 million with basic and diluted earnings per share of
$0.20
-- Adjusted EBITDA of $180.8 million, or 14.1% of net sales
-- Net debt leverage reduction from 6.2x to 5.9x in the quarter
Strategic Highlights for the Third Quarter:
-- Realized 240 basis point expansion in gross profit margin to 24.1%
compared to 21.7% in the pro forma prior year period
-- Achieved the expected merger synergies and cost initiatives during the
quarter bringing the 2019 year-to-date total to $72.0 million of
realized savings
Commenting on the Company's third quarter performance, Cornerstone Building Brands' Chairman and Chief Executive Officer, James S. Metcalf said, "During the third quarter, our operational initiatives including procurement, continuous improvement, cost initiatives and merger savings drove significant margin expansion across our windows, siding and commercial businesses, despite lower year-over-year market volumes. With a concentration on pricing discipline and cost management, we were able to successfully deliver a strong quarter at the upper end of our Adjusted EBITDA guidance range."
"We also generated $97.7 million in operating cash flows for the quarter, which allowed the Company to pay down a net $50.0 million on our ABL facility. By de-levering and strengthening the balance sheet, the improvements actioned and delivered by our cost savings programs are exceeding expectations. Operationally, we remain focused on providing a premier level of quality and service with a broad suite of building products solutions to all our customers," Mr. Metcalf concluded.
Third Quarter 2019 Results
In December 2018, the Company announced a change to its fiscal year end from a 52/53 week year ending in October to a four-four-five week calendar year end reporting structure. As a result of this change and the merger with Ply Gem, which was completed on November 16, 2018 (the "Ply Gem Merger"), the financial results for the third quarter 2019 are not directly comparable to the third quarter of fiscal year 2018.
Consolidated net sales in the three months ended September 28, 2019 were $1,285.0 million, compared to $548.5 million in the three months ended July 29, 2018. The year-over-year improvement was primarily driven by the additional net sales from Ply Gem and Environmental StoneWorks ("ESW"), which was acquired on February 20, 2019.
Gross profit was $309.8 million in the three months ended September 28, 2019, compared to $133.4 million in the three months ended July 29, 2018. Gross profit margins were 24.1% in the three months ended September 28, 2019, compared to 24.3% in the three months ended July 29, 2018.
Selling, general and administrative ("SG&A") expenses were $154.0 million in the three months ended September 28, 2019 compared to $79.0 million in the three months ended July 29, 2018. The increase in SG&A expense reflects the additions of Ply Gem and ESW. As a percentage of net sales, SG&A expenses were 12.0% in the three months ended September 28, 2019 compared to 14.4% in the three months ended July 29, 2018.
Operating income in the three months ended September 28, 2019 was $95.6 million, compared to operating income of $54.5 million in the three months ended July 29, 2018. Operating income in the 2019 period reflects the additions of Ply Gem and ESW in the three months ended September 28, 2019 offset by $42.3 million in increased amortization expense associated with the intangibles from the Ply Gem Merger and the ESW acquisition, $10.5 million of additional strategic development and acquisition related costs, and $5.0 million of additional restructuring and impairment charges. Adjusted Operating Income, a non-GAAP financial measure which excludes certain items, was $112.9 million in three months ended September 28, 2019, compared to $52.0 million in the three months ended July 29, 2018.
Net income applicable to common shares in the three months ended September 28, 2019 was $24.8 million, or $0.20 per diluted common share, compared to $35.8 million, or $0.54 per diluted common share in the three months ended July 29, 2018. Net income was impacted by the special items mentioned above for operating income, partially offset by the $4.8 million tax effect associated with these items. Excluding the impact of these special items, Adjusted Net Income, a non-GAAP measure, was $38.0 million, or $0.30 per diluted common share in the three months ended September 28, 2019, compared to $34.1 million, or $0.51 per diluted common share, in the three months ended July 29, 2018.
Adjusted EBITDA, a non-GAAP financial measure, defined in accordance with the Company's credit agreement as earnings before interest, taxes, depreciation and amortization, and certain other cash and non-cash items, was $180.8 million in the three months ended September 28, 2019, compared to $63.5 million in the three months ended July 29, 2018. Please see the reconciliations of Adjusted Operating Income, Adjusted Net Income and Adjusted EBITDA to the nearest financial measures prepared in accordance with GAAP in the accompanying financial tables.
Cash and cash equivalents as of September 28, 2019 were $105.2 million. As of September 28, 2019, the Company had $170.0 million drawn on its $611.0 million asset-based lending ("ABL") facility reflecting $50.0 million in net payments made during the three months ended September 28, 2019.
Third Quarter 2019 Segment Performance
Net sales in the Windows segment were $504.3 million during the three months ended September 28, 2019, which included $108.8 million attributable to Silver Line. Ply Gem's acquisition of a portfolio of products sold under the Silver Line and American Craftsman brands, certain manufacturing plants and associated distribution and support services was completed on October 14, 2018. Gross profit in the three months ended September 28, 2019 was $98.3 million. As a percent of net sales, the Windows segment's gross profit was 19.5%. Operating income was $34.4 million in the three months ended September 28, 2019.
The Siding segment generated $315.8 million in net sales during the three months ended September 28, 2019, which included $45.4 million from ESW. Gross profit in the three months ended September 28, 2019 was $90.6 million and 28.7% as a percent of net sales. Operating income was $37.1 million in the three months ended September 28, 2019.
Net sales in the Commercial segment were $464.9 million in the three months ended September 28, 2019 compared to $548.5 million in the three months ended July 29, 2018. The year-over-year decrease was primarily a result of lower industry volumes. Gross profit was $120.9 million in the three months ended September 28, 2019, compared to $133.4 million in the three months ended July 29, 2018. As a percent of net sales, gross profit was 26.0%, an increase of 170 basis points, compared to 24.3% in the three months ended July 29, 2018. The increase was driven by pricing discipline combined with benefits from cost reduction initiatives and merger synergies. Operating income was $59.3 million during the three months ended September 28, 2019, compared to $80.0 million in the three months ended July 29, 2018. Operating income in the current three months ended September 28, 2019 was impacted by a change to the allocation of costs that had previously been in Corporate to the Commercial segment.
Guidance
The Company's key economic indicators are tracking toward low growth in the residential new construction and repair & remodel markets and a moderate contraction in the commercial construction markets. Based on these market indicators and the synergies and cost initiatives, the Company expects Adjusted EBITDA to be in the range of $135 to $150 million for the fourth quarter of fiscal 2019.
The Company has provided additional detailed financial guidance in the quarterly investor presentation that can be found at www.cornerstonebuildingbrands.com under the "Investors" section.
Conference Call Information
The Company's third quarter fiscal 2019 conference call is scheduled for Wednesday, November 6, 2019 at 9:00am ET. Please dial 1-412-902-0003 or 1-877-407-0672 (toll-free) to participate in the call. To listen to a live broadcast of the call over the Internet or to review the archived call, please visit the Company's website at www.cornerstonebuildingbrands.com. To access the taped telephone replay, please dial 1-201-612-7415 or 1-877-660-6853 (toll-free) and the passcode of 13695073# when prompted. The taped replay will be available two hours after the call through November 20, 2019. A replay of the webcast will be available on the Company's website under the Event Calendar, Calls & Webcast section of the Investor Relations page of the website for approximately 90 days.
About Cornerstone Building Brands
Cornerstone Building Brands is the largest manufacturer of exterior building products in North America. Headquartered in Cary, North Carolina, the organization serves residential and commercial customers across new construction and the repair & remodel markets. As the #1 manufacturer of windows, vinyl siding, insulated metal panels, metal roofing and wall systems and metal accessories, Cornerstone Building Brands combines a comprehensive portfolio of products with an expansive national footprint that includes more than 22,000 employees at manufacturing, distribution and office locations throughout North America. For more information, visit us at www.cornerstonebuildingbrands.com.
Contact:
K. Darcey Matthews
Vice President, Investor Relations
281-897-7785
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "anticipate," "guidance," "plan," "potential," "expect," "should," "will," "forecast" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations, assumptions and/or beliefs concerning future events. As a result, these forward-looking statements rely on a number of assumptions, forecasts, and estimates and, therefore, these forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual performance to differ materially from that projected in such statements. Such forward-looking statements may include, but are not limited to, statements concerning our market commentary and performance expectations, including our expectations with respect to the Company's estimated cost savings initiatives following the Ply Gem Merger. Among the factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties relating to industry cyclicality and seasonality and adverse weather conditions; challenging economic conditions affecting the nonresidential construction industry; downturns in the residential new construction and repair and remodeling end markets, or the economy or the availability of consumer credit; volatility in the United States ("U.S.") economy and abroad, generally, and in the credit markets; inability to successfully develop new products or improve existing products; the effects of manufacturing or assembly realignments; changes in laws or regulations; the effects of certain external domestic or international factors that we may not be able to control, including war, civil conflict, terrorism, natural disasters and public health issues; our ability to obtain financing on acceptable terms; recognition of goodwill or other asset impairment charges; commodity price volatility and/or limited availability of raw materials, including steel, PVC resin and aluminum; retention and replacement of key personnel; increases in union organizing activity and work stoppages at our facilities or the facilities of our suppliers; our ability to employ, train and retain qualified personnel at a competitive cost; enforcement and obsolescence of our intellectual property rights; changes in foreign currency exchange rates; costs and liabilities related to compliance with environmental laws and environmental clean-ups; changes in building codes and standards; potential product liability claims, including class action claims and warranties, relating to products we manufacture; competitive activity and pricing pressure in our industry; the credit risk of our customers; the dependence on a core group of significant customers in our Windows and Siding segments; operational problems or disruptions at any of our facilities, including natural disasters; volatility of the Company's stock price; our ability to make strategic acquisitions accretive to earnings; to fully realize expected cost savings and synergies, including those identified as a result of the Ply Gem Merger; significant changes in factors and assumptions used to measure certain of Ply Gem Parent LLC's defined benefit plan obligations and the effect of actual investment returns on pension assets; volatility in transportation, energy and freight prices; the adoption of climate change legislation; limitations on our net operating losses, interest deductibility and payments under the tax receivable agreement; breaches of our information system security measures; damage to our major information management systems; necessary maintenance or replacements to our enterprise resource planning technologies; potential personal injury, property damage or product liability claims or other types of litigation; compliance with certain laws related to our international business operations; the effect of tariffs on steel and other imports; the cost and difficulty associated with integrating and combining acquired businesses; potential write-downs or write-offs, restructuring and impairment or other charges required in connection with the Ply Gem merger; potential claims arising from the operations of our various businesses arising from periods prior to the dates they were acquired; substantial governance and other rights held by our sponsor investors; the effect on our common stock price caused by transactions engaged in by our sponsor investors, our directors or executives; our substantial indebtedness and our ability to incur substantially more indebtedness; limitations that our debt agreements place on our ability to engage in certain business and financial transactions; the effect of increased interest rates on our ability to service our debt and downgrades of our credit ratings. See also the "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended October 28, 2018, our Transition Report on Form 10-QT for the transition period from October 29, 2018 to December 31, 2018 and other risks described in documents subsequently filed by the Company from time to time with the SEC, which identify other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. The Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements, whether as a result of new information, future events, or otherwise.
CORNERSTONE BUILDING BRANDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
---
September 28, July 29, September 28, July 29,
2019 2018 2019 2018
---
Net sales $
1,285,043 $
548,525 $
3,645,332 $
1,426,943
Cost of sales 975,240 415,124 2,844,949 1,097,542
Gross profit 309,803 133,401 800,383 329,401
24.1 24.3 22.0 23.1
% % % %
Selling, general and
administrative
expenses 154,034 79,039 466,368 228,231
Intangible asset
amortization 44,725 2,412 132,699 7,237
Restructuring and
impairment charges,
net 4,984 (439) 15,522 1,143
Strategic development
and acquisition
related costs 10,500 3,642 36,668 5,503
Loss (gain) on
disposition of
business - (1,013) 5,673
Gain on insurance
recovery - (4,741) (4,741)
Income from operations 95,560 54,501 149,126 86,355
Interest income 155 48 491 118
Interest expense (56,549) (4,572) (173,134) (16,913)
Foreign exchange gain
(loss) (616) (258) 1,084 (92)
Loss on extinguishment
of debt - (21,875)
Other income, net 717 345 665 1,072
Income (loss) before
income taxes 39,267 50,064 (21,768) 48,665
Provision (benefit)
for income taxes 14,103 14,078 (4,448) 13,114
35.9 28.1 20.4 26.9
% % % %
Net income (loss) 25,164 35,986 (17,320) 35,551
Net income allocated
to participating
securities (374) (221) (248)
Net income (loss)
applicable to common
shares $
24,790 $
35,765 $
(17,320) $
35,303
Income (loss) per common share:
Basic $
0.20 $
0.54 $
(0.14) $
0.53
Diluted $
0.20 $
0.54 $
(0.14) $
0.53
Weighted average number of common
shares outstanding:
Basic 125,557 66,335 125,526 66,361
Diluted 125,558 66,438 125,526 66,477
Increase in net sales 134.3
% 16.9
% 155.5
% 11.3
%
Selling, general and
administrative
expenses percentage
of net sales 12.0
% 14.4
% 12.8
% 16.0
%
CORNERSTONE BUILDING BRANDS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 28, October 28,
2019 2018
ASSETS
Current assets:
Cash and cash equivalents $
105,244 $
54,272
Restricted cash 3,872 245
Accounts receivable, net 594,681 233,297
Inventories, net 467,916 254,531
Income taxes receivable 27,641 1,012
Investments in debt and equity
securities, at market 3,569 5,285
Prepaid expenses and other 74,882 34,821
Assets held for sale 5,018 7,272
Total current assets 1,282,823 590,735
Property, plant and equipment, net 643,844 236,240
Lease right-of-use assets 308,256
Goodwill 1,677,929 148,291
Intangible assets, net 1,784,937 127,529
Deferred income taxes - 982
Other assets, net 10,667 6,598
Total assets $
5,708,456 $
1,110,375
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $
25,600 $
4,150
Note payable - 497
Payable pursuant to a tax receivable
agreement 24,760
Accounts payable 235,247 170,663
Accrued compensation and benefits 84,951 65,136
Accrued interest 31,996 1,684
Accrued income taxes 18,137 11,685
Current portion of lease liabilities 68,993
Other accrued expenses 254,833 81,884
Total current liabilities 744,517 335,699
Long-term debt 3,267,646 403,076
Deferred income taxes 244,062 2,250
Long-term lease liabilities 243,624
Other long-term liabilities 280,722 39,085
Total long-term liabilities 4,036,054 444,411
Common stock 1,257 663
Additional paid-in capital 1,247,026 523,788
Accumulated deficit (283,159) (186,291)
Accumulated other comprehensive loss,
net (36,139) (6,708)
Treasury stock, at cost (1,100) (1,187)
Total stockholders' equity 927,885 330,265
Total liabilities and stockholders'
equity $
5,708,456 $
1,110,375
CORNERSTONE BUILDING BRANDS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
September 28, July 29,
2019 2018
Cash flows from operating activities:
Net income (loss) $
(17,320) $
35,551
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Depreciation and amortization 191,485 30,974
Non-cash interest expense 6,233 1,140
Loss on extinguishment of
debt - 21,875
Share-based compensation
expense 10,613 8,909
Loss on disposition of
business, net - 5,092
Gain on insurance recovery - (4,741)
Non-cash fair value premium
on purchased inventory 16,249
Gains on asset sales, net (335) (875)
Provision for doubtful
accounts (492) (177)
Deferred income taxes (45,192) (1,676)
Changes in operating assets and liabilities,
net of effect of acquisitions:
Accounts receivable (138,329) (13,512)
Inventories 63,327 (64,882)
Income taxes 1,256 2,446
Prepaid expenses and other (4,374) (3,686)
Accounts payable 8,486 34,567
Accrued expenses (21,005) 6,088
Other, net (2,783) (185)
Net cash provided by
operating activities 67,819 56,908
Cash flows from investing activities:
Acquisitions, net of cash
acquired (179,184)
Capital expenditures (86,364) (34,867)
Proceeds from sale of
property, plant and
equipment 873 6,338
Business disposition, net - (1,426)
Proceeds from insurance - 4,741
Net cash used in investing
activities (264,675) (25,214)
Cash flows from financing activities:
Proceeds from stock options
exercised - 1,279
Proceeds from ABL facility 290,000 85,000
Payments on ABL facility (120,000) (85,000)
Proceeds from term loan - 415,000
Payments on term loan (12,810) (145,184)
Payments on senior notes - (265,470)
Payments on note payable - (1,245)
Payments of financing costs - (6,521)
Payments related to tax
withholding for share-based
compensation (231) (5,048)
Purchases of treasury stock - (46,705)
Net cash provided by (used
in) financing activities 156,959 (53,894)
Effect of exchange rate
changes on cash and cash
equivalents 1,406 (92)
Net decrease in cash, cash
equivalents and restricted
cash (38,491) (22,292)
Cash, cash equivalents and
restricted cash at beginning
of period 147,607 65,794
Cash, cash equivalents and
restricted cash at end of
period $
109,116 $
43,502
===
CORNERSTONE BUILDING BRANDS, INC.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND
NET INCOME (LOSS) COMPARISON
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 28, July 29, September 28, July 29,
2019 2018 2019 2018
Net income (loss) per
diluted common share,
GAAP basis $
0.20 $
0.54 $
(0.14) $
0.53
Restructuring and
impairment charges, net 0.04 (0.01) 0.12 0.01
Strategic development and
acquisition related
costs 0.08 0.06 0.29 0.08
Loss (gain) on
disposition of business - (0.02) 0.09
Loss on extinguishment of
debt - 0.33
Acceleration of CEO
retirement benefits - 0.07
Gain on insurance
recovery - (0.07) (0.07)
Non cash loss (gain) on
foreign currency
transactions - (0.01)
Non cash charge of
purchase price allocated
to inventories - 0.13
Customer inventory
buybacks -
Other, net 0.01 0.03
Tax effect of applicable
non-GAAP adjustments(1) (0.04) 0.01 (0.15) (0.14)
Adjusted net income per
diluted common share(2) $
0.30 $
0.51 $
0.28 $
0.90
Three Months Ended Nine Months Ended
September 28, July 29, September 28, July 29,
2019 2018 2019 2018
Net income (loss)
applicable to common
shares, GAAP basis $
24,790 $
35,765 $
(17,320) $
35,303
Restructuring and
impairment charges, net 4,984 (439) 15,522 1,143
Strategic development and
acquisition related
costs 10,500 3,642 36,668 5,503
Loss (gain) on
disposition of business - (1,013) 5,673
Loss on extinguishment of
debt - 21,875
Acceleration of CEO
retirement benefits - 4,600
Gain on insurance
recovery - (4,741) (4,741)
Non cash loss (gain) on
foreign currency
transactions 616 258 (1,084) 92
Non cash charge of
purchase price allocated
to inventories - 16,249
Customer inventory
buybacks 159 576
Other, net 1,699 3,780 (323)
Tax effect of applicable
non-GAAP adjustments(1) (4,795) 626 (19,147) (9,322)
Adjusted net income
applicable to common
shares(2) $
37,953 $
34,098 $
35,244 $
59,803
(1) The Company calculated the tax
effect of non-GAAP adjustments
by applying the applicable
federal and state statutory tax
rate for the period to each
applicable non-GAAP item.
(2) The Company discloses a tabular
comparison of Adjusted net
income (loss) per diluted
common share and Adjusted net
income (loss) applicable to
common shares, which are non-
GAAP measures, because they are
referred to in the text of our
press releases and are
instrumental in comparing the
results from period to period.
Adjusted net income (loss) per
diluted common share and
Adjusted net income (loss)
applicable to common shares
should not be considered in
isolation or as a substitute
for net income (loss) per
diluted common share and net
income (loss) applicable to
common shares as reported on
the face of our consolidated
statements of operations.
Certain amounts in this release
have been subject to rounding
adjustments. Accordingly,
amounts shown as totals may not
be the arithmetic aggregation
of the individual amounts that
comprise or precede them.
CORNERSTONE BUILDING BRANDS, INC.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 28, July 29, September 28, July 29,
2019 2018 2019 2018
Operating income, GAAP $
95,560 $
54,501 $
149,126 $
86,355
Restructuring and
impairment charges,
net 4,984 (439) 15,522 1,143
Strategic development
and acquisition
related costs 10,500 3,642 36,668 5,503
Loss (gain) on
disposition of
business - (1,013) 5,673
Acceleration of CEO
retirement benefits - 4,600
Gain on insurance
recovery - (4,741) (4,741)
Non cash charge of
purchase price
allocated to
inventories - 16,249
Customer inventory
buybacks 159 576
Other, net 1,699 3,780
Adjusted operating
income 112,902 51,950 221,921 98,533
Other income, net 717 345 665 1,072
Depreciation and
amortization 64,009 10,174 191,485 30,974
Share-based
compensation expense 3,134 1,041 10,613 5,309
Adjusted EBITDA $
180,762 $
63,510 $
424,684 $
135,888
===
CORNERSTONE BUILDING BRANDS, INC.
BUSINESS SEGMENTS
(In thousands)
(Unaudited)
Three Months Ended
September 28, 2019 July 29, 2018
% of % of % Change
Net Sales Net Sales
Net Sales
Commercial $
464,906 36.2 $
548,525 100.0
% %
% (15.2)
Siding 315,799 24.6 % 100.0
%
%
Windows 504,338 39.2 % 100.0
%
%
Total net sales $
1,285,043 100.0 $
548,525 100.0 134.3
% % %
Gross Profit
Commercial $
120,876 26.0 $
133,401 24.3 (9.4)
% %
%
Siding 90,608 28.7 % 100.0
%
%
Windows 98,319 19.5 % 100.0
%
%
Total gross profit $
309,803 24.1 $
133,401 24.3 132.2
% %
%
Operating Income (Loss)
Commercial $
59,317 12.8 $
79,964 14.6 (25.8)
% % %
Siding 37,063 11.7 % 100.0
%
%
Windows 34,446 6.8 % 100.0
%
%
Corporate (35,266) (25,463) % (38.5)
%
Total operating $
95,560 7.4 $
54,501 9.9 75.3
income % % %
Nine Months Ended
September 28, 2019 July 29, 2018
% of % of % Change
Net Sales Net Sales
Net Sales
Commercial $
1,370,152 37.6 $
1,426,943 100.0 (4.0)
%
% %
Siding 840,601 23.1 % 100.0
%
%
Windows 1,434,579 39.3 % 100.0
%
%
Total net sales $
3,645,332 100.0 $
1,426,943 100.0 155.5
% % %
Gross Profit
Commercial $
332,711 24.3 $
329,401 23.1 1.0
% % %
Siding 208,826 24.8 % 100.0
%
%
Windows 258,846 18.0 % 100.0
%
%
Total gross profit $
800,383 22.0 $
329,401 23.1 143.0
% %
%
Operating Income (Loss)
Commercial $
142,436 10.4 $
157,785 11.1 (9.7)
% %
%
Siding 51,346 6.1 % 100.0
%
%
Windows 62,039 4.3 % 100.0
%
%
Corporate (106,695) (71,430) % (49.4)
%
Total operating $
149,126 4.1 $
86,355 6.1 72.7
income % % %
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SOURCE Cornerstone Building Brands, Inc.
