Cornerstone Building Brands Announces Fourth-Quarter and Full-Year 2019 Results
CARY, N.C., March 3, 2020 /PRNewswire/ -- Cornerstone Building Brands, Inc. (NYSE: CNR) (the "Company"), a leading provider of exterior building products, today reported fourth-quarter and full-year 2019 financial results.
"I am pleased with both our financial and operational performance," said James S. Metcalf, Chairman and Chief Executive Officer. "Our results demonstrate our ability to drive shareholder value by leveraging our strong market leadership position, delivering meaningful cost savings and improving the balance sheet."
GAAP performance for the fourth quarter and full year 2019 was impacted by the merger between NCI Building Systems, Inc. and Ply Gem Parent, LLC, which was completed on November 16, 2018 (the "Ply Gem Merger").
Fourth-Quarter 2019 Results
-- On a GAAP basis, net sales increased 116.9 percent to $1,244.4 million,
and gross profit increased 116.1 percent to $288.0 million, or 23.1
percent of net sales, compared to the prior year period.
-- Net sales declined 1.8 percent from the fourth quarter 2018, on a pro
forma basis. Net sales were impacted by softening market demand in the
Commercial segment which was partially offset by strength in the Windows
segment.
-- Gross profit of $288.0 million or 23.1 percent as a percent of net sales
improved 230 basis points over the pro forma fourth quarter 2018 gross
profit as a percent of net sales. The increase was primarily driven by
positive price, mix and realization of cost savings, which more than
offset lower manufacturing leverage from reduced volumes.
-- GAAP net income was $1.9 million, or $0.02 per diluted share, down from
$27.4 million, or $0.41 per diluted common share in the fourth quarter
of 2018. Net income was impacted by $42.5 million of increased
amortization expense associated with the intangibles from the Ply Gem
Merger and the Environmental Stoneworks acquisition, $13.5 million of
strategic development and acquisition related costs, and $2.5 million of
restructuring and impairment charges, partially offset by the $4.2
million tax effect associated with these items.
-- Adjusted EBITDA(1) was $158.9 million or 12.8 percent of net sales
compared to pro forma Adjusted EBITDA(1) of $128.6 million or 10.1
percent of pro forma net sales for the fourth quarter 2018. The 270
basis points improvement was primarily driven by favorable price and
mix, net of inflation of $26.0 million, cost savings and synergies of
$37.5 million, which more than offset the manufacturing leverage impact
of lower volumes and increased SG&A from variable incentive
compensation.
Full-Year Fiscal 2019 Results
-- On a GAAP basis, net sales increased 144.4 percent to $4,889.7 million
as compared to $2,000.6 million in 2018. On a pro forma basis, net sales
declined 4.2 percent to $4,906.0 million as compared to $5,119.5 million
in 2018.
-- GAAP net loss was $15.4 million or ($0.12) per diluted share, compared
with net income applicable to common shares of $62.7 million or $0.94
per diluted share in 2018.
-- Pro forma Adjusted EBITDA(1) was $581.9 million, or 11.9 percent of net
sales, representing an improvement of 130 basis points, compared with
pro forma Adjusted EBITDA(1) for 2018. The improvement is primarily due
to price discipline, cost management efforts and realized merger
synergies.
-- Total merger synergies and cost savings captured during 2019 were
approximately $110 million, $10 million better than target.
-- Reduced net debt to LTM Adjusted pro forma EBITDA(1) to 5.4x,
approximately a quarter turn better than expectations.
Fourth-Quarter 2019 Results by Segment
Windows
-- On a GAAP basis, net sales were $495.9 million, which included $108.0
million attributable to Silver Line. Ply Gem's acquisition of Silver
Line was completed on October 14, 2018.
-- Gross profit was $94.2 million, or 19.0 percent of net sales compared to
$80.3 million of gross profit or 17.0 percent of net sales, on a pro
forma basis for the fourth quarter of 2018.
-- The 200 basis point gross margin improvement was driven by favorable
price and mix, net of inflation and realized savings, which more than
offset the lower volumes and related manufacturing impacts.
Siding
-- On a GAAP basis, net sales were $270.8 million, and gross profit was
$68.8 million, or 25.4 percent of net sales.
-- Net sales were $267.1 million, and gross profit of $65.0 million or 24.3
percent of net sales, on a pro forma basis for the fourth quarter of
2018.
-- The 110 basis point gross margin improvement was mostly driven by
realized cost savings.
Commercial
-- On a GAAP basis, net sales were $477.7 million, and gross profit was
$125.0 million, or 26.2 percent of net sales.
-- Net sales were $528.6 million, and gross profit was $118.3 million, or
22.4 percent of net sales, on a pro forma basis for the fourth quarter
of 2018.
-- The 380 basis point gross margin improvement was driven by favorable
spread and cost savings.
Guidance
First-Quarter 2020 Guidance
-- The Company anticipates mid single-digit growth in net sales over pro
forma first quarter 2019 in the combined Windows and Siding segments and
about flat net sales in the Commercial segment.
-- Adjusted EBITDA(1) is expected to be between $75 million and $90
million.
Additional Fiscal Year 2020 Guidance
We expect:
-- Capital expenditures to be between 2.0 percent and 2.5 percent of net
sales.
-- Cash interest of approximately $200 million.
-- Effective tax rate of approximately 30 percent; cash taxes of
approximately $60 million.
-- Benefits from primary working capital improvement to generate
approximately $50 million of cash.
-- To incur approximately $25 million of restructuring costs to achieve $60
million of savings.
(1) Adjusted financial metrics used in
this release for results in 2019
and 2018 are non-GAAP measures and
refer to the results for 2019 and
2018. Pro forma financial metrics
used in this release for results in
2018 are also non-GAAP measures
and assume the Ply Gem Merger
occurred on January 1, 2018 and
adjust for other items affecting
comparability. See the
reconciliations of GAAP results to
adjusted results and pro forma
results in the accompanying tables.
Conference Call
The Company will host a conference call at 9:00 a.m. EST on Wednesday, March 4 to discuss its financial performance with investors and securities analysts. The call will be webcast on the Company's website, www.cornerstonebuildingbrands.com, in the Events & Presentations section of the Investors Page. The dial-in number for the conference call is 1-201-389-0872. After the live webcast, a telephonic replay of the call will be available until March 18, 2020. The replay dial-in number is 1-201-612-7415 and the replay code is 13698973. Additionally, the slide presentation to be used in connection with the Company's webcast and conference call is available in the Investor Relations section of the Company's website at www.cornerstonebuildingbrands.com.
About Cornerstone Building Brands
Cornerstone Building Brands is a leading manufacturer of exterior building products in North America. Headquartered in Cary, North Carolina, the Company 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 20,000 employees at manufacturing, distribution and office locations throughout North America. For more information, visit us at www.cornerstonebuildingbrands.com.
Investor Relations
Tina Beskid
919-694-2781
tina.beskid@cornerstone-bb.com
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," "target" 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. Among the factors that could cause actual results to differ materially include, but are not limited 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, our ability to successfully develop new products or improve existing products, the effects of manufacturing or assembly realignments, seasonality of the business and other external factors beyond our control, commodity price volatility and/or limited availability of raw materials, including steel, PVC resin, glass and aluminum, our ability to identify and develop relationships with a sufficient number of qualified suppliers and to avoid a significant interruption in our supply chains, retention and replacement of key personnel, enforcement and obsolescence of our intellectual property rights, costs related to compliance with, violations of or liabilities under environmental, health and safety laws, changes in building codes and standards, competitive activity and pricing pressure in our industry, our ability to make strategic acquisitions accretive to earnings, our ability to carry out our restructuring plans and to fully realize the expected cost savings, global climate change, including legal, regulatory or market responses thereto, breaches of our information system security measures, damage to our computer infrastructure and software 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, increases in labor costs, potential labor disputes, union organizing activity and work stoppages at our facilities or the facilities of our suppliers, significant changes in factors and assumptions used to measure certain of our defined benefit plan obligations and the effect of actual investment returns on pension assets, the cost and difficulty associated with integrating and combining acquired businesses, volatility of the Company's stock price, 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, our ability to obtain financing on acceptable terms, downgrades of our credit ratings, and the effect of increased interest rates on our ability to service our debt. See also the "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, to be filed with the SEC on the date hereof, 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.
Non-GAAP Financial Measures
This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release.
CORNERSTONE BUILDING BRANDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Year Ended
December 31, October 28, December 31, October 28,
2019 2018 2019 2018
Sales $
1,244,415 $
573,634 $
4,889,747 $
2,000,577
Cost of sales 956,379 440,353 3,801,328 1,537,895
Gross profit 288,036 133,281 1,088,419 462,682
23.1 23.2 22.3 23.1
%
%
%
%
Selling, general and
administrative
expenses 161,493 78,875 627,861 307,106
Intangible asset
amortization 44,878 2,411 177,577 9,648
Restructuring and
impairment charges,
net 2,538 769 18,060 1,912
Strategic development
and acquisition
related costs 13,517 11,661 50,185 17,164
Loss on disposition of
business - 5,673
Gain on insurance
recovery - (4,741)
Income from operations 65,610 39,565 214,736 125,920
Interest income 183 22 674 140
Interest expense (56,128) (4,895) (229,262) (21,808)
Foreign exchange gain
(loss) 970 (152) 2,054 (244)
Loss on extinguishment
of debt - (21,875)
Other income
(expense), net 518 (110) 1,183 962
Income (loss) before
income taxes 11,153 34,430 (10,615) 83,095
Provision for income
taxes 9,223 6,875 4,775 19,989
82.7 20.0 (45.0) 24.1
%
%
%
%
Net income (loss) $
1,930 $
27,555 $
(15,390) $
63,106
Net income allocated
to participating
securities (27) (138) (412)
Net income (loss)
applicable to common
shares $
1,903 $
27,417 $
(15,390) $
62,694
Income (loss) per common share:
Basic $
0.02 $
0.41 $
(0.12) $
0.95
Diluted $
0.02 $
0.41 $
(0.12) $
0.94
Weighted average number of common shares
outstanding:
Basic 125,722 66,262 125,576 66,260
Diluted 125,761 66,326 125,576 66,362
Increase in sales 116.9
% 17.4
% 144.4
% 13.0
%
Selling, general and
administrative
expenses percentage
of net sales 13.0
% 13.8
% 12.8
% 15.4
%
CORNERSTONE BUILDING BRANDS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
2019 2018
ASSETS
Current assets:
Cash and cash equivalents $
98,386 $
143,847
Restricted cash 3,921 3,760
Accounts receivable, net 491,740 438,505
Inventories, net 439,194 536,675
Income taxes receivable 48,466 1,027
Investments in debt and equity
securities, at market 3,776 3,414
Prepaid expenses and other 78,516 69,291
Assets held for sale 1,750 7,272
Total current assets 1,165,749 1,203,791
Property, plant and equipment,
net 652,841 614,007
Lease right-of-use assets 316,155
Goodwill 1,669,594 1,640,211
Intangible assets, net 1,740,700 1,669,901
Deferred income taxes 7,510 1,198
Other assets, net 11,797 12,079
Total assets $
5,564,346 $
5,141,187
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term
debt $
25,600 $
25,600
Payable pursuant to a tax
receivable agreement - 24,760
Accounts payable 205,629 220,857
Accrued compensation and
benefits 92,130 72,630
Accrued interest 19,070 41,185
Current portion of lease
liabilities 72,428
Other accrued expenses 233,687 265,138
Total current liabilities 648,544 650,170
Long-term debt 3,156,924 3,085,163
Deferred income taxes 291,987 295,675
Long-term lease liabilities 243,780
Other long-term liabilities 287,793 150,197
Total long-term liabilities 3,980,484 3,531,035
Common stock 1,261 1,256
Additional paid-in capital 1,248,787 1,237,056
Accumulated deficit (281,229) (265,839)
Accumulated other comprehensive
loss, net (32,398) (10,813)
Treasury stock, at cost (1,103) (1,678)
Total stockholders' equity 935,318 959,982
Total liabilities and
stockholders' equity $
5,564,346 $
5,141,187
CORNERSTONE BUILDING BRANDS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Year Ended
December 31, October 28,
2019 2018
Cash flows from operating activities:
Net income (loss) $
(15,390) $
63,106
Adjustments to reconcile net income (loss) to
net cash from operating activities:
Depreciation and amortization 263,764 42,325
Non-cash interest expense 8,504 1,501
Loss on extinguishment of
debt - 21,875
Share-based compensation
expense 14,078 11,638
Loss on disposition of
business, net - 5,092
Gain on insurance recovery - (4,741)
Non-cash fair value premium
on purchased inventory 16,249
Losses (gains) on asset
sales, net 321 (502)
Provision for doubtful
accounts 2,035 (491)
Deferred income taxes (6,085) (889)
Changes in operating assets and liabilities,
net of effect of acquisitions:
Accounts receivable (38,242) (35,397)
Inventories 91,822 (58,534)
Income taxes (32,719) 2,605
Prepaid expenses and other (10,279) (5,479)
Accounts payable (21,141) 24,465
Accrued expenses (40,403) 16,284
Other, net (2,906) (395)
Net cash provided by
operating activities 229,608 82,463
Cash flows from investing activities:
Acquisitions, net of cash
acquired (179,184)
Capital expenditures (121,085) (47,827)
Proceeds from sale of
property, plant and
equipment 5,511 6,338
Business disposition, net - (1,426)
Proceeds from insurance - 4,741
Net cash used in investing
activities (294,758) (38,174)
Cash flows from financing activities:
Proceeds from stock options
exercised - 1,279
Proceeds from ABL facility 290,000 100,000
Payments on ABL facility (220,000) (100,000)
Proceeds from term loan - 415,000
Payments on term loan (25,620) (146,221)
Payments on senior notes - (265,470)
Payments on note payable - (1,742)
Payments of financing costs - (6,546)
Payments related to tax
withholding for share-based
compensation (1,934) (5,068)
Purchases of treasury stock - (46,705)
Payments on tax receivable
agreement (24,906)
Net cash provided by (used
in) financing activities 17,540 (55,473)
Effect of exchange rate
changes on cash and cash
equivalents 2,310 (93)
Net decrease in cash, cash
equivalents and restricted
cash (45,300) (11,277)
Cash, cash equivalents and
restricted cash at beginning
of period 147,607 65,794
Cash, cash equivalents and
restricted cash at end of
period $
102,307 $
54,517
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
Year Ended
December 31, October 28, December 31, October 28,
2019 2018 2019 2018
Net income (loss) per diluted
common share, GAAP basis $
0.02 $
0.41 $
(0.12) $
0.94
Restructuring and impairment
charges, net 0.02 0.01 0.14 0.03
Strategic development and
acquisition related costs 0.11 0.18 0.40 0.26
Loss on disposition of
business - 0.08
Loss on extinguishment of
debt - 0.33
Acceleration of CEO
retirement benefits - 0.07
Gain on insurance recovery - (0.07)
Non cash loss (gain) on
foreign currency
transactions (0.01) (0.02)
Non cash charge of purchase
price allocated to
inventories - 0.13
Customer inventory buybacks -
Other, net 0.01 0.04
Tax effect of applicable non-
GAAP adjustments(1) (0.03) (0.05) (0.18) (0.19)
Adjusted net income per
diluted common share(2) $
0.11 $
0.55 $
0.39 $
1.45
Three Months Ended
Year Ended
December 31, October 28, December 31, October 28,
2019 2018 2019 2018
Net income (loss) applicable
to common shares, GAAP basis $
1,903 $
27,417 $
(15,390) $
62,694
Restructuring and impairment
charges, net 2,538 769 18,060 1,912
Strategic development and
acquisition related costs 13,517 11,661 50,185 17,164
Loss on disposition of
business - 5,673
Loss on extinguishment of
debt - 21,875
Acceleration of CEO
retirement benefits - 4,600
Gain on insurance recovery - (4,741)
Non cash loss (gain) on
foreign currency
transactions (970) 152 (2,054) 244
Non cash charge of purchase
price allocated to
inventories - 16,249
Customer inventory buybacks - 576
Other, net 946 4,726 (323)
Tax effect of applicable non-
GAAP adjustments(1) (4,168) (3,460) (22,813) (12,850)
Adjusted net income
applicable to common
shares(2) $
13,766 $
36,539 $
49,539 $
96,248
(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
Year Ended
December 31, October 28, December 31, October 28,
2019 2018 2019 2018
Operating income, GAAP $
65,610 $
39,565 $
214,736 $
125,920
Restructuring and
impairment charges, net 2,538 769 18,060 1,912
Strategic development and
acquisition related costs 13,517 11,661 50,185 17,164
Loss on disposition of
business 5,673
Acceleration of CEO
retirement benefits 4,600
Gain on insurance recovery (4,741)
Non cash charge of purchase
price allocated to
inventories 16,249
Customer inventory buybacks 576
Other, net 946 4,726 (323)
Adjusted operating income 82,611 51,995 304,532 150,205
Other income (loss), net 518 (110) 1,183 962
Depreciation and
amortization 72,279 11,351 263,764 42,325
Share-based compensation
expense 3,465 2,729 14,078 8,038
Adjusted EBITDA $
158,873 $
65,965 $
583,557 $
201,530
Impact of Environmental
Stoneworks acquisition(1) (1,679)
Impact of other
acquisitions(2) 78,771 349,049
Change in fiscal
period(3)(4) (16,161) (10,612)
Pro Forma Adjusted EBITDA $
158,873 $
128,575 $
581,878 $
539,967
(1) Reflects the Adjusted EBITDA of Environmental Stoneworks for
the period January 1, 2019 to the acquisition date of February
20, 2019.
(2) Acquisitions reflect the estimated impact of combining Ply
Gem, Atrium, Silver Line and Environmental Stoneworks.
(3) The change in fiscal period reflects the estimated impact
from moving from a 52/53 week fiscal year-end to a four-four-
five week calendar year.
(4) Includes change to FX gain/loss recognition.
CORNERSTONE BUILDING BRANDS, INC.
BUSINESS SEGMENTS
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2019
October 28, 2018
% of
% of % Change
Net Sales Net Sales
Net Sales
Commercial $
477,741 38.4 $
573,634 100.0
% %
% (16.7)
Siding 270,806 21.8
% 100.0
%
%
Windows 495,868 39.8
% 100.0
%
%
Total net sales $
1,244,415 100.0 $
573,634 100.0 116.9
% % %
Gross Profit
Commercial $
125,036 26.2 $
133,281 23.2 (6.2)
% %
%
Siding 68,757 25.4
% 100.0
%
%
Windows 94,243 19.0
% 100.0
%
%
Total gross profit $
288,036 23.1 $
133,281 23.2 116.1
% %
%
Operating Income
Commercial $
58,637 12.3 $
72,580 12.7 (19.2)
% % %
Siding 14,927 5.5
% 100.0
%
%
Windows 30,499 6.2
% 100.0
%
%
Corporate (38,453) (33,015)
% (16.5)
%
Total operating $
65,610 5.3 $
39,565 6.9 65.8
income % % %
Year Ended
December 31, 2019
October 28, 2018
% of
% of % Change
Net Sales Net Sales
Net Sales
Commercial $
1,847,893 37.8 $
2,000,577 100.0 (7.6)
%
% %
Siding 1,111,407 22.7
% 100.0
%
%
Windows 1,930,447 39.5
% 100.0
%
%
Total net sales $
4,889,747 100.0 $
2,000,577 100.0 144.4
% % %
Gross Profit
Commercial $
457,747 24.8 $
462,682 23.1 (1.1)
% %
%
Siding 277,583 25.0
% 100.0
%
%
Windows 353,089 18.3
% 100.0
%
%
Total gross profit $
1,088,419 22.3 $
462,682 23.1 135.2
% %
%
Operating Income
Commercial $
201,073 10.9 $
230,365 11.5 (12.7)
% % %
Siding 66,273 6.0
% 100.0
%
%
Windows 92,538 4.8
% 100.0
%
%
Corporate (145,148) (104,445)
% (39.0)
%
Total operating $
214,736 4.4 $
125,920 6.3 70.5
income % % %
CORNERSTONE BUILDING BRANDS, INC.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
RECONCILIATION OF PRO FORMA SEGMENT INFORMATION
(In thousands)
(Unaudited)
Reported Acquisitions (1) Change in Fiscal Pro Forma % of
Period (2) Net Sales
Three months ended October
28, 2018
Net Sales
Commercial $
573,634
$ $
(45,024) $
528,610
Siding 267,118 267,118
Windows 471,825 471,825
Total Net Sales $
573,634 $
738,943 $
(45,024) $
1,267,553
Gross Profit
Commercial $
133,281
$ $
(14,938) $
118,343 22.4
%
Siding 64,973 64,973 24.3
%
Windows 80,316 80,316 17.0
%
Total Gross Profit $
133,281 $
145,289 $
(14,938) $
263,632 20.8
%
Year Ended December 31, 2018
Net Sales
Commercial $
2,000,577
$ $
14,376 $
2,014,953
Siding 1,127,331 1,127,331
Windows 1,977,203 1,977,203
Total Net Sales $
2,000,577 $
3,104,534 $
14,376 $
5,119,487
Gross Profit
Commercial $
462,682
$ $
(3,660) $
459,022 22.8
%
Siding 284,123 284,123 25.2
%
Windows 347,950 347,950 17.6
%
Total Gross Profit $
462,682 $
632,073 $
(3,660) $
1,091,095 21.3
%
Reported Acquisitions
(1)(3) Pro Forma % of Net Sales
Year Ended December
31, 2019
Net Sales
Commercial $
1,847,893
$ $
1,847,893
Siding 1,111,407 16,229 1,127,636
Windows 1,930,447 1,930,447
Total Net Sales $
4,889,747 $
16,229 $
4,905,976
Gross Profit
Commercial $
457,747
$ $
457,747 24.8
%
Siding 277,583 18,015 295,598 26.2
%
Windows 353,089 353,089 18.3
%
Total Gross Profit $
1,088,419 $
18,015 $
1,106,434 22.6
%
(1) Acquisitions reflect the estimated impact of combining Ply Gem,
Atrium, Silver Line and Environmental Stoneworks.
(2) Change in fiscal period reflects the estimated impact from moving
from a 52/53 week fiscal year-end to a four-four-five calendar
year.
(3) Gross margin adjustment for the non-cash inventory fair value
step-up of $16.2 million associated with the Ply Gem merger and
Environmental Stoneworks acquisition.
View original content:http://www.prnewswire.com/news-releases/cornerstone-building-brands-announces-fourth-quarter-and-full-year-2019-results-301015811.html
SOURCE Cornerstone Building Brands, Inc.
