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Cornerstone Building Brands Reports Third Quarter 2019 Results

CARY, N.C., Nov. 6, 2019 /PRNewswire/ -- Cornerstone Building Brands, Inc. (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,
2019


July 29,
2018


September 28,
2019


July 29,
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,
2019


October 28,
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,
2019


July 29,
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,
2019


July 29,
2018


September 28,
2019


July 29,
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,
2019


July 29,
2018


September 28,
2019


July 29,
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,
2019


July 29,
2018


September 28,
2019


July 29,
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
Net Sales



% of
Net Sales


% Change

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 income

$

95,560

7.4

%


$

54,501

9.9

%


75.3

%


















Nine Months Ended




September 28, 2019


July 29, 2018





% of
Net Sales



% of
Net Sales


% Change

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 income

$

149,126

4.1

%


$

86,355

6.1

%


72.7

%

 

Cision

View original content:http://www.prnewswire.com/news-releases/cornerstone-building-brands-reports-third-quarter-2019-results-300952392.html