Cornerstone Building Brands, Inc. based in Cary has reported second-quarter 2020 net sales of $1,084.9 million and net income of $26.5 million or 21 cents per diluted share. This compares with net sales of $1,295.5 million and net income of $17.3 million or 14 cents per diluted share in the same quarter last year.
Adjusted for the March 2020 acquisition of Kleary Masonry, Inc. first-half 2020 pro forma net sales were $2,207.1 million, down 7.9 percent compared with pro forma net sales for first-half 2019, the building materials supplier said in a statement. The decrease was driven by lower volumes as a result of the COVID-19 pandemic.
Cornerstone says its results have improved “due to effective near-term expense management and structural cost reductions partially offset by the impacts from lower demand as a result of the COVID-19 pandemic.”
“I am proud of the Cornerstone Building Brands team, which is made up of people from many backgrounds, each unique, and valued as part of our organization. As a result of their efforts, we continue to foster a safe work environment while delivering quality products to our customers every day,” said James S. Metcalf, Chairman and Chief Executive Officer.
“Our culture of continuous improvement delivered the fifth consecutive quarter of Adjusted EBITDA margin expansion in all segments. We generated positive cash flow and structurally reduced our operating cost structure during this unprecedented market environment,” Metcalf said.
“At the same time, we’re also pushing forward with our growth strategy that is centered around our differentiated and profitable products and services, securing our leadership position in exterior building products. While it remains unclear how long this pandemic and the related economic challenges will last, I believe in the resiliency of Cornerstone Building Brands and I remain confident that the actions we are taking will make us a stronger Company,” he said in the statement.