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Benzinga
Benzinga
Business
Akanksha Bakshi

Cornerstone Building Brands Clocks ~24% Sales Growth In Q4, Tops Street View

  • Cornerstone Building Brands Inc (NYSE:CNR) reported fourth-quarter sales growth of 23.5% year-over-year to $1.47 billion, beating the consensus of $1.45 billion.
  • Sales by Segment: Windows $618.8 million (+21% Y/Y), Siding $327.6 million (+11.5% Y/Y) and Commercial $525.2 million (+36% Y/Y).
  • The gross margin contracted 80 bps to 21.6%. Operating income increased 4.4% Y/Y to $74.5 million, and margin declined 93 bps to 5.1%. Adjusted operating margin declined by 30 bps to 6.5%.
  • Adjusted EPS improved to $0.73 from $0.33 in 4Q20, beating the consensus of $0.57.
  • Adjusted EBITDA was $184.19 million (+16.4% Y/Y), and margin contracted by 76 bps to 12.5%
  • Cornerstone Building's cash used in operating activities for FY21 was $215.9 million in FY21, compared to cash generated $308.42 million a year ago.
  • The company reported net debt leverage of 3.7x, 1.2x lower than the prior year.
  • The company ended the year with ~$394 million of unrestricted cash on hand and $1.08 billion of liquidity.
  • RelatedCornerstone Building Brands Stock Soars After CD&R Bids For The Remaining Stake
  • In light of the proposal and the Special Committee's ongoing review, the company suspended its guidance and will not be hosting a conference call.
  • Price Action: CNR shares are trading lower by 2.13% at $21.61 on the last check Tuesday.
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