NCI Building 1Q profit falls |
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Thu, 01 Mar 2007 00:44
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HOUSTON (AP) - Construction products company NCI Building Systems Inc. said Wednesday its fiscal first-quarter profit slipped as higher costs offset a rise in sales.For the quarter ended Jan. 28, the company earned $10.5 million, or 49 cents per share, down 19 percent from $12.9 million, or 62 cents per share, a year earlier.Adjusted earnings, excluding the effect of the company's 2.125 percent convertible senior subordinated notes, were 52 cents per share for the most recent quarter. Selling, general and administrative expenses grew 28 percent to $63.6 million.Sales jumped 23 percent to $359.3 million from $293.3 million.Analysts, on average, were looking for earnings of 54 cents per share on sales of $351.4 million, according to a poll by Thomson Financial.Our Engineered Building Systems segment drove our results for the quarter, with sales growth of more than 80 percent and a more than doubling of operating income,' said Norm Chambers, president and CEO. 'This growth supported increased intersegment sales with both the Metal Components and Metal Coil Coating segments, which was more than offset by the impact of lower third-party sales at both of these businesses.'Shares closed down 99 cents at $55.91 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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