Cornerstone Building Brands (CNR) revealed its fourth-quarter results. Even though the company’s sales have declined slightly on an annual basis, management anticipates strong demand for its products in 2021.
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For the fourth quarter, Cornerstone’s revenues dropped by 4% but beat Wall Street’s expectation of $ 10 million. Despite the company missing profit projections, analysts still believe it will grow. Earnings per share were $ 0.01 in the fourth quarter compared to forecasted earnings of $ 0.11 per share.
According to Cornerstone, the main reason for the decline in revenue was reduced demand in some end markets due to the pandemic. As numerous projects were suspended due to local outbreaks of COVID-19, the non-residential real estate sector has shown the biggest decline. Despite pursuing a cost control strategy, the company reported a decline in profits for the same reason.
Cornerstone Building Brands Inc (CNR)said during its quarterly announcement that it expects increased sales in 2021 in light of increased industrial activity in the single-family housing market. Some finishing materials, including siding and windows, are expected to increase demand as a result. Construction delays should decrease in the non-residential real estate sector, and performance will improve over the last year.
Current debt levels at Cornerstone stand at $ 3.6 billion, but cash flow growth allows the company to pay off the debts on time. Operating activities generated a cash flow of almost $ 80 million more than the company’s cash flow of $131.4 million from the end of 2020.
A share of Cornerstone Building Brands Inc. (CNR) is currently trading for around $12.81, translating to an increase of 404.33% to its 52-week low price. Within intraday trading, CNR shares dropped as low as $12.00 and reached a high of $12.82. For the last 52 weeks, the company’s shares have touched a high of $13.58 and a low of $2.54, while the most recent trading session has seen an intraday change of just 7.29%.