Cornerstone Building Brands Highlights Recent Business Performance at Barclays Building & Building Products Virtual Conference
- Anticipates strong demand across all businesses in the second half of 2021
- Maintains favorable longer-term market outlook to benefit the Company
- Reiterates commitment towards net debt leverage target of 2.0x to 2.5x
Cornerstone Building Brands, Inc. (NYSE:CNR) (the "Company"), the largest manufacturer of exterior building products in North America, announced today that Jeff Lee, Executive Vice President and Chief Financial Officer, discussed its recent business performance in a fireside chat at the Barclays Building & Building Products Virtual Conference.
"Customer demand remains strong across all businesses, and we expect the underlying favorable drivers for the construction markets to continue through 2022," said Mr. Lee. "Our solid foundation and the actions we have taken to strengthen our industry leadership are positioning Cornerstone Building Brands for growth. While short-term supply chain and other cost pressures remain consistent, we remain focused on serving our customers and executing our strategy for sustainable growth in large, deep markets."
Mr. Lee further discussed the Company's strong second-quarter financial results contained in the Company's second-quarter 2021 press release dated August 3 and earnings conference call on August 4. Mr. Lee commented, "The Company delivered record earnings in the second quarter of 2021 in a very dynamic environment. We expect the current landscape will continue into the second half of 2021, so we remain disciplined towards capturing price to offset the inflationary impacts." Mr. Lee continued, "At the same time, we are focused on executing our strategy. Our actions to optimize our portfolio have strengthened our financial flexibility and positioned the Company to accelerate towards our net debt leverage target of 2.0x to 2.5x."
About Cornerstone Building Brands
Cornerstone Building Brands is the largest manufacturer of exterior building products for residential and low-rise non-residential buildings in North America. Headquartered in Cary, NC, we serve residential and commercial customers across the new construction and repair and remodel markets. Our market leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands' broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are deeply embedded in our culture, and we are committed to contributing positively to the communities where we live, work and play. For more information, visit us at www.cornerstonebuildingbrands.com
Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "will," "believe," "anticipate," "guidance," "plan," "potential," "should," "forecast," "target" 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 include statements concerning our use of the proceeds from the transaction. Among the factors that could cause actual results to differ materially include, but are not limited to, those described under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.
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