Published on 15 May 2020 on Zacks via Yahoo Finance

Cornerstone Building (CNR) Stock Up 20% on Q2 Earnings Beat

Cornerstone Building Brands, Inc.’s CNR shares jumped more than 20% in the after-hours trading session on Aug 11, after it reported solid second-quarter 2020 results.The company reported adjusted earnings of 34 cents for the second quarter against the Zacks Consensus Estimate of a loss of 6 cents and increased 30.8% from the year-ago period. Total revenues of $1,084.9 million, however, decreased 16.3% year over year due to lower volumes, given the COVID-19 pandemic.

Operating Highlights

Cornerstone Building’s pro-forma adjusted EBITDA came in at $159.1 million for the second quarter, down 9% year over year. That said, adjusted EBITDA margin expanded 130 basis points (bps) from a year ago. The improvement was due to effective expense management and structural cost reductions that were partially offset by the impacts of lower demand as a result of the COVID-19 pandemic.