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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cornerstone Building Brands
Cornerstone Building Brands (CNR) investor relations material
Cornerstone Building Brands has been acquired
Cornerstone Building Brands Q4 2023 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2023 earnings summary23 Feb, 2024
Executive summary
FY2023 net sales fell 16.6% YoY to $5.40B, mainly on lower volume across all segments; gross margin rose to 22.3% from 20.3%.
Net loss was $75.5M versus combined 2022 net income of $420.3M; Adjusted EBITDA was $745.4M versus $799.4M.
Price discipline, product mix and manufacturing efficiencies supported margins, while demand softness weighed on sales and segment earnings.
Financial highlights
Gross profit was $1.205B; operating income was $240.2M versus combined 2022 operating income of $803.4M, which included a $394.2M coil-coatings divestiture gain.
SG&A decreased 3.8% YoY to $954.7M; prior-year costs included merger transaction and employee compensation expenses.
Interest expense increased 47.4% to $380.7M; the effective tax rate was 36.5% versus 26.4% in combined 2022.
Operating cash flow was $400.2M, down from $508.4M; cash and cash equivalents were $468.9M at year-end.
Outlook and guidance
Management expected available cash and committed ABL and cash-flow revolver funding to meet liquidity needs for at least 12 months under current operating conditions.
Market estimates forecast continued and higher volatility in 2024, with interest rates, inflation, confidence, unemployment and credit availability shaping construction activity.
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Frequently asked questions
Cornerstone Building Brands Inc manufactures exterior building products for residential and commercial construction markets. The company's products include windows, doors, siding, roofing, and engineered building systems. Cornerstone Building Brands serves builders, contractors, and homeowners across North America. The company is headquartered in Cary, North Carolina, and its shares were listed on the NYSE.