Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

The Wait Goes On For NCI Building Systems

Investors waiting for the recovery in non-residential construction are still waiting, and that's not good news for NCI Building Systems (NYSE:NCS). Although this company has attractive market share leadership in metal coating, building components, and engineered building systems, that leadership isn't worth as much in a construction market that has struggled to lift off the bottom. There does appear to be value in these shares, but the timing of that non-residential building recovery is a major unknown right now.

A Tough Quarter, But Better Than The Overall Environment

NCI posted a pretty disappointing fiscal third quarter, as reported revenue rose 6%, but came in about 10% shy of expectations on weak demand in the ag sector. The coatings...

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