Investors waiting for the recovery in non-residential construction are still waiting, and that's not good news for NCI Building Systems (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...
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