Positive Unit Growth in New Construction
Despite overall sales decline, unit growth in the new construction channel was positive, although it was offset by price mix changes.
Operational Excellence and Cost Management
The company achieved operational excellence improvements and SG&A spending benefits, although these were offset by lower sales and restructuring costs.
Successful Debt Refinancing
The company successfully refinanced its debt with only a slight increase in interest rate exposure, maintaining leverage at 1.4x adjusted EBITDA.
Share Repurchase Program
The company repurchased 349,000 shares, representing 2.3% of shares outstanding during the quarter, and has a significant amount of share repurchase authorization remaining.