Huttig Building Products Has Positive Third Quarter

October 31st, 2014 by Editor

It’s been a good quarter for Huttig Building Products.

The domestic distributor of millwork, building materials and wood products has released its financial results for the third quarter of 2014, which includes a 12 percent increase over the first three quarters of 2013.

Other highlights include:

  • Income from continuing operations was $3.6 million in the third quarter 2014 compared to $3.2 million a year ago. Income from continuing operations for the first nine months was $6.2 million compared to $4.0 million a year ago.
  • Net income in the third quarter 2014 was $3.5 million compared to $3.0 million a year ago. Net income for the first nine months was $2.7 million compared to net income of $3.6 million a year ago. Net income reflects year-to-date charges from discontinued operations of $3.5 million in 2014 compared to $0.4 million a year ago.
  • Adjusted EBITDA was $5.3 million in the third quarter 2014 compared to $4.8 million a year ago. Adjusted EBITDA for the first nine months was $11.4 million compared to $8.9 million a year ago.
  • Total available liquidity was $56.4 million at September 30, 2014 compared to $53.7 million a year ago.

“In the third quarter we generated strong revenue growth and are pleased to report our fourteenth consecutive quarter of improved income from continuing operations, excluding special significant items,” says Jon Vrabely, president and CEO. “The revenue growth is a result of continued modest improvement in the residential construction market combined with strong execution of our strategic growth initiatives.”

The president went on to address areas where the company could improve.

“While we are pleased with our revenue growth of 14 percent, our flow through on increased revenues to income from continuing operations was negatively impacted by continued significant investments into our business to support our revenue growth, technology and customer service business initiatives. We believe these investments are necessary to capture growth opportunities today while also providing improved operating leverage on future revenue growth,” he said.

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