Stock Building Supply Announces 2014 Third Quarter Results

October 30th, 2014 by Editor

Stock Building Supply Holdings, Inc. has good news for its investors. The company recently released its financial results for the third quarter, ended September 30, 2014.

The highlights include:

  • Net sales of $354.1 million, up 7.8 percent, compared to $328.5 million in the prior year period.
  • Operating income of $8.4 million, compared to operating loss of $2.9 million in the prior year period.
  • Net income of $5.0 million, compared to net loss of $5.5 million in the prior year period.
  • Adjusted income from continuing operations of $5.8 million, up 36.4 percent, compared to $4.2 million in the prior year period.
  • Adjusted EBITDA of $13.2 million, up 26.5 percent, compared to $10.4 million in the prior year period.
  • Cash provided by operating activities of $16.7 million, up 302.0 percent, compared to $4.2 million in the prior year period.

Jeff Rea, president and CEO, is encouraged that the company’s numbers outperformed those of the general housing market in some respects.

“In the third quarter, we reported year-over-year financial improvement, reflecting the continued execution of our core strategies designed to grow our business profitably,” he says. “Our year-over-year sales volume growth of approximately eight percent and gross profit growth of 12 percent in the third quarter continue to compare favorably to U.S. single-family housing starts, which increased less than four percent for the nine months ended September 30, 2014. We remain committed to our growth strategies and believe we are well positioned to accelerate profitability as the housing market continues to move toward more historical levels of activity.”

The CEO is confident as the company moves forward.

“While the U.S. housing market has been slower than anticipated so far in 2014, our service professionals have once again delivered solid operating result improvements,” Rea says. “We anticipate a continued, gradual recovery in the housing market from today’s levels and remain focused on both near-term and longer-term value creation activities.”

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