Shares of Stock Building Supply were up Tuesday morning following the release of its second-quarter earnings report, which pointed to steady growth for the distributor.
Net sales for the three months ended June 30 were $344.6 million, up 9.5% from $314.7 million in the year-ago period.
Net income jumped to $5.6 million from $2.0 million in 2013, while operating income got a similarly significant boost to $8.9 million (compared with $3.9 million).
"During the second quarter, we continued to grow at above-market rates with overall sales volume increasing approximately 13% and gross profit dollars increasing 15%," said president and CEO Jeff Rea. "While U.S. single-family housing starts increased only 1.2% in the first half of 2014 compared with the prior-year period, our sales and service professionals delivered double-digit growth during this time period in key product categories, such as structural components, millwork and interior products and windows and exterior products."
Rea added that sales to remodeling contractors jumped approximately 13%, and the company made significant expansions to its structural component capacity in North Carolina and Utah, as well as opened a new distribution and customer support facility in North Charlottte.