AV Homes taps Cady to run Arizona division
Homebuilder AV Homes has appointed Chris Cady as the new president of its Arizona division. Arizona is one of the Scottsdale-based company’s two main markets, with other developments focused on Florida.
"We are delighted to have Chris Cady join us at AV Home,” AV Homes EVP Carl Mulac said. “His vast experience in multiple markets and diverse market segments will be a valuable addition to the Arizona Team."
Cady will oversee the eight AV Homes communities in Arizona, several of which are set to open this year. He’ll also oversee next year’s opening of a 55-plus community in Goodyear, Arizona.
Cady, most recently KB Homes’ central California division president, has also overseen a division of Pulte homes and got his start at Home Capital as a project manager.
USG’s income is highest in 7 years
USG Corporation touted its second quarter results, which brought in its highest quarterly net income since 2007.
Net sales for the three months ended June 30 came in at $948 million, an increase of 3.5% from $916 million year-over-year.
Net income for the quarter totaled $57 million, up from $25 million in the second quarter of 2013. An adjusted operating profit of $93 million was also a nice boost, up from $76 million.
“I’m pleased to report our best quarterly results in seven years,” said James Metcalf, chairman, president and CEO. “Despite slower than expected acceleration in industry opportunity, most of our businesses and products improved their performance from a year ago and we also recorded our first full quarter of operations in our USG Boral joint venture.”
Other highlights included an increase in shipments of U.S. Gypsum wallboard (from 1.29 BSF to 1.32 BSF). However, ceilings operating profit went down to $24 million compared to $26 million.
Boise Cascade booms in Q2
Boise Cascade posted solid numbers for its second quarter earnings report.
Net sales of $961.2 million for the three months ended June 30 marked a 13% improvement over last year’s $852.3 million in sales. Meanwhile, net income came in at $26.4 million, up from $10.4 million in the second quarter of 2013.
The jump in sales was largely attributed to volume increases in plywood and EWP, with plywood sales volumes increasing 21% on the back of the acquisitions of two new plywood manufacturing facilities last fall. EWP sales were buoyed by increases of 29% and 28% in I-joists and LVL sales.
"Second quarter demand for the products we manufacture and distribute was markedly better than in first quarter, as weather improved across the country and housing and repair and remodel activity regained momentum," said CEO Tom Carlile. "We generated good sales volume growth in engineered wood products and our distribution business. While plywood prices declined compared to last year`s second quarter, pricing remains favorable and we saw improved pricing sequentially on essentially all of our manufactured products."