Huttig swings to profit in Q2
Huttig Building Products, the St. Louis-based distributor, reported net sales of $137.6 million for its second fiscal quarter, a 5.3% rise over sales of $130.6 million in the same quarter of 2011. Net income for the second quarter, which ended June 30, was $1.6 million, compared with a net loss of $1.9 million a year ago.
There were no significant one-time charges or additions during the quarter, Huttig’s CFO, Phillip Keipp, told Home Channel News. Sales were strongest in the millwork category, he said.
Huttig carries an assortment of building material products used principally in new residential construction, home improvement, and remodeling and repair projects. It operates through 27 distribution centers serving 41 states and sells primarily to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.
ABC Supply adds Pennsylvania unit
Roofing distributor ABC Supply will open a new store in Carnegie, Pa., on Aug. 1. The 42,000-sq.-ft. facility will contain a warehouse and showroom space in two buildings. Designed to serve residential and commercial construction professionals, the new store will carry a complete assortment of low-slope and steep-slope roofing materials, siding, windows, doors, gutter, decking and related tools and equipment.
The new location will be ABC Supply’s second in the Pittsburgh metropolitan area, the other being in North Huntingdon, Pa. The company has 13 additional branches located throughout Pennsylvania.
Headquartered in Beloit, Wis., ABC Supply has more than 450 branches in 45 states and is one of the largest exterior building products in the United States.
PulteGroup posts strong Q2
Bloomfield Hills, Mich.-based PulteGroup posted second-quarter net income of $42.4 million, compared with a net loss of $55.4 million in the year-ago period.
Total revenue from the second quarter ended June 30 totaled $1.07 billion, up 15% from $927.21 million in the second quarter of 2011. Higher revenue for the period was driven by an 8% increase in average selling price to $268,000, combined with a 5% increase in closings to 3,816 homes.
"Our second-quarter results showed significant gains as home-building operating margins expanded by more than 600 basis points, net income improved by $98 million, and we continued to benefit from our strategic pricing strategies, improved construction efficiencies and further reductions in finished spec home inventory," said Richard Dugas Jr., chairman, president and CEO of PulteGroup.
"Consistent with our focus on capital discipline, PulteGroup’s 32% increase in second quarter signups were generated from 7% fewer communities. By using our existing land assets more efficiently, allocating capital more effectively and managing finished spec inventory more tightly, we continue to position the Company to deliver improved long-term returns."
Net income for the six months ended June 30 totaled $30.8 million, compared with a net loss of $94.9 million in the prior-year period.
Revenue for the six-month period totaled $1.95 billion, up 13% from $1.73 billion in the six-month period of 2011.