Mastercraft Exteriors announces promotions
Mastercraft Exteriors, a national roofing and siding contractor specializing in storm damage restoration, has announced the appointment of a new executive team. Matt Spanton has been named president of Mastercraft Exteriors, after serving three years as VP national storm operations. He joined the company nine years ago as a sales rep and then worked his way up to sales manager, general manager and VP.
Bryan Becker was appointed as VP national storm operations and will lead the national sales and construction team. He began his career as a siding installer and eventually rose into a position where he managed 3,500 roofing jobs a year. Becker joined the company in 2005.
The new VP administration at Mastercraft is Meredith Becker, a company veteran who has worked numerous positions, from reception to insurance claim processing to office manager. Under her direction, the team has collected well over $100 million in accounts receivable during her tenure.
Headquartered in Rockton, Ill., Mastercraft Exteriors is a family owned and operated business that deals predominately with residential homes, multi-family apartments and commercial businesses. Its founder and CEO is Richard Spanton Jr. The company has operations in more than 25 states.
Home Depot closing two N.C. stores
Home Depot is closing two of its stores in North Carolina because they are not meeting the company’s financial goals, according to a report by WCTI-TV.
Stores in Rocky Mount and Greenville have begun liquidation sales, which are expected to last six to eight weeks. A corporate spokesperson said the company is trying to relocate the employees.
On Jan. 27, the Grand Rapids Press reported that an underperforming Home Depot store in Holland, Mich., had also begun a liquidation sale.
Whirlpool reports strong Q4, full-year earnings
Benton Harbor, Mich.-based Whirlpool reported fourth-quarter net earnings of $171 million, up 80% from $95 million during the same period in 2009.
Fourth-quarter operating profit totaled $202 million, up 1.5% from $199 million in the prior year. Results benefited from cost reduction and productivity initiatives, increased monetization of certain tax credits, higher unit volume and lower incentive compensation.
Full-year 2010 net earnings were $619 million, up 89% from $328 million reported for 2009.
Annual net sales were $18.4 billion, up 7% from the prior year.
"Delivering consumer-relevant innovations, managing costs and executing in the marketplace drove our improved performance in 2010," said Jeff M. Fettig, chairman and CEO of Whirlpool. "We improved our operating margins and strengthened our financial position for the year — all indicators that our brand-value creation strategy is working.
"As we enter 2011, we remain focused on delivering higher margin innovations, realizing significant cost productivity, and achieving profitable growth driven by some recovery in demand in the developed economies and by continued strong growth in many emerging markets. In 2011, we expect to expand our operating margins despite significant global inflation and generate good levels of free cash flow and further strengthen our financial position."
In addition, fourth-quarter sales for Whirlpool North America totaled $2.6 billion, down 1% from the prior year. Whirlpool Europe reported fourth-quarter sales of $922 million, down 4% from the same period in 2009. Whirlpool Latin America posted fourth-quarter net sales of $1.4 billion, up 18% from the prior year. Fourth-quarter sales for Whirlpool Asia totaled $204 million, up 9% from 2009.
For 2011, Whirlpool expects to report diluted earnings per share of $12.00 to $13.00. This outlook includes the impact of about $4.00 per share from U.S. energy tax credits the company expects to earn during 2011 due to recent tax legislation.