Stock Building Supply sales up 21%
Citing a housing market recovery, Raleigh, N.C.-based Stock Building Supply saw net sales increase 21% in the fourth quarter to $305.2 million.
Stock CEO Jeff Rea added that the future looks bright. “As we look ahead to 2014, we are encouraged by macro-economic trends that generally support growth in residential new construction and remodeling activity.”
The company reported fourth-quarter income of $2.96 million, compared to a loss of $4.88 million in the same quarter last year.
"During the fourth quarter of 2013, the U.S. housing industry continued its recovery and our business delivered strong revenue growth and profit improvement,” Rea said, in a press release announcing the results. “Over the course of 2013, our net sales to single-family homebuilders grew nearly 31% and our net sales to remodeling contractors increased over 18%. This revenue growth, which outpaced the underlying increase in US single-family housing starts of 15.5%, as reported by the U.S. Census Bureau, enabled us to expand our operating profit margins and accelerate investments in our business."
For the full year, Stock reported net sales of $1.197 billion, up 27.0% from 2012 sales of $942.4 million. The company narrowed its net loss for the year to $4.6 million, compared to a loss of $14.5 million in 2012.
Stock operates 69 facilities in 14 states, primarily in the south, southeast and west regions of the U.S.
Masonite acquires Door-Stop International for $50 million
Masonite has wrapped up its acquisition of Door-Stop International Limited, a major U.K. distributor of composite exterior residential doors.
The $50 million transaction was for 100% of Door-Stop’s outstanding shares. Door-Stop’s revenue came in at over $38 million in 2013.
"We believe the acquisition of Door-Stop positions Masonite as a leader in the manufacturing and distribution of residential doors and door sets for the UK market," said Chris Virostek, Masonite’s SVP corporate development. “We are excited about the capabilities that this acquisition adds to Masonite.”
Door-Stop’s facility is located in Nottinghamshire, with employment of approximately 200 people.
“Door-Stop’s products and service model are a natural complement to Masonite’s business,” said Gary Dutton, chairman and founder of Door-Stop. “We are pleased to see this transaction completed and are excited about the opportunities it will bring our employees and customers.”
Masonite’s sales up 0.5% in Q4
Masonite’s progress during the fourth fiscal quarter was largely stagnant, with sales improving 0.5% and net loss increasing by approximately $100,000.
Net sales for the quarter totaled at $420.5 million, with its net loss weighing in at $7.6 million.
For the full fiscal year, sales increased 3.3% to $1.7 billion. The company’s bottom line also enjoyed a boost, with net loss decreasing by $12.2 million to $11.0 million.
"2013 was an important year for Masonite as two successful U.S. residential wholesale price increases allowed North American average unit price to turn positive for the first time in several years,” said Fred Lynch, president and CEO. “Even more importantly, we recently implemented additional price increases across all North American residential distribution points as we strive to achieve appropriate value for the high quality products and services we provide."