Tim-Br Marts names new CFO
Tim-Br Marts has appointed John Steen as CFO. A senior financial executive, Steen has operational experience across a range of sectors, primarily in agribusiness/retail, manufacturing, oil and gas, and energy.
Steen, who will be based out of the company’s Calgary, AB office, will report directly to president and CEO Tim Urquhart.
He has held executive roles at a number of organizations, including UFA Co-operative Limited, Ontario Power Authority, and in South Africa at Teves Group.
Born and educated in South Africa, Steen holds a CMA (UK) and CFA (SA) and is a member of Financial Executives International (FEI), Canada, Chartered Institute of Management Accountants (UK) and the Institute of Administration & Commerce of South Africa (Chartered Company Secretary Branch).
Calgary, Alberta-based Tim-Br Marts is one of Canada’s largest independent lumber, building material and hardware buying groups.
Owens Corning posts record Q3 results
Owens Corning reported third-quarter net earnings of $124 million, compared with net earnings of $58 million in the third quarter of 2010.
Net sales increased 22% to $1.5 billion in the third quarter of 2011, compared with $1.2 billion in the same period last year.
Net earnings for the first nine months were $226 million, compared with $1 billion in the nine-month period of 2010. Net sales for this period totaled $4.1 billion, up 7.9% from $3.8 billion in the year-ago period.
"Owens Corning delivered record earnings performance in the third quarter," said chairman and CEO Mike Thaman. "We continue to benefit from strong execution in an uncertain economy and a resilient portfolio of market-leading businesses.
"The company’s current-year estimate for EBIT is now in the range of $460 million to $490 million, reflecting our expectation that some portion of the storm-related demand for our roofing products will materialize in 2012, as well as a moderated view of growth in the composites market in 2011," Thaman added. "At the midpoint of this EBIT range, we anticipate delivering a second consecutive year of Adjusted EPS growth of nearly 40%."
KB Home opens new N.C. community
KB Home is expanding its presence in the Durham, N.C., market with Orchard Ridge, a new community of Built to Order single-family homes. KB Home already has four other communities currently open in the Durham area.
A grand opening is planned for Oct. 29 from noon to 3 p.m.
"KB Home sees a demand here in Durham for smartly designed, energy-efficient homes that deliver great value, quality and choice to buyers," said Rick Carruthers, president of KB Home’s North Carolina division. "Orchard Ridge answers this demand with our signature Built to Order homes in a coveted location."
The homes will be Energy Star-qualified and include KB Home’s Energy Performance Guide (EPG). The EPG provides an estimate of monthly electric and/or gas costs for each new home and estimated monthly savings over a typical resale home.
Orchard Ridge will be available in nine floor plans, with prices starting in the $170,000s. All new homes will be Built to Order, which means home buyers can choose their home site and floor plan, and then customize their home to fit their lifestyle, tastes and budget.