Weyerhaeuser sales steady at $2 billion
Federal Way, Wash.-based Weyerhaeuser reported first-quarter sales of $1.984 billion, up slightly from $1.951 billion in the first quarter last year.
“Despite unusually severe winter weather, we delivered strong operating results in the quarter," said Doyle Simons, president and CEO. "Our Timberlands business is realizing increasing benefits from the Longview Timber acquisition and reported its highest quarterly earnings, excluding land sales since 2006."
The company posted net earnings of $183 million, up from $144 million in last year’s quarter.
Looking into the second quarter, Weyerhaeuser expects higher earnings from single-family homebuilding in the second quarter, and a moderate increase in earnings from land and lot sales. Single-family closing volumes should increase seasonally, and average closing prices should improve slightly, the company said.
Matthew Hughes named VP, treasurer at Nortek
Nortek, Inc., a Providence, R.I.-based manufacturer of range hoods, bathroom fans, heating and cooling products, air management systems and more, has named Matthew Hughes VP and treasurer.
In his new role, Hughes will oversee all treasury functions, risk management and taxes.
"Matt has deep experience developing and managing sophisticated treasury functions for a global public company, including capital raising activities and foreign currency hedge expertise," said Nortek president and CEO Michael Clarke. "His significant business process and financial performance improvement experience, along with strong M&A exposure, makes him a great addition to our finance team."
He has 18 years of finance treasury experience under his belt, which he accrued during his time at GTECH Corporation. Most recently, he was CFO of GTECH’s products and services division.
His resume also includes financial stints at Gartner, Inc.
Coastal Roofing Supply joins the US LBM family
Adding to US LBM’s recent aggressive expansion is Florida-based Coastal Roofing Supply, a distributor of commercial and residential roofing materials to the Central Florida region.
“Coastal Roofing Supply is a key strategic addition to the US LBM team, further expanding our roofing supply business in the Southeastern region,” said Jeff Umosella, COO of US LBM. “The dedicated and knowledgeable team at Coastal enjoy success by providing a local feel and focus to their customers, which aligns perfectly with the goals of US LBM. We are excited to partner with Coastal Roofing Supply and look forward to continuing and expanding on their past achievements while also focusing on growing their product and customer base.”
Founded in 2009 by owner Tony Mila, Coastal Roofing Supply operates out of its Clearwater, Fla. and Rockledge, Fla. locations. It carries a full line of shingle, metal and tile roofing, plus waterproofing products, specialized tools, accessories and more.
“We are excited and proud to join the US LBM team and the opportunity it brings to provide our customers with continued enhancements to our product and service offering to the Florida roofing contractor,” said Tony Mila, president. “This partnership will provide a platform for growth to our associates and partners well into the future.”