Weyerhaeuser’s net earnings quadrupled in Q2
Weyerhaeuser’s recently released second-quarter results highlighted more than one major milestone for the company.
On a year-ago basis, net earnings before special items quadrupled to $196 million, compared with last year’s second-quarter earnings of $47 million.
Net sales increased by approximately 20% to a post-recession record of $2.1 billion.
“This was a milestone quarter for Weyerhaeuser,” said Dan Fulton, president and CEO. “We moved forward both strategically and operationally with the acquisition of Longview Timber and by delivering strong operating results in this improving housing market.”
Lumber sales volumes improved 13% compared with the first quarter, and sales volumes for most other products improved slightly. Earnings from disposition of non-strategic timberlands increased $11 million compared with the first quarter.
The company also acquired 645,000 acres of timberlands in Washington and Oregon this quarter.
Granite taps Martin Matheson to head California division
Granite Construction has a new senior VP and manager of its California division. Martin "Pete" Matheson, a Granite mainstay for the past 22 years, will step into the role, effective Aug. 1.
Matheson will oversee bidding and building in California, as well as lead with his expertise in strategic planning, forecasting and quality control, among other areas.
“Throughout his career, Pete has demonstrated his industry knowledge and strong operational skills in all areas of the construction business,” said Granite president and CEO James H. Roberts. “His background and proven leadership in our vertically integrated business, coupled with his unparalleled work ethic, will be valuable assets as we work to capitalize on our opportunities throughout the state.”
Most recently, Matheson was serving as VP of Granite’s Washington operations, having joined the company in 1989 as an estimator in the company’s Reno division. During his time at the company, he served as project superintendent, project manager and construction manager and left briefly for a two-year respite, rejoining in 1999 in a managerial capacity for the Utah division.
Huttig Building Products shows growth in Q2
St. Louis-based Huttig Building Products reported second quarter sales of $148.9 million, up from $137.8 million in the same quarter last year.
Net income also showed an increase in the three months ended June 30 — up from $1.6 million last year to $2.6 million.
Huttig distributes building products through 27 distribution centers serving 41 states. Customers are building material dealers, national buying groups, home centers and others.
The company said in its 10-Q filing that the historical downturn in new residential construction is seeing modest improvement, but the downturn is expected to "adversely affect our operating results throughout 2013."
The company added: "We believe that through our aggressive restructuring and ongoing cost control activities, we are able to mitigate the impact of the severe downturn in the housing market on our operations, while providing a more scalable cost structure to support future growth opportunities."