Mixed Q4 results for Huttig
Huttig Building Products, the St. Louis, Mo.-based distributor, reported fourth quarter 2018 net sales of $196.2 million, a 9.5% increase over sales of $179.2 million for the fourth quarter 2017.
For the full year 2018, Huttig had net sales of $839.6 million, up approximately 11.5% compared to $753.2 million in 2017. The increase was primarily due to sales growth in its Huttig-Grip product line and higher levels of construction activity, the company said.
But Huttig posted a net loss of $7.3 million for the quarter, after reporting a net loss of $9.8 million in the fourth quarter 2017. Huttig also reported a net loss of $6.4 million for the year compared to a net loss of $7.1 million in the prior year.
“Despite our strong sales growth, we have yet to be successful in leveraging our growth into incremental profitability. Accordingly, we recently completed actions to adjust our cost structure which we believe will enable us to achieve this objective in 2019,” said Jon Vrabely, Huttig president and CEO.
During the fourth quarter millwork sales increased 4.9% to $97.1 million, building product sales increased 20.3% to $83.5 million, primarily due to sales growth of the Huttig-Grip product line as well as increased construction activity, and wood product sales decreased 9.3% to $15.6 million primarily to market variability, the company said.
For the year, millwork sales increased 5% to $400.6 million, building product sales increased 22.2% to $365.4 million, and wood products increased 1.1% to $73.6 million.
For the full year 2018, Huttig had net sales of $839.6 million, up approximately 11.5% compared to $753.2 million in 2017. The increase was primarily due to sales growth in its Huttig-Grip product line and higher levels of construction activity, the company said.
But Huttig posted a net loss of $7.3 million for the quarter, after reporting a net loss of $9.8 million in the fourth quarter 2017. Huttig also reported a net loss of $6.4 million for the year compared to a net loss of $7.1 million in the prior year.
“Despite our strong sales growth, we have yet to be successful in leveraging our growth into incremental profitability. Accordingly, we recently completed actions to adjust our cost structure which we believe will enable us to achieve this objective in 2019,” said Jon Vrabely, Huttig president and CEO.
During the fourth quarter millwork sales increased 4.9% to $97.1 million, building product sales increased 20.3% to $83.5 million, primarily due to sales growth of the Huttig-Grip product line as well as increased construction activity, and wood product sales decreased 9.3% to $15.6 million primarily to market variability, the company said.
For the year, millwork sales increased 5% to $400.6 million, building product sales increased 22.2% to $365.4 million, and wood products increased 1.1% to $73.6 million.