Huttig profits surge ahead in Q3
St. Louis, Mo.-based building products distributor Huttig reported third quarter sales jumped 15.3% to $245.3 million compared to the same period a year ago.
Huttig attributed the increase in net sales to an increase in residential construction activity as compared to the third quarter of 2020. Net sales in 2021 were also favorably impacted by an improved pricing environment where demand-driven pricing was pronounced due to higher input costs, including labor and materials, caused primarily by supply chain disruption, the company said.
Millwork sales increased 16.4% to $105.7 million for the third quarter as building products sales increased 12.7% to $119.6 million during the period.
Wood product sales soared 26.6% in the third quarter to $20 million, compared to $15.8 million in the third quarter of 2020. Higher market prices on a year-over-year basis contributed to the increase in this category, the company reported.
Huttig also posted a net income of $18.7 million for the quarter compared to a net income of $6.1 million for the same period last year.
The distributor recently announced that its board of directors is reviewing “strategic alternatives” regarding the direction and strategy of the company going forward.
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The Bottom Line: Profits leap at Huttig as the distributor reports a net income of $18.7 million for the third quarter 2021.
What the CEO said: “Despite the continued challenging business environment related to severe supply chain disruption and a lack of available labor, our organization pulled together once again to generate another quarter of strong financial results,” said Jon Vrabely, president and CEO of Huttig. “Our strong performance in the quarter, and on a year-to-date basis, are a direct result of the fortitude and dedication of our associates, and the actions we have taken over the past two years to meaningfully and sustainably improve our financial model.”
Company info: Click here to read the full third quarter 2021 financial report from Huttig.
