Huttig announces strong Q3

Huttig Building Products reported third-quarter net sales of $181.7 million, up 4% over net sales of $174.5 million in the prior year’s third quarter.

Net income in the third quarter ended Sept. 30 was $20.5 million compared with $3.5 million in the prior year quarter. Third quarter net income included after tax charges from discontinued operations of $2.7 million in 2015 compared with $0.1 million in the prior year’s quarter. The charge in the third quarter of 2015 resulted primarily from a change in the estimated liability associated with the Missoula, Montana environmental remediation accrual.

“We are pleased with the continued improvement in our financial performance achieved in the third quarter,” said Jon Vrabely, president and CEO. “This represents our 18th consecutive quarter of year-over-year improved performance, excluding unusual items. We were successful in growing our revenue, gross profit, and earnings while continuing to invest in our strategic initiatives to accelerate profitable revenue growth and continued improved financial performance.

“In the third quarter, we released $21.7 million of our valuation allowance related to our net deferred tax assets demonstrating our confidence that we will realize a substantial portion of our net operating loss (NOL) carryforwards in future years. In addition, our final remedial action work plan related to the Missoula, Montana property was approved by the Montana Department of Environmental Quality and we anticipate implementing the plan and commencing field work this year.”