Mixed Q1 results for Huttig
Building products distributor Huttig reported that first quarter 2020 sales increased 2.8% to $203 million from first quarter 2019 sales of $197.4 million.
The St. Louis, Mo.-based company said millwork product sales increased 0.9% to $96.2 million for the quarter compared to sales of $95.3 million for the same period last year.
Building products sales rose 5.1% to $92.6 million from sales of $88.1 million in the first quarter a year ago.
Wood product sales increased 1.4% to $14.2 million for the period, from sales of $14 million.
Despite seeing an increase in revenues, Huttig posted an $8.9 million net loss for the quarter compared to a net loss of $3.2 million in the first quarter 2019. The loss was attributable to a one-time $9.5 million non-cash Goodwill impairment.
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The Bottom Line: Sales rise but Huttig’s losses deepen to $8.9 million in the first quarter.
What the CEO said: “Our first quarter operating results were significantly better across every key financial metric as compared to the prior year quarter,” said John Vrabely, Huttig president and CEO. “On a stand-alone basis, the first quarter of 2020 marked the first full quarter that our results began to reflect the positive impact we planned and anticipated since embarking on our accelerated growth strategy.”
“Unfortunately, as our results were just beginning to reflect the impact of our efforts and strategy, our world, like that of virtually every other company on the planet, changed. The unprecedented magnitude and unpredictability of the Coronavirus pandemic forced us to shift resources away from the continued execution of our growth strategy and towards the development and implementation of our COVID-19 readiness and response plan.”
Company info: The full first quarter 2020 report from Huttig is available here.
The St. Louis, Mo.-based company said millwork product sales increased 0.9% to $96.2 million for the quarter compared to sales of $95.3 million for the same period last year.
Building products sales rose 5.1% to $92.6 million from sales of $88.1 million in the first quarter a year ago.Wood product sales increased 1.4% to $14.2 million for the period, from sales of $14 million.
Despite seeing an increase in revenues, Huttig posted an $8.9 million net loss for the quarter compared to a net loss of $3.2 million in the first quarter 2019. The loss was attributable to a one-time $9.5 million non-cash Goodwill impairment.
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The Bottom Line: Sales rise but Huttig’s losses deepen to $8.9 million in the first quarter.
What the CEO said: “Our first quarter operating results were significantly better across every key financial metric as compared to the prior year quarter,” said John Vrabely, Huttig president and CEO. “On a stand-alone basis, the first quarter of 2020 marked the first full quarter that our results began to reflect the positive impact we planned and anticipated since embarking on our accelerated growth strategy.”
“Unfortunately, as our results were just beginning to reflect the impact of our efforts and strategy, our world, like that of virtually every other company on the planet, changed. The unprecedented magnitude and unpredictability of the Coronavirus pandemic forced us to shift resources away from the continued execution of our growth strategy and towards the development and implementation of our COVID-19 readiness and response plan.”
Company info: The full first quarter 2020 report from Huttig is available here.