Huttig Building Products, Inc. Announces Third Quarter 2020 Results and Provides Business Update on COVID-19 Impact
10/29/2020 - 05:04 PM
Third Quarter 2020 Highlights (as compared to prior year quarter):
Net sales of $ 212.7 million compared to $215.7 million Reduced operating expenses by 13.5% to $35.8 million Operating income increased to $ 6.9 million compared to $ 3.3 million Generated cash from operations of $25.4 million compared to $9.6 million Adjusted EBITDA increased to $ 8.5 million compared to $ 5. 3 million Total liquidity increased to $ 69.8 million compared to $ 46.5 million a year ago Reduced indebtedness by $ 51. 9 million compared to a year ago ST. LOUIS, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Huttig Building Products, Inc. (“Huttig” or the “Company”) (NASDAQ: HBP), a leading domestic distributor of millwork, building materials and wood products, today reported financial results for the third quarter ended September 30, 2020, and provided a business update on its response to the COVID-19 pandemic.
“As devastating as the impact of the COVID-19 global pandemic has been on our country, economy, and way of life, it was the catalyst for many of the changes we made to our business, contributing to our improved financial performance in the quarter,” said Jon Vrabely, President and CEO of Huttig. “I am very proud of our entire organization and our third quarter results in what remains a very challenging environment. Sales in the quarter approached prior year levels, and if not for the impact of COVID-related supply chain challenges, internal restructuring activities, and our continued product line rationalization initiative, we estimate our sales in the quarter would have exceeded prior year levels. We made meaningful improvements, reducing our expenses and debt, and have adapted to a leaner expense structure that establishes the foundation for a more profitable future.”
Three Months Ended September 30, 2020 2019 Net sales $ 212.7 100.0 % $ 215.7 100.0 % Gross margin 42.7 20.1 % 44.7 20.7 % Operating expenses
Huttig Building Products, Inc.
NASDAQ:HBP
HBP Rankings
N/A Ranked by Stock Gains
HBP Stock Data
Industry
Other Millwork (including Flooring)
Sector
Manufacturing
Tags
Distribution Services, Wholesale Distributors, Manufacturing, Other Millwork (including Flooring)
Country
US
City
St Louis
About HBP
Huttig, currently in its 136th year of business, is one of the largest domestic distributors of millwork, building materials and wood products used principally in new residential construction and in-home improvement, remodeling and repair work. Huttig distributes its products through 25 distribution centers serving 41 states. Huttig's wholesale distribution centers sell principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.
