Huttig Building Products First Quarter Sales Up Nearly 3% - Modern Distribution Management

Huttig Building Products First Quarter Sales Up Nearly 3%

Distributor expects negative impact from COVID-19 to be reflected in second quarter results.

Huttig Building Products, Inc. (NASDAQ: HBP), St. Louis, on June 9 reported financial results for the first quarter ended March 31. The domestic distributor of millwork, building materials and wood products saw net sales increase 2.8% over the prior year quarter to $203 million. Gross margin increased 120 basis points to 20.1%.

Other first quarter highlights, as compared to prior year quarter, include:

  • Operating loss $7.6 million; exclusive of $9.5 million goodwill impairment charge, operating income increased $4.1 million to $1.9 million compared to a loss of ($2.2) million
  • Adjusted EBITDA of $3.5 million compared to ($0.3) million
  • Total liquidity increased to $55.4 million compared to $53.0 million

“Our first quarter operating results were significantly better across every key financial metric as compared to the prior year quarter. 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,” said President and CEO Jon Vrabely. 

With regard to the impact of COVID-19, Vrabely added, “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,” he said. “While we believe we were ahead of the curve in developing and executing the earliest versions of our response plan, and have continued to make meaningful progress, we anticipate the impact from this pandemic will be significant in the second quarter and thereafter as we continue working hard to mitigate its effect on our business.”

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!