St. Louis-based Huttig Building Products Inc. is proud of its recent second-quarter financial results, which include a net income increase of 59 percent to $5.1 million.

According to a company document, other highlights included:

  • Net sales in the second quarter of 2015 were $175.1 million, representing a 4 percent increase over net sales of $168.7 million for the prior year’s second quarter.
  • Income from continuing operations was $5.4 million in the second quarter of 2015 compared to $3.4 million in 2014.
  • Net income was $5.1 million compared to $3.2 million in the prior year quarter, which included second-quarter charges from discontinued operations of $0.3 million in 2015 compared to $0.2 million in the prior year quarter.
  • Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $6.8 million in the second quarter of 2015 compared to $5.2 million for the second quarter of 2014.
  • Total available liquidity was $61.6 million at June 30, 2015 compared to $45.6 million at June 30, 2014.

Jon Vrabely, president and CEO, says, “We are pleased with the continued improvement in our financial performance that we achieved in the second quarter compared to our prior year. The residential housing market is growing, but continues to lag most 2015 industry forecasts. Despite lower than forecasted market growth, through the continued execution of our strategy, we were successful in growing our revenue and gross profit while leveraging the investment we have made in the business over the past several years.”

When it comes to balancing the books, the company reported $2.5 million of cash plus $59.1 million of availability under its credit facility for total available liquidity of $61.6 million. That’s a decrease of $1 million in cash but a $17 million increase in credit availability. The company has also paid down its debt by $11.4 million since last year from $87.3 million to $75.9 million.

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