Huttig Building Products Reports Record Fourth Quarter And Full Year Net Income

March 4th, 2022 by Editor

Huttig Building Products Inc., a domestic distributor of millwork, building materials and wood products, has reported financial results for the fourth quarter and year ended December 31, 2021.

In the fourth quarter of 2021, the company’s net sales were $230.4 million, which were $45.8 million, or 24.8%, higher than the fourth quarter of 2020. The company attributes the increase to a number of factors, including a continued strong residential construction market and an inflationary environment elevated by demand-driven pricing with higher input costs, such as labor and materials, which are reflective of challenges the supply chain and labor markets experienced throughout much of 2021. Millwork sales increased 27.7% to $112.8 million in the fourth quarter, compared to $88.3 million in the fourth quarter of 2020. Although impacted by restructuring activities completed in 2020, and by continued supply chain disruption and labor shortages, millwork sales benefited from improved market pricing. Building products sales increased 21.1% in the fourth quarter of 2021 to $100.4 million, compared to $82.9 million in the fourth quarter of 2020. Wood product sales increased 28.4% in the fourth quarter of 2021 to $17.2 million, compared to $13.4 million in the fourth quarter of 2020. Wood product sales benefited from higher market prices on a year-over-year basis.

Gross margin was $50.2 million in the fourth quarter of 2021, compared to $37.1 million in the fourth quarter of 2020. As a percentage of net sales, gross margin was 21.8% in the fourth quarter of 2021, compared to 20.1% in the fourth quarter of 2020.

“I am extremely proud of our 2021 performance and record results,” said Jon Vrabely, president and CEO. “The continued execution of our business plan and the dedication of our associates to serve our customers have largely contributed to our success in sustainably changing our financial model.”

Net sales were $937.8 million in 2021, an increase of $145.5 million, or approximately 18.4%, compared to $792.3 million in 2020. Net sales in 2020 were significantly affected by the onset of the pandemic.

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