Huttig Building Products releases Q3 results
Challenging market conditions are offset by proactive restructuring efficiencies.
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.”
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
Click here for the full report.
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