Building materials distributor Huttig Building Products Inc. (Nasdaq: HBP), St. Louis, Missouri, reported third-quarter sales of $212.7 million, a 1.4% decrease over the prior-year period. The company reported a profit of $6.1 million for the quarter, up from $1.6 million in the third quarter of 2019.
Millwork product sales decreased 8.8% in the period to $90.8 million, building products sales increased 5.7% to $106.1 million and wood product sales increased 0.6% to $15.7 million.
“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.”
For the first nine months sales fell 3.8% to $607.7 million. The company narrowed its loss during the period to $1.2 million from a loss of $11.9 million for the same period in 2019.
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