St. Louis-based Huttig Building Products today posted a net income of $3.2 million in 2Q 2014, a 23% gain from its net income of $2.6 million one year ago. Net sales totals clocked in at $168.7 million, up 13.3% from 2Q 2013 net sales of $148.9 million.
Operating income grew to $4.1 million and gross margins increased to $33.5 million, up from $3.6 million and $29.8 million this time last year, respectively. But despite the recent quarterly gains, the company also posted a six-month net loss of $800,000.
“While continuing to improve, the residential construction market continues to show moderate signs of volatility with growth rates varying greatly by region,” said Jon Vrabely, Huttig’s president and CEO.
“Though the unpredictability of the market poses certain challenges, through our continued focus on improving financial performance and profitable sales growth, we generated stronger earnings, adjusted EBITDA and revenue during the second quarter," added Vrabely.
Earlier in the quarter, the company extended its credit facility, which it says increased its financial flexibility.
"We believe this demonstrates a general confidence in our track record and financial performance," said Vrabely.