St. Louis-based Huttig Building Products today posted a net income of $3.5 million in 2Q 2014, a 16.6% gain from its net income of $3 million one year ago. Net sales totals clocked in at $174.5 million, up 14% from 3Q 2013 net sales of $153.3 million.
Operating income grew to $4.2 million and gross margins increased to $33.9 million, up from $3.8 million and $30.8 million this time last year, respectively.
Huttig's adjusted EBITDA was $5.3 million in 3Q2014, compared to $4.8 million this time one year ago. Adjusted EBITDA for the first nine months was $11.4 million compared to $8.9 million this time one a year ago.
“In the third quarter we generated strong revenue growth and are pleased to report our fourteenth consecutive quarter of improved income from continuing operations, excluding special significant items,” said Jon Vrabely, Huttig’s president and CEO.
“While we are pleased with our revenue growth of 14%, our flow through on increased revenues to income from continuing operations was negatively impacted by continued significant investments into our business to support our revenue growth, technology and customer service business initiatives," said Vrabely. "We believe these investments are necessary to capture growth opportunities today while also providing improved operating leverage on future revenue growth."