Huttig Building Products, Inc. reported financial results for the 1Q ended March 31, 2019. Net sales were $197.4 million in the 1Q 2019, which was $0.6 million, or 0.3%, lower than the 1Q 2018, as the company said in the press release received by Lesprom Network.
Gross margin was $37.4 million in the 1Q 2019, compared to $38.7 million in the 1Q 2018. As a percentage of sales, gross margin was 18.9% in the 1Q 2019, compared to 19.5% in the 1Q 2018.
Adjusted EBITDA was $(0.3) million for the 1Q 2019 compared to $1.4 million for the 1Q 2018.
“Our sales performance in the quarter was consistent with our results in the prior year despite lower residential construction activity and severe weather across the majority of our service areas,” said Jon Vrabely, Huttig’s President and CEO. “Sales from our strategic growth initiatives increased nearly 14%, and while core product sales declined, they declined at a lower rate than the market, resulting in estimated combined growth above the market of more than 4% in the quarter. Operationally, we are making progress in improving the balance sheet, but need to expedite the improvement in our margins and expense structure to achieve greater profitability.”
Huttig is one of the largest U.S. distributors of millwork, building materials and wood products.
