Operations
Huttig 4Q Sales Up 24.8%
The distributor also reported that 2021 year-end net sales increased 18.4% to $937.8 million, compared to $792.3 million in 2020.
Millwork operation Woodgrain Inc. said affiliate HBP Merger Sub, Inc. has commenced a cash tender offer for all issued and outstanding shares of common stock of Huttig Building Products, Inc., at a price of $10.70 per share — net to the seller — “in cash, without interest and less applicable withholding taxes.”
Building materials distributor Huttig Building Products (NASDAQ: HBP) reported a 24.8% increase in 2021 fourth-quarter net sales and an 18.4% jump in total year-end sales compared with 2020.
Net sales in 4Q were $230.4 million, compared with $184.6 million during the same period in 2022. Year-end net sales increased 18.4% to $937.8 million, compared to $792.3 million in 2020.
Net income from continuing operations was $7.4 million in 4Q and $49.1 million for 2021 overall.
“I am extremely proud of our 2021 performance and record results,” said Jon Vrabely, president and CEO of Huttig. “We generated adjusted EBITDA of $55.1 million, despite the impact from an $18.3 million LIFO charge. The continued execution of our business plan and the dedication of our associates to serve our customers have largely contributed to our success in sustainably changing our financial model.”
