Stock Building Supply sales up 21%
Citing a housing market recovery, Raleigh, N.C.-based Stock Building Supply saw net sales increase 21% in the fourth quarter to $305.2 million.
Stock CEO Jeff Rea added that the future looks bright. “As we look ahead to 2014, we are encouraged by macro-economic trends that generally support growth in residential new construction and remodeling activity.”
The company reported fourth-quarter income of $2.96 million, compared to a loss of $4.88 million in the same quarter last year.
"During the fourth quarter of 2013, the U.S. housing industry continued its recovery and our business delivered strong revenue growth and profit improvement,” Rea said, in a press release announcing the results. “Over the course of 2013, our net sales to single-family homebuilders grew nearly 31% and our net sales to remodeling contractors increased over 18%. This revenue growth, which outpaced the underlying increase in US single-family housing starts of 15.5%, as reported by the U.S. Census Bureau, enabled us to expand our operating profit margins and accelerate investments in our business."
For the full year, Stock reported net sales of $1.197 billion, up 27.0% from 2012 sales of $942.4 million. The company narrowed its net loss for the year to $4.6 million, compared to a loss of $14.5 million in 2012.
Stock operates 69 facilities in 14 states, primarily in the south, southeast and west regions of the U.S.