Temple-Inland reports sales gains for full year and Q4
Austin, Texas-based Temple-Inland reported sales of building products for the fourth quarter were $146 million, up 12.3% from $130 million in the same quarter last year.
The building products and packaging company posted total 2010 earnings of $168 million, down 18.4% from $206 million in 2009. Excluding special items, net income was $100 million for the year, up from $78 million in 2009.
"In Building Products, despite housing markets that remained at depressed levels, we generated $22 million in EBITDA in 2010, an increase of $5 million compared with 2009," said chairman and CEO Doyle Simons. "We continue to benefit from our low-cost facilities, favorable geographic footprint and mix of products."
The Building Products division posted an operating loss of $19 million in 2010, compared with an operating loss of $27 million in 2009.
Building Products operating results improved in 2010 compared with 2009 primarily due to higher lumber prices and improved volumes for all products that were partially offset by higher input costs and lower gypsum pricing, the company said. Operating results declined in the fourth quarter of 2010 compared with the third quarter of 2010, due to lower gypsum prices and lower gypsum and lumber volumes.
Simon added that the company is focused on "generating cash and returning to profitability" in the building products division.
Total company sales for Temple-Inland were $952 million in the quarter and $3.799 billion for the year, increases of 12.7% and 6.2%, respectively.