Utah's Headwaters posts higher loss as revenue rises
South Jordan-based building products company Headwaters Inc. reported its revenue for the third quarter of its 2012 fiscal year increased 9 percent to $175.6 million.
A year ago, the company recorded revenue of $160.7 million for the third quarter of 2011.
Still, Headwaters said its lost $13 million, or 21 cents per share, in the third quarter of 2012 compared with the year earlier loss of $6.3 million, or 10 cents per share.
Headwaters reported that it saw sales improvement in both its light building products and heavy construction materials segments.
"We are excited about the underlying improvement in the business and, should end markets maintain their current momentum, would expect to generate a net profit in 2013, which would be our first annual profit since 2007," Don P. Newman, chief financial officer, said in a statement announcing the company's third-quarter results. Headwaters shares are listed on the New York Stock Exchange under the symbol HW.