Utah's Headwaters posts higher revenue, lower first quarter loss
Headwaters Inc., a South Jordan-based building products company, reported that revenue for the first quarter of its 2013 fiscal year increased 9 percent to $146.6 million.
And that helped the company cut its net loss from $23.7 million, or 39 cents per share, in the first quarter of its 2012 fiscal year to just $5.9 million, or 9 cents per share, for its most recently completed first quarter.
"Benefiting from the recovery in new residential construction, we had a strong first quarter with revenue increases in both our light building products and heavy construction materials segment," Kirk A. Benson, chairman and CEO, said in a statement announcing the first-quarter results.
Benson noted that earlier this month Headwaters completed a major step in its transition to a "pure play light building products and heavy construction materials company" by selling off its remaining coal cleaning facilities. The company also recently raised some $77.8 million in new capital by selling 11.5 million shares of its stock at $7.25 each.
"We are beginning the new year with a more focused, streamlined business and an improved balance sheet, positioning us to capitalize on the recovery of the residential housing and remodeling markets," he said.
Headwaters shares are listed on the New York Stock Exchange under the symbol HW.