Headwaters Inc. (HW: Quote) Tuesday released the financial results for the third quarter ended 30th June 2012, reporting a wider net loss for the quarter despite rise in total revenues, negatively impacted by loss from discontinued operations.
The building products company reported net loss of $13.03 million or $0.21 per share for the third quarter ended 30 June 2012, wider than a net loss of $6.35 million or $0.10 per share reported for the corresponding quarter last year.
Excluding loss from discontinued operations, basic and diluted earnings per share from continuing operations for the third quarter was $0.03, lower than $0.04 per diluted share reported for the same period last year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the third quarter increased to $175.62 million from $160.65 million reported in the prior-year quarter. Analysts expected revenues of $165.14 million.
"We capitalized on increasing demand for construction materials in the third quarter," said Kirk A. Benson, Chairman and Chief Executive Officer of Headwaters. "Our heavy construction materials segment and light building products segment had Adjusted EBITDA margins of 20.1% and 21.2%, respectively. Consolidated Adjusted EBITDA margins for the nine months ended June 30 expanded by 300 basis points compared to last year, as we benefited from greater efficiency and operating leverage in what appears to be an improving market….."
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by RTT Staff Writer
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