Building products company Headwaters Incorporated (HW), Wednesday, reported a higher loss for the first quarter, reflecting a 16% decline in revenue, hurt primarily by poor weather conditions in October.
For the quarter, the South Jordan, Utah-based company's net loss was $13.9 million, much wider than $2.4 million loss last year. On a per-share basis, net loss was $0.23 compared to a loss of $0.06 last year.
Excluding special items, loss narrowed by $8.2 million or $0.31 per share to $13.90 million or $0.23 per share from $22.1 million or $0.54 per share.
On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share. Analysts' estimates typically exclude special items.
Revenue declined 16% to $139.65 million compared to $166.17 million last year. Five analysts were looking for revenue of $153.52 million for the quarter.
Segment-wise, Light Building Products revenue was $71.23 million compared to $88.23 million last year, a decline of $17 million of which approximately $13 million decline occurred in October.
Revenue from Heavy Construction Materials declined $11.4 million to $55.88 million from $67.23 million last year, primarily due to lower sales in October as well as a decline in commercial construction.
Energy technology revenues, meanwhile, increased to $12.54 million from $10.71 million.
Commenting on the results, Kirk Benson, chief executive officer said, "Despite adverse weather conditions in October, our revenue trend in the first quarter was positive, as the decline in revenue narrowed to 16% year-over-year, and further to 8% in December 2009."
"This is the most favorable year over year quarterly performance in two years, and reflects growth in key product lines. In addition to improved revenue performance, consolidated gross margins expanded by 2% in the quarter," he added.
HW shares closed Tuesday's regular trading session at $5.51 on the NYSE.
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