Headwaters 1Q loss narrows, shy of Street's view
SOUTH JORDAN, Utah (AP) — Building products company Headwaters said Tuesday that its fiscal first-quarter loss narrowed, helped by the continued recovery of the housing market.
The South Jordan, Utah, company also said that it anticipates posting a profit in 2013, which would be its first annual profit since 2007.
For the three months ended Dec. 31, Headwaters Inc. lost $5.9 million, or 9 cents per share. That compares with a loss of $23.7 million, or 39 cents per share, a year ago.
Loss from continuing operations was 6 cents per share.
Analysts polled by FactSet forecast a slightly smaller loss of 5 cents per share.
Revenue rose 9 percent to $149.6 million from $137.4 million. This topped Wall Street's estimate of $147.7 million. The light building products unit reported a 5 percent increase in revenue, while heavy construction materials revenue rose 8 percent.
Shares of Headwaters dropped 81 cents, or 8.1 percent, to $9.14 in afternoon trading, after earlier dipping to $9.03. The stock has traded between $2.26 and $10.40 over the past 52 weeks.