UPDATE: Headwaters (HW) Reports Q2 EPS of $0.21

(Update corrects for adjusted EPS)

Headwaters (NYSE: HW) reported Q2 EPS of $0.21, versus $0.09 reported last year. Revenue for the quarter came in at $259 million, versus $202 million reported last year.

Outlook

“We are pleased with the March quarter’s financial performance and see potential for a strong second half of fiscal 2017,” said Don P. Newman, Headwaters’ Chief Financial Officer. “We have significantly improved our fly ash supply situation through new contracts and storage capacity, which should add to sales as we move into the summer construction season. In addition, our building products segment experienced strong revenue and Adjusted EBITDA growth in the March quarter, which is typically our lowest seasonal quarter for sales and profitability.

“At the end of March, our pro forma net debt to Adjusted EBITDA ratio was 3.1 times, and we expect our net debt ratio to be in the range of 2.5 times by the end of fiscal 2017. We anticipate cash flows to be strong in the second half of the year and should position us to reduce debt by an additional $85 million before the end of the calendar year.”

For earnings history and earnings-related data on Headwaters (HW) click here.

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