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- MarketLine Department
Huttig Building Products Inc - Strategy, SWOT and Corporate Finance Re...
Huttig Building Products Inc - Strategy, SWOT and Corporate Finance Report Summary Huttig Building Products Inc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360Ëš view of the company. Key Highlights Huttig Building Products, Inc. (Huttig) operates as a distributor of construction materials in the US....
- Charles Gross
Strong OSB Pricing and Volumes Drive Solid 2017 Performance for Norbor...
Norbord's fourth-quarter results remained strong on the back of strong demand for wood products and elevated panel prices. During the year, adjusted EBITDA rose 75%, with sales up 23%. Single-family home construction rose 9%, a meaningful improvement in one of the largest demand drivers for panels. We've modestly increased our medium-term expectations for panel prices, as the pace of supply increase has proven more measured than we originally expected. We've reduced our long-term tax rate assump...
- Charles Gross
Higher OSB Price Environment Remains a Tailwind for Norbord, Raising F...
Norbord managed a solid first quarter, growing adjusted EBITDA by roughly 70% year-over-year to $103 million. This was largely due to rising demand for structural panels in North America, as Random Lengths OSB Composite prices advanced roughly 40% over the course of the year. Although unit costs ticked higher, we expect them to fall from current levels over the remainder of the year. We've increased our North American OSB price outlook for 2017, to $305 from $290, given recent market prices. Add...
- Charles Gross
Lumber Tariffs Look Likely Under Trump, but Canfor and West Fraser Rem...
Following President-elect Donald Trump's nomination of Robert Lighthizer as U.S. trade representative, stiff U.S. tariffs on Canadian lumber exports appear highly likely. Our wood product company models now assume a 20% tax on southbound Canadian lumber will be rolled out shortly. Concurrently, we've lowered our near-term forecast for U.S. housing starts, essentially deferring the cyclical peak for wood product company earnings (see our Jan. 18 note "Household Formation Lags Expectations in 201...
- Charles Gross
Favorable demographics, tighter labor markets will drive stronger Nort...
October construction activity rebounded with rising single- and multi-family starts, offsetting weaker September activity. The fourth quarter of 2016 started strong as single-family starts hit a monthly high for 2016, led by a surprise uptick in the U.S. South, despite Hurricane Matthew. As anticipated, October multi-family starts rebounded from a soft September to match July for the strongest month of the year. Despite rain in the U.S. South, favorable weather conditions throughout the country ...
- Charles Gross
Housing Starts Rebound in October as Single- and Multi-Family Build Fo...
October construction activity rebounded with rising single- and multi-family starts, offsetting weaker September activity. The fourth quarter of 2016 started strong as single-family starts hit a monthly high for 2016, led by a surprise uptick in the U.S. South, despite Hurricane Matthew. As anticipated, October multi-family starts rebounded from a soft September to match July for the strongest month of the year. Despite rain in the U.S. South, favorable weather conditions throughout the country ...
- Charles Gross
Trump's Presidential Win Leads to Sustained Lumber Trade Uncertainty
As President-elect Donald Trump rolls out more concrete trade policy, we expect increased lumber trade uncertainty to carry into 2017. In our base case, we assume that the tiered tariff system introduced under the recently lapsed Softwood Lumber Agreement, or SLA, persists under a new arrangement. Given our bullish outlook, a tiered system lowers taxes at high prices and implies no meaningful tax burden for Canadian lumber companies. Without clear insight into Trump's trade agenda, our outlook i...
- Charles Gross
Norbord Books Another Solid Quarter and Announces Mill Exchange With L...
Norbord's third-quarter results lined up nicely with our expectations, despite unplanned downtime in Europe. Management also announced an asset swap in which the firm received an OSB mill in Chambord, Quebec, from Louisiana Pacific in exchange for Norbord's Val-d'Or mill. Although the exchange has an immaterial impact on our fair value estimate, we think it will prove to be a win for both parties. We've slightly increased our fair value estimate to CAD 34 to account for time value of money effe...
- Charles Gross
Housing Starts Reflect Anemic Multifamily Activity and an Underwhelmin...
September construction activity was held back by surprisingly soft multifamily activity and a weaker-than-expected month for single-family starts. We expect that Hurricane Matthew will weigh on October's report, leaving less room to achieve our current outlook for 2016 residential construction. As a result, we've reduced our housing starts forecast to 1.15 million in 2016 from 1.19 million. Despite this haircut to our construction forecast for 2016, the long-term outlook remains bright. As mille...
- Charles Gross
Southern Housing Starts Merely a Speedbump in Recovering Residential C...
Although housing starts fell 5.8% sequentially to a disappointing rate of 1.14 million units, we believe this will be temporary as the housing market continues to heat up. Weakness in the South was the largest drag, falling by 56,000 units sequentially. We attribute this, in part, to a sustained period of poor weather that resulted in 20 Louisiana parishes being declared federal disaster areas, with the surrounding areas pounded by heavy rainfall. Supporting our argument that this weakness is tr...
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