Building material companies that supplied the commercial and
residential real estate boom are taking a hit as the downturn drags
on - with no bottom in sight - and warning of more pain to
come.
Many have shifted into survival mode as commercial and
residential construction has come to a standstill and consumers are
putting off or reducing ambitions for that kitchen remodel. Weaker
sales projections are helping prompt companies to slash staff,
shutter plants and protect their balance sheets.
"Frankly, it's irrelevant what they earn in 2009," said Stifel
Nicolaus analyst John Baugh. "Will they survive is the question,
and are they around to participate in recovery?"
While few companies have outperformed in the crumbling economy,
building material companies have taken a particularly hard hit, as
many straddle more than one industry, supplying flooring, for
instance, to both builders and consumers.
When detailing a fourth-quarter loss Thursday, floor-to-ceiling
product maker Armstrong World Industries Inc. (AWI) said the
economic downturn came with an "unanticipated savagery, sales
collapse" during the quarter, adding this year will be even more
challenging.
"Nearly every key residential and commercial market around the
world is expected to decline significantly," Chairman and Chief
Executive Michael D. Lockhart told investors, adding the downturn
will be "deeper and longer than people think."
Armstrong, flooring giant Mohawk Industries Inc. (MHK) and Masco
Corp. (MAS), whose lines include Behr paint and Delta faucets
filling handyman chains, have each seen their shares plummet by
more than 40% so far this year, with Masco plunging about 55%. Even
shares of Sherwin-Williams Co. (SHW), the nation's top paint seller
by sales,have been shaved by nearly a quarter since January.
Of course, these companies aren't alone as few operators have
been spared. Businesses counting on home builders have seen sales
evaporate as the sector struggles to survive its worst downturn in
decades. With few buyers to be had, home starts have fallen to
record lows. Meanwhile, to cut costs, builders have demanded
cheaper prices from suppliers and distributors.
Those counting on consumers have also felt pain from the housing
bust. With fewer homes being sold - and less remodeling going on -
little spending is happening. Key retail partners have responded by
keeping inventory lean and shuttering underperforming stores.
The commercial sector has been battered in the last year,
stressed as mounting unemployment forces companies and governments
to rethink renovations, growth or relocations. With the credit
markets frozen, little construction is taking place.
That market's "unprecedented declines," will exacerbate pressure
on this year's results, Armstrong said, predicting its ceilings
market will decline 15% this year.
In the last few years, it has closed two floor plants, with
plans to shutter two more this year, and minimized discretionary
spending such as travel.
The story isn't much better at competitor Mohawk, the world's
largest flooring company by revenue with brands including Aladdin
and Karastan. Nearly half its revenue comes from repair/remodel
projects, while 29% comes from commercial flooring projects,
according to Credit Suisse analyst Dan Oppenheim. New home
construction comes in at 11%. The company, which also reported a
loss late last month, said sales at its namesake segment tumbled
17%, from a year earlier, dragged down by both commercial and
residential sectors, while customer traffic dropped "significantly"
in flooring retail stores in the fourth quarter.
"Floor covering industry demand is anemic," said Stifel
Nicolaus' Baugh. "All categories are under pressure."
Mohawk has responded with drastic cutbacks. Since last year, it
has sliced nearly 6,000 full-time employees and reduced workweek
levels. Gone are nine manufacturing sites, two plants and 1.25
million square feet of warehousing. It is also "going after some
lower margin business that when business conditions were good, we
would have left that for other people," Jeffrey S. Lorberbaum,
chairman and chief executive officer, said in the earnings
conference call.
Such responses are similar to those taken by products giant
Masco, which has seen its fortunes fall along with the residential
market. It expects sales to decline in the mid-to-high-teens
percent range.
At the end of last year, about 35% of its sales came from new
construction, while it also supplies to retail chains Home Depot
Inc. (HD) and Lowe's Cos. (LOW). Sales to "key retail customers"
saw double digit declines in each of last year's quarters, with the
year ending down 12%.
Masco has closed 17 manufacturing facilities since late 2006. It
has cut 23,000 employees and said it will recommend a dividend cut
to its board.
Sherwin-Williams, which has 3,300 branded paint stores
nationwide, recorded a 50% drop in fourth-quarter net income and
said the global "rapid deterioration" will continue at least
through the first half. The company, whose professional offerings
range from pavement marking to coating office buildings with a
protective sealant, expects annual net sales to decline in the
low-to-mid single digits versus 2008.
Responses have included raised prices, consolidating sales
territories, reducing overtime and closing or idling seven
manufacturing and distribution sites. It has no plans to reduce
training or its research and development spending, and continues to
hire and open new stores.
"Each time that we thought that things couldn't get any worse,
in fact they did," said Christopher M. Connor, chairman and chief
executive officer, in the earnings call. "The catalyst for recovery
is simply nowhere in sight."
"These," he said, quoting Thomas Paine's 1776 words, "are the
times that try men's souls."
-By Kelly Nolan and Dawn Wotapka, Dow Jones Newswires;
201-938-4049; kelly.nolan@dowjones.com