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Last $18.54 USD
Change Today +0.01 / 0.05%
Volume 326.0K
HW On Other Exchanges
As of 8:04 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

headwaters inc (HW) Snapshot

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04/15/15 - $19.14
52 Week Low
07/31/14 - $10.27
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headwaters inc (HW) Details

Headwaters Incorporated, a building products company, provides products and services in the light and heavy building materials sectors primarily in the United States and Canada. It operates through three segments: Light Building Products, Heavy Construction Materials, and Energy Technology. The Light Building Products segment designs, manufactures, and markets siding and exterior siding accessories, including decorative window shutters, gable vents, mounting blocks for exterior fixtures, roof ventilation, trim board and molding products, specialty siding products, and window well systems; professional tools, such as portable cutting and shaping tools; manufactured architectural stone products; specialty roofing products; and concrete-based masonry products comprising standard grey blocks, split and ground face blocks, and polished and textured blocks. This segment sells its products under the Eldorado Stone, Dutch Quality Stone, StoneCraft, InSpire, Aledora, Gerard, and Allmet brand names. This segment distributes its products through a network of distributors, such as masonry and stone suppliers, roofing and siding material distributors, fireplace suppliers, and other contractor specialty stores, as well as through national and regional retail home centers and direct sales. The Heavy Construction Materials segment manages and markets coal combustion products (CCP), including fly ash that is used as a replacement for Portland cement in various concrete applications, such as infrastructure, commercial, and residential construction; and provides CCP disposal services, as well as services to electric utilities related to the management of CCPs. The Energy Technology segment offers HCAT, a heavy oil upgrading technology. Headwaters Incorporated was founded in 1987 and is headquartered in South Jordan, Utah.

2,665 Employees
Last Reported Date: 11/18/14
Founded in 1987

headwaters inc (HW) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $720.0K
Chief Financial Officer
Total Annual Compensation: $338.8K
President of Headwaters Heavy Construction Ma...
Total Annual Compensation: $300.9K
President of Headwaters Siding and Roofing Gr...
Total Annual Compensation: $287.9K
Vice President, General Counsel and Secretary
Total Annual Compensation: $310.6K
Compensation as of Fiscal Year 2014.

headwaters inc (HW) Key Developments

Headwaters Incorporated Announces Closing of Term Loan Facility

Headwaters Incorporated announced that it has entered into a new seven-year $425 million senior secured term loan B facility ("Term Loan"). The Term Loan has an initial interest rate of 4.50% based on LIBOR plus 350 basis points, with a 1.0% LIBOR floor (3-month LIBOR is currently 27 bps). Headwaters is using the proceeds of the Term Loan to redeem all of its outstanding 7-5/8% Senior Secured Notes due 2019 in the aggregate principal amount of $400 million (the “Senior Secured Notes”), to pay transaction fees and expenses, and for general corporate purposes. The Term Loan matures in March 2022, an extension of three years from the April 2019 maturity of Senior Secured Notes. The Term Loan does not contain any financial maintenance covenants and provides Headwaters with substantial flexibility. The combination of repurchasing its 8.75% convertible notes in February with refinancing the Senior Secured Notes reduced Headwaters’ annual cash interest expense run rate to approximately $31 million, from an annual run rate of approximately $47 million at the end of the December 31, 2014 quarter. Headwaters’ pro forma Adjusted EPS for the trailing twelve months ended December 31, 2014 was $1.00, assuming that as of January 1, 2014 Senior Secured Notes were refinanced and the company’s outstanding 8.75% convertible notes were repurchased. Headwaters’ weighted average interest rate on long term debt has been reduced to 5.2%, down from a weighted average interest rate of 7.6% at the end of the December 31, 2014 quarter. In addition to interest savings and extended debt maturities, the Term Loan allows for voluntary principal repayments without early payment premiums. This enables Headwaters to more efficiently de-leverage with free cash flow generated from operations.

Headwaters Announces Redemption of 7-5/8% Senior Secured Notes Due 2019

Headwaters Incorporated announced that it has notified the holders of its outstanding 7-5/8% Senior Secured Notes due 2019 (CUSIP No. 42210P AQ5) that it intends to redeem all of the outstanding Notes on April 23, 2015. As of March 23, 2015, there was $400 million aggregate principal amount of the Notes outstanding. The redemption price will be 103.813% of the principal amount of such Notes, plus accrued and unpaid interest to, but excluding, the redemption date.

Headwaters Incorporated Announces Earnings Results for the First Quarter Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Headwaters Incorporated announced earnings results for the first quarter ended December 31, 2014. For the quarter, the company saw revenues grow 21%, adjusted EBITDA grow 39% and adjusted EPS grow 143%. The company updated its adjusted EBITDA guidance for fiscal year 2015 to $155 million to $165 million, representing growth of between 12% and 20% over 2014 levels. The company expects free cash flow of more than $50 million. Capital expenditures are anticipated to be in the range of $40 million, including investment in equipment to support new products, as well as revenue growth in the Stone division and Construction Materials segment.


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Valuation HW Industry Range
Price/Earnings 56.2x
Price/Sales 1.6x
Price/Book 12.4x
Price/Cash Flow 30.9x
TEV/Sales 0.7x

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