Alpha Pro Tech reports Q3 EPS 8c vs 12c last year

Reports Q3 revenue $14.251M vs $16.053M last year. Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech (APT), commented, “The U.S. housing market continues to face challenges, with housing starts down 4.0% in the third quarter of 2024 compared to the prior year period. During the first six months of 2024, housing starts trailed 2023 by 2.7% while our core building product sales remained nearly flat. In July 2024, housing starts were down 14.3%, leading to our largest customers reducing shipments and adjusting their inventory positions, resulting in decreased sales in the third quarter of 2024. Despite the drop in housing starts in 2024, the percentage decline of sales to those large customers was lower than the percentage decline of housing starts. Presenting an additional challenge in 2024, multi-family housing starts for the first nine months were down 30.5% compared to 2023 and the lowest in ten years. Building Supply segment sales in the third quarter were also being compared to record quarterly sales in the third quarter of 2023.