Financial performance - Business Barometer - forest products companies, building products manufacturers, home builders - Illustration - Statistical Data Included

Home Channel News, Nov 19, 2001

Financial performance.

RETAILERS/DISTRIBUTORS

                                    Nine Months 2001 ($mil.) (*)
                                     Net                    Net
Company                            Sales                 Income

BMHC                                $818                    $17
Huttig Building Products             724                      7
Universal Forest Products          1,204                     30

FOREST PRODUCTS COMPANIES

Georgia-Pacific Group            $19,226                 ($289)
Louisiana-Pacific Corp.            1,844                  (100)
Weyerhaeuser                      11,137                    369

BUILDING PRODUCTS MANUFACTURERS

Black & Decker                    $3,112                   $121
Elcor (4)                            143                      6
Masco                              6,243                    422
Nortek                             1,411                     27
Sherwin Williams                   3,933                    218

HOME BUILDERS

Centex (3)                        $3,593                   $169
Lennar                             4,073                    255
Pulte                              3,380                    182

                                    Nine Months 2001
                                      ($mil.) (*)

Company                          EBITDA (2)     EPS

BMHC                                     NR   $1.27
Huttig Building Products                 25    0.33
Universal Forest Products                75    1.49

FOREST PRODUCTS COMPANIES

Georgia-Pacific Group                 1,854  ($1.24)
Louisiana-Pacific Corp.                  48   (0.96)
Weyerhaeuser                          1,507    1.68

BUILDING PRODUCTS MANUFACTURERS

Black & Decker                         $343   $1.49
Elcor (4)                                16    0.30
Masco                                   825    0.89
Nortek                                  146    2.41
Sherwin Williams                        499    1.38

HOME BUILDERS

Centex (3)                               NR   $2.72
Lennar                                  534    3.68
Pulte                                    NR    4.38

                                    Nine Months 2000 ($mil.) (*)
                                     Net                    Net
Company                            Sales                 Income

BMHC                                $775                    $18
Huttig Building Products             846                     14
Universal Forest Products          1,107                     28

FOREST PRODUCTS COMPANIES

Georgia-Pacific Group            $16,540                   $530
Louisiana-Pacific Corp.            2,364                     38
Weyerhaeuser                      11,938                    646

BUILDING PRODUCTS MANUFACTURERS

Black & Decker                    $3,297                   $230
Elcor (4)                            101                      5
Masco                              5,510                    547
Nortek                             1,420                     39
Sherwin Williams                   4,063                    263

HOME BUILDERS

Centex (3)                        $3,052                   $107
Lennar                             2,985                    120
Pulte                              2,850                    133

                                   Nine Months 2000
                                     ($mil.) (*)

Company                          EBITDA      EPS

BMHC                                $49    $1.43
Huttig Building Products             37     0.66
Universal Forest Products            70     1.35

FOREST PRODUCTS COMPANIES

Georgia-Pacific Group            $1,890    $3.07
Louisiana-Pacific Corp.             345     0.36
Weyerhaeuser                      1,989     2.84

BUILDING PRODUCTS MANUFACTURERS

Black & Decker                     $508    $2.71
Elcor (4)                            12     0.25
Masco                             1,183     1.21
Nortek                              188     3.29
Sherwin Williams                    591     1.61

HOME BUILDERS

Centex (3)                         $275    $1.79
Lennar                              296     1.98
Pulte                               273     3.16

                                    2001/2000 Nine Month Change (%)
                                    Net                      Net
Company                           Sales                    Income

BMHC                               5.3%                    (5.9%)
Huttig Building Products         (16.9)                  (100.0)
Universal Forest Products          8.1                      6.7

FOREST PRODUCTS COMPANIES

Georgia-Pacific Group             14%                       N/A
Louisiana-Pacific Corp.          (28.2)                     N/A
Weyerhaeuser                      (7.2)                   (75.1)

BUILDING PRODUCTS MANUFACTURERS

Black & Decker                    (5.9%)                  (90.1%)
Elcor (4)                         29.4                     16.7
Masco                             11.7                    (29.6)
Nortek                            (0.6)                   (44.4)
Sherwin Williams                  (3.3)                   (20.6)

HOME BUILDERS

Centex (3)                        15.1%                    36.6%
Lennar                            26.7                     52.9
Pulte                             15.7                     26.9

                                 2001/2000 Nine Month
                                      Change (%)

Company                           EBITDA     EPS

BMHC                               N/A      (12.6%)
Huttig Building Products          (48.0)   (100.0)
Universal Forest Products           6.7       9.4

FOREST PRODUCTS COMPANIES

Georgia-Pacific Group              N/A       N/A
Louisiana-Pacific Corp.          (618.8)     N/A
Weyerhaeuser                      (32.0)    (69.0)

BUILDING PRODUCTS MANUFACTURERS

Black & Decker                    (48.1%)   (81.9%)
Elcor (4)                          25.0      16.7
Masco                             (43.4)    (36.0)
Nortek                            (28.8)    (36.5)
Sherwin Williams                  (18.4)    (16.7)

HOME BUILDERS

Centex (3)                          N/A      34.2%
Lennar                             44.6      46.2
Pulte                               N/A      27.9

Recession takes hold Results posted for most building products and home
construction companies reflect the impending economic reality that the
nation is in a recessionary period. In the last week of October, 30-
year mortgage rates fell under 6.5 percent, the lowest point in the past
20 years. The federal government's decision to eliminate the 30-year
Treasury Bond favorable influenced mortgage rates. During the second
half of September, households were glued to their televisions, creating
a void in retail states and in new and existing home sales. This rides
on the backs of most households as they continue to hold back
expenditures for large home improvement projects such as decks roofing,
kitchens and additions. This reduction in spending has an immediate
impact on manufactures that sell predominantly through the home
improvement channel. Homeownership is considered a safe investment and
will continue to be for some time. It is only a matter of time before
expectations are recalibrated and consumers begin to spend for larger
projects. Inventory corrections should now be accounted for an economic
improvement should be felt soon by manufacturers.

Notes: (*)EPS = Earnings per Share in dollars.

(1)All financial reporting based on latest nine months company
information unless otherwise noted.

(2)EBITDA = Earnings Before Interest, Taxes, Depreciation and
Amortization.

(3)Centex reflects six months ending Sept. 30, 2001, and Sept. 30, 2000.

(4)Elcor reflects three months ending Sept. 30, 2001, and Sept. 30,
2000.

(5)NR is noted for companies that did not release sufficient information
for the calculation.

Source: Company financial reports and Wachovia estimates.