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Recent residential construction data appears to indicate a "moderating recovery," but HD Supply is optimistic, thanks to positive momentum on the nonresidential front. "We are seeing cranes in many, many cities now," CEO Joe DeAngelo said in a call to discuss the distributor's 2013 earnings. Sales for the distributor were up 6.6 percent over 2012. "I think we are well-positioned to take advantage of that."
Orlando, for example, has "strong" nonresidential activity, including about $400 million in stadium and resort projects. Similar activity is also being seen in Denver, Boston, Miami and Houston, DeAngelo said, which is good news for HD Supply's White Cap business.
And "signs of residential recovery" in pockets around the country, including specific Northwest markets, Texas, Florida and South Carolina, provide a positive outlook for HD Supply Waterworks, he said.
Severe winter weather in the fourth quarter put a damper on some activity and clouded the outlook. Even so, all four of HD Supply's core businesses posted positive year-over-year sales growth.