Hurricane Ida hit Louisiana on August 29 and caused serious damage and flooding from the Gulf Coast to the Northeast for several days.
“Our suppliers are now reporting that the impacts of Hurricane Ida are more severe and will be longer lasting than initially thought,” Chairman, President and Chief Executive Officer, John G. Morikis said in a press release about the third quarter and full-year 2021.
Morikis says the demand for their product remains, however.
Sales on home improvement supplies have been up since the start of the pandemic in March of 2020, causing price fluctuation in several areas of construction.
“The persistent and industry-wide raw material availability constraints and pricing inflation we have previously reported have worsened, and we do not expect to see improved supply or lower raw material pricing in our fourth quarter as anticipated,” Morikis said.
The company lowered third-quarter expectations and said they don’t expect the situation to improve in the 4th quarter because of pricing inflation.