After the winter of 2014, executives have emphasized the impact of the weather in a high percentage of first-quarter reports. Dallas-based BuildersFirst Source is no exception.
Despite the cold -- and the relatively flat construction activity -- sales increased 8.2% to $345.9 million for the pro dealer.
The company posted a net loss of $3.4 million, compared with a net loss of $11.8 million in the same quarter last year.
"Despite the extreme winter weather that slowed construction activity across our markets and housing starts being relatively flat, we successfully grew sales and adjusted EBITDA on a year-over-year basis,” said Floyd Sherman, Builders FirstSource CEO. “Our sales increased 8.2% and adjusted EBITDA increased 59% when compared with the first quarter of 2013.”
Headwinds included a decline of 0.1% in south region single-family housing starts and commodity deflation, Sherman said.
“Our employees did a great job managing through the difficult weather conditions and again delivered strong financial results in the first quarter,” he added.
As a percentage of total sales, windows-and-door sales increased (22% of total sales versus 19.9% last year), and lumber and lumber sheet goods declined (33.4% versus 36.5% last year).
“We believe the underlying demand for new housing remains strong, and with the weather problems from earlier this year behind us, the pace of construction should accelerate over the coming months,” Sherman said.