Builders FirstSource, the Dallas-based chain of lumberyards and component plants, reported sales of $162.8 million for its first fiscal quarter, a 1% increase from sales of $161.4 million in the same period a year ago. Net income for the quarter, which ended March 31, 2011, was $21.2 million, compared to a net loss of $31.4 million a year ago.
“We are encouraged by our first quarter financial results, especially in light of continued housing market challenges, the difficult pricing environment and the overall state of the economy,” said Floyd Sherman, CEO at Builders FirstSource . “As we anticipated, quarter-over-quarter comparisons will be very difficult through the first half of this year due to the temporary momentum created by the expiration of the federal tax credit for first-time homebuyers during the first half of 2010.”
Sherman pointed out that actual U.S. single-family housing starts for the first quarter of 2011 were 89,900, a decrease of 21.4 percent compared to the first quarter of 2010. “In the South Region, as defined by the U.S. Census Bureau, and which includes all of our markets, we saw similar trends as actual single-family housing starts were 52,700, down 19.3 percent, and single-family units under construction were 110,800, down 14.6 percent compared to the first quarter of 2010.”
Builders FirstSource operates 52 distribution centers and 46 manufacturing facilities in 9 states, principally in the Southern and Eastern United States.