Sales jump during Q1 at Builders FirstSource
Dallas-based pro dealer Builders FirstSource reported sales of $219.4 million for the first quarter of 2012, an increase of 34.7% compared with the same quarter of 2011. The increase was primarily due to increased sales volume as commodity prices for lumber and lumber sheet goods were, on average, comparable over these same periods, according to the company.
Net loss for the first quarter, which ended March 31, 2012, was $19.2 million, compared with a net loss of $21.2 million in the corresponding quarter a year ago.
“This marks our third consecutive quarter with year-over-year sales growth greater than 20%,” said Builders FirstSource CEO Floyd Sherman. “Our sales growth continues to outpace construction activity as actual U.S. single-family housing starts. Commodity lumber prices for the current quarter were, on average, relatively consistent with those during the first quarter of 2011. When combined, these factors indicate we continue to achieve significant market share gains.”
“We are very encouraged by our first-quarter results and expect the momentum we have gained to continue to reflect positively on our 2012 financial results,” Sherman continued. “We remain optimistic about the long-term health of our industry and our ability to position the company to take advantage of further improvements in housing. The recently announced opening of our Jarrell, Texas, distribution facility and our entry into the greater Austin market is a perfect example of our optimism and positioning of the company for continued growth.”
Builders FirstSource operates 52 distribution centers and 44 manufacturing facilities in nine states, principally in the southern and eastern United States.
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Remodeling expected to rise almost 6%
Spending on renovations should experience “healthy growth” in 2012, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. In their quarterly forecast, called the Leading Indicator of Remodeling Activity (LIRA), the researchers pointed to stronger pending home sales and continuing low interest rates as contributors to an expected 5.9% rise in spending on home remodeling projects this year.
“Hopefully, we’re finally moving beyond simple volatility in the home improvement spending numbers to a period of sustained growth,” said Eric Belsky, managing director of the Joint Center. “The recent upturn we’ve seen in home sales should translate into more remodeling activity later this year.”
Kermit Baker, director of the Remodeling Futures Program at the Joint Center, added: “Unusually mild weather this past winter in many parts of the country accelerated the pace of homebuilding and home improvement activity. This may produce a brief pause in remodeling activity this quarter, but then a strengthening economy should provide a foundation for continued growth moving forward.”
Georgia-Pacific and Sherwood Lumber announce distribution agreement
Georgia-Pacific Wood Products and Sherwood Lumber Co. have announced a new distribution agreement involving GP’s full line of engineered wood products (EWP). The two companies have finalized terms that will provide for Sherwood Lumber to supply its dealers with a complete line of Georgia-Pacific engineered wood products, including Wood I Beam joists, GP Lam laminated veneer lumber (LVL), FiberStrong rim board and laminated beams.
These products will initially be available out of Sherwood’s distribution center in Palmer, Mass., and soon after out of its Holtsville, N.Y., and Delanco, N.J., facilities. Dealers served from these branches will be able to buy full units of material or job lot quantities in the territories of eastern Pennsylvania, New Jersey, eastern New York, Connecticut, Rhode Island, Massachusetts, New Hampshire and Vermont.
Based in Islandia, N.Y., Sherwood Lumber is an LBM distributor specializing in quality lumber and panel products.
Georgia-Pacific, headquartered in Atlanta, is a leading manufacturer and marketer of building products, tissue, packaging, paper and cellulose products.
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