BMC builds profits in Q2
Pro dealer giant BMC Stock Holdings, Inc. reported second quarter sales increased 3.5% to $979.9 million compared to second quarter 2019 sales of $946.4 million.
The Raleigh, N.C.-based company also reported second quarter net income of $43.6 million, jumping 22.2% from $35.7 million for the same period last year.
BMC said that acquisitions lifted sales by 4.3% with price inflation providing a 2% boost.
The increases were partially offset by a 2.2% decrease from other organic sales declines due to the impact of the COVID-19 pandemic and a closed location.
The Bottom Line: Profits at BMC surge 22.2% to $43.6 million while sales grow 3.5% to $979.9 million.
What the CEO said: “Our record second-quarter results exceeded our expectations and were driven by the steadfast execution of our strategy, accelerated productivity and structural cost savings across our business, coupled with a strong pipeline of construction activity,” said Dave Flitman, president and CEO of BMC. “These strong results are a testament to the determination of our associates, who remain focused on growing our business and providing outstanding customer service despite their personal sacrifice in this unprecedented environment. I couldn’t be more proud of their efforts.”
“We are pleased that our team’s efforts enabled us to generate strong net sales growth in millwork, doors. and windows and our pro remodel and multi-family segments, as well as outperform the market in single-family starts which resulted in record net income, adjusted EBITDA and adjusted EBITDA margin in the quarter,” Flitman added.
Company info: The full second quarter 2020 report from BMC is available here.