BlueLinx Q4; The Rundown
Building material distributor swings to a loss for the quarter and the year.
Here’s the Rundown for Marietta, Ga.-based building products distributor BlueLinx Holdings, for the three-month and full-year periods ended Dec. 29, 2018:
Q4 net sales: $673 million. Up 55.1%.
Q4 net income (loss): ($16.2 million)
FY net sales: $2.862 billion, up 57.7
FY net income (loss): ($48.1 million)
Analysis: The acquisition of Cedar Creek on April 13, 2018 muddies the comparisons with year-ago periods. On a pro-forma basis, net sales for the full year were $3.3 billion, up less than 1%. Pro forma gross profit for the full fiscal year 2018 was $394.3 million, down 4.2%. Following the Wednesday earnings report, shares of BXC ended down nearly 18%.
From the CEO: “This was a transformative year for BlueLinx as we acquired Cedar Creek and made significant progress with our integration efforts over the course of the year,” said Mitch Lewis, president and CEO. “We are pleased that our integration efforts realized through December 2018 should result in annual synergies exceeding $30 million in 2019.”
Link to Q4 earnings press release: Click here.
Recent news: A March 5 article describes how BlueLinx amended its term loan facility to allow more sales-leaseback opportunities of its real estate. Click here.
More background: For an interview with CEO Mitch Lewis, click here.
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