BlueLinx sales surge
Building products distributor BlueLinx reported first quarter 2019 net sales increased 46% to $639 million from sales of $437 million in the first quarter 2018.
BlueLinx said the increase was largely due to the acquisition of Cedar Creek in April 2018.
The Marietta, Ga.-based company also reported a net loss of $7 million for the quarter, compared to a net loss of $11 million for the same period last year.
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The bottom line: Sales rise 46% to $639 million as the company reports a net loss of $7 million.
What the CEO said: “We have been pleased with our progress in the year following our Cedar Creek acquisition, and continue to see substantial long-term benefits to BlueLinx from the combination. We should achieve our annual targeted $50 million in EBITDA run-rate synergies ahead of schedule, while saving at least $25 million from the top range of our original estimated cost to achieve these synergies. Our revenue performance on a pro forma basis during the quarter compared to 2018 was impacted by deflation in commodity wood products and a reduction in single family housing starts. We are focused on finalizing our integration activities while improving operating performance to serve our customers at the highest level in the industry,” said Mitch Lewis, BlueLinx president and CEO.
Company info: The full first quarter report from BlueLinx can be read here.
BlueLinx said the increase was largely due to the acquisition of Cedar Creek in April 2018.
The Marietta, Ga.-based company also reported a net loss of $7 million for the quarter, compared to a net loss of $11 million for the same period last year.
###
The bottom line: Sales rise 46% to $639 million as the company reports a net loss of $7 million.
What the CEO said: “We have been pleased with our progress in the year following our Cedar Creek acquisition, and continue to see substantial long-term benefits to BlueLinx from the combination. We should achieve our annual targeted $50 million in EBITDA run-rate synergies ahead of schedule, while saving at least $25 million from the top range of our original estimated cost to achieve these synergies. Our revenue performance on a pro forma basis during the quarter compared to 2018 was impacted by deflation in commodity wood products and a reduction in single family housing starts. We are focused on finalizing our integration activities while improving operating performance to serve our customers at the highest level in the industry,” said Mitch Lewis, BlueLinx president and CEO.
Company info: The full first quarter report from BlueLinx can be read here.