Foundation Building Materials posts strong Q1 profits
Sales and earnings on the rise for building materials distributor.
Foundation Building Materials reported that first quarter 2019 net sales increased 11% to $514.9 million, an increase of 11% compared sales of $463.7 million in the first quarter 2018.
The Tustin, Calif.-based distributor of wallboard, suspended ceiling systems and metal framing materials also noted that average daily net sales increased 12.8%.
Additionally, FBM swung to a big profit, posting a net income of $3.5 million for the period compared to a net loss of roughly $1 million during the same period last year.
Net income from continuing operations for the three months ended March 31, 2019, was $4.8 million, compared to a net loss from continuing operations of $2.3 million in the first quarter a year ago.
FBM operates 175 branches in the United States and Canada. During the quarter, the company acquired Builders’ Supplies Limited (BSL), adding three more branches serving the Greater Toronto Area in Ontario, Canada.
Bottom Line: Sales are up 11% to $514.9 million while the company reports a $3.5 million profit.
What the CEO said: “We delivered strong first quarter net sales and base business growth, reflecting our continued momentum in the commercial end market,” said Ruben Mendoza, FBM president and CEO. “We are well on our way to achieving our strategic goals, including reducing our debt leverage and growing our profitability.
Company info: Read FBM’s full first quarter financial report here.
No comments found