Builders FirstSource swings to a profit
Builders FirstSource reported big profits in the fourth quarter and full year.
The Dallas-based pro dealer, with operations in 39 states, posted a fourth quarter net income of $52 million – a huge swing from a net loss of $42.7 million in the fourth quarter 2017.
For the full year, BFS reported a net income of $205.2 million compared to a net income of $38.8 million in the prior year. The company said the increase was driven by improved operating results and the one-time costs related to the refinancing transactions in the prior year.
Fourth quarter net sales increased 2.1% to $1.81 billion from net sales of $1.77 billion during the same period a year ago. BFS had one additional sales day in the fourth quarter of 2018 compared to the fourth quarter of 2017.
Net sales for the full year 2018 were $7.7 billion, a 9.8% increase over the prior year including an estimated sales unit volume growth of 3.2% and approximately 6.6% of commodity price inflation, BFS reported.
Single-family, repair and remodel, and other end market sales unit volume growth in 2018 was offset by declines in the multi-family markets.
“As overall market growth moderated, we managed to produce solid growth driven by our differentiated platform in the single-family end market, delivered on our long-term strategic priority of deleveraging, and demonstrated the strength of our close customer relationships across our national footprint,” said Chad Crow, CEO of BFS.
The dealer operates more than 400 locations including yards in 75 of the top 100 metro markets.
The Dallas-based pro dealer, with operations in 39 states, posted a fourth quarter net income of $52 million – a huge swing from a net loss of $42.7 million in the fourth quarter 2017.
For the full year, BFS reported a net income of $205.2 million compared to a net income of $38.8 million in the prior year. The company said the increase was driven by improved operating results and the one-time costs related to the refinancing transactions in the prior year.
Fourth quarter net sales increased 2.1% to $1.81 billion from net sales of $1.77 billion during the same period a year ago. BFS had one additional sales day in the fourth quarter of 2018 compared to the fourth quarter of 2017.
Net sales for the full year 2018 were $7.7 billion, a 9.8% increase over the prior year including an estimated sales unit volume growth of 3.2% and approximately 6.6% of commodity price inflation, BFS reported.
Single-family, repair and remodel, and other end market sales unit volume growth in 2018 was offset by declines in the multi-family markets.
“As overall market growth moderated, we managed to produce solid growth driven by our differentiated platform in the single-family end market, delivered on our long-term strategic priority of deleveraging, and demonstrated the strength of our close customer relationships across our national footprint,” said Chad Crow, CEO of BFS.
The dealer operates more than 400 locations including yards in 75 of the top 100 metro markets.