Builders FirstSource Reports Second-Quarter Results

August 7th, 2016 by Editor

Builders FirstSource Inc., a supplier and manufacturer of structural and related building products for residential new construction and home repair and remodeling, reported strong results for the second quarter of 2016.

Net sales for the three months ended June 30, 2016 were $1.7 billion, a 263-percent increase over net sales of $500 million for the three months ended June 30, 2015, due primarily to the ProBuild acquisition, which was completed on July 31, 2015. Net sales for the six months ended June 30, 2016 were $3.1 billion, a 269-percent increase over net sales of $800 million for the six months ended June 30, 201.

Gross margin in the second quarter of 2016 increased $307.7 million to $418.3 million vs. 2015. Year to date June 30, 2016 gross margin increased $573.7 million over 2015 to $768.1 million. Both periods’ increases are largely attributable to the ProBuild acquisition, as well as an increased contribution of value added products.

Net income in the second quarter of 2016 was $29.4 million, or $0.26 per diluted share, compared to net income of $3.6 million, or $0.03 per diluted share, in 2015.

“I am extremely confident about the future of Builders FirstSource, and I believe the housing industry remains on a trajectory of steady growth,” said CEO Floyd Sherman. “We are also encouraged by the recent increase in framing lumber composite prices. We expect to grow our revenues and operating profit by leveraging our national scale, improved geographic and end market exposure, customer reach, service advantage, and value added product portfolio.”

 

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