This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Builders FirstSource Reports First Quarter 2014 Results

DALLAS, April 24, 2014 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today reported its results for the first quarter ended March 31, 2014.

First quarter highlights include the following (see financial schedules for more information, including non-GAAP reconciliations):

  • First quarter 2014 sales increased 8.2 percent to $345.9 million, when compared to the first quarter of 2013.  
  • Gross margin percentage improved to 21.7 percent, up from 19.5 percent in the first quarter of 2013.  
  • Adjusted EBITDA was $8.6 million, up from $5.4 million for the first quarter of 2013.

Floyd Sherman, Builders FirstSource Chief Executive Officer, stated, "Despite the extreme winter weather that slowed construction activity across our markets and housing starts being relatively flat, we successfully grew sales and Adjusted EBITDA on a year-over-year basis. Our sales increased 8.2 percent and Adjusted EBITDA increased 59 percent when compared to the first quarter of 2013. For the same time period, the U.S. Census Bureau reported actual single-family starts for the South Region declined slightly by 0.1 percent. In addition, commodity deflation had a negative impact on our sales for the quarter. Lumber and lumber sheet goods prices were, on average, 14 percent lower compared to a year ago, which we estimate negatively impacted sales for the current quarter by 2 to 3 percent. Our employees did a great job managing through the difficult weather conditions and again delivered strong financial results in the first quarter."

Commenting on the first quarter results, Chad Crow, Builders FirstSource Senior Vice President and Chief Financial Officer added, "We increased our gross margin percentage by 220 basis points, primarily due to improved customer pricing and less intra-quarter price volatility in the commodity lumber markets compared to a year ago. Lumber and lumber sheet goods prices rose sharply during the first quarter of 2013 while prices fell during the first quarter of 2014. Disruptions caused by the winter weather negatively impacted our operational efficiency. However, we were still able to surpass our 2013 first quarter results."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs