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."