Builders FirstSource Reports First Quarter 2024 Results and Reaffirms 2024 Guidance
Builders FirstSource, Inc. (BLDR)
Last builders firstsource, inc. earnings: 4/30 04:15 pm
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Source: Business Wire
IRVING, Texas--(BUSINESS WIRE)--Builders FirstSource, Inc. (NYSE: BLDR) today reported its results for the first quarter ended March 31, 2024.First Quarter 2024 HighlightsAll Year-Over-Year Comparisons Unless Otherwise Noted:Net sales were $3.9 billion, a 0.2% increase, with core organic sales essentially flat, in line with expectations, and growth from acquisitions partially offset by commodity deflation.Gross profit margin percentage decreased 190 basis points to 33.4%, primarily driven by a timing shift in product mix toward lower-margin, early stage homebuilding products, as well as margin normalization, particularly in Multi-Family.Net income decreased 22.5% to $258.8 million, or $2.10 per diluted share compared to $2.41 in the prior year period. Net income per diluted share declined 12.9%.Adjusted EBITDA decreased 14.4% to $540.9 million, primarily driven by lower gross profit and higher operating expenses due to acquisitions.Adjusted EBITDA margin declined by 240 basis poin
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