BlueLinx Holdings Inc., a leading U.S. wholesale distributor of building products, today reported financial results for the three months ended April 1, 2023.
FIRST QUARTER 2023 HIGHLIGHTS
(all comparisons are versus the prior year period unless otherwise noted)
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Net sales of $798 million, a decrease of $504 million
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Gross profit of $134 million, gross margin of 16.7% and specialty margin of 18.8%
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Net income of $18 million, or $1.94 diluted earnings per share
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Adjusted net income of $23 million, or $2.53 adjusted diluted earnings per share
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Adjusted EBITDA of $47 million, 5.9% of net sales
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Operating cash generated of $89 million and free cash flow of $80 million
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Available liquidity increased to $723 million, including $376 million cash on hand
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Net debt of $195 million and net leverage ratio of 0.6x
“Our first quarter performance reflected the continued execution of our long-term strategy in a challenging market, guided by a continued focus on high-value specialty categories and operational, pricing, and procurement excellence across our distribution network,” stated Shyam Reddy, President and CEO of BlueLinx. “Despite a decline in demand for building products across our industry since late last year, we worked hard to maintain both our price and cost discipline, resulting in solid margin performance, lower operating expenses and strong operating cash flow.”
“BlueLinx remains well-positioned for future growth by leveraging its national scale, deep supplier and customer relationships and fortified balance sheet,” continued Reddy. “We will remain disciplined in our approach to capital allocation to drive long-term value creation and we intend to repurchase $34 million of the company’s common stock under our existing $100 million dollar share repurchase program in the near term.”
FIRST QUARTER 2023 FINANCIAL PERFORMANCE
In the first quarter of 2023, net sales were $798 million, a decrease of $504…
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