Builders FirstSource Reports Fourth Quarter and Full-Year 2024 Results; Provides 2025 Financial Outlook
Builders FirstSource (NYSE: BLDR) reported its Q4 and full-year 2024 results, highlighting an 8.0% decrease in Q4 net sales to $3.8 billion, driven by lower core organic sales and commodity deflation. Gross margin dropped 300 basis points to 32.3%, and net income fell to $190.2 million, with diluted EPS of $1.65. Adjusted EBITDA decreased by 28.0% to $493.6 million.
For the full year, net sales were $16.4 billion, a 4.1% decrease. Gross profit was $5.4 billion, down 10.5%, with a gross margin of 32.8%. Net income was $1.1 billion, or $9.06 per diluted share, a 30.0% decrease. Adjusted EBITDA decreased by 19.6% to $2.3 billion.
The company repurchased 8.9 million shares in 2024, reducing outstanding shares by 6.8%. Free cash flow was $1.5 billion, down $0.4 billion. Liquidity stood at $1.8 billion. For 2025, BLDR expects net sales of $16.5-$17.5 billion, a gross margin of 30%-32%, and adjusted EBITDA of $1.9-$2.3 billion.
CEO Peter Jackson emphasized resilience and future growth through value-added solutions and acquisitions. CFO Pete Beckmann highlighted strong free cash flow and balanced capital allocation.
Builders FirstSource (NYSE: BLDR) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando una diminuzione dell'8,0% delle vendite nette nel quarto trimestre, scese a 3,8 miliardi di dollari, a causa di un calo delle vendite organiche core e della deflazione delle materie prime. Il margine lordo è sceso di 300 punti base al 32,3% e l'utile netto è sceso a 190,2 milioni di dollari, con un utile per azione diluito di 1,65 dollari. L'EBITDA rettificato è diminuito del 28,0% a 493,6 milioni di dollari.
Per l'intero anno, le vendite nette sono state di 16,4 miliardi di dollari, con una diminuzione del 4,1%. L'utile lordo è stato di 5,4 miliardi di dollari, in calo del 10,5%, con un margine lordo del 32,8%. L'utile netto è stato di 1,1 miliardi di dollari, ovvero 9,06 dollari per azione diluita, una diminuzione del 30,0%. L'EBITDA rettificato è diminuito del 19,6% a 2,3 miliardi di dollari.
L'azienda ha riacquistato 8,9 milioni di azioni nel 2024, riducendo le azioni in circolazione del 6,8%. Il flusso di cassa libero è stato di 1,5 miliardi di dollari, in calo di 0,4 miliardi di dollari. La liquidità si è attestata a 1,8 miliardi di dollari. Per il 2025, BLDR prevede vendite nette comprese tra 16,5 e 17,5 miliardi di dollari, un margine lordo del 30%-32% e un EBITDA rettificato compreso tra 1,9 e 2,3 miliardi di dollari.
Il CEO Peter Jackson ha sottolineato la resilienza e la crescita futura attraverso soluzioni a valore aggiunto e acquisizioni. Il CFO Pete Beckmann ha evidenziato un forte flusso di cassa libero e un'allocazione equilibrata del capitale.
Builders FirstSource (NYSE: BLDR) informó sus resultados del cuarto trimestre y del año completo 2024, destacando una disminución del 8,0% en las ventas netas del cuarto trimestre a 3,8 mil millones de dólares, impulsada por menores ventas orgánicas centrales y la deflación de materias primas. El margen bruto cayó 300 puntos básicos al 32,3%, y el ingreso neto se redujo a 190,2 millones de dólares, con un EPS diluido de 1,65 dólares. El EBITDA ajustado disminuyó un 28,0% a 493,6 millones de dólares.
Para el año completo, las ventas netas fueron de 16,4 mil millones de dólares, una disminución del 4,1%. La utilidad bruta fue de 5,4 mil millones de dólares, una caída del 10,5%, con un margen bruto del 32,8%. El ingreso neto fue de 1,1 mil millones de dólares, o 9,06 dólares por acción diluida, una disminución del 30,0%. El EBITDA ajustado disminuyó un 19,6% a 2,3 mil millones de dólares.
La empresa recompró 8,9 millones de acciones en 2024, reduciendo las acciones en circulación en un 6,8%. El flujo de caja libre fue de 1,5 mil millones de dólares, una disminución de 0,4 mil millones de dólares. La liquidez se situó en 1,8 mil millones de dólares. Para 2025, BLDR espera ventas netas de entre 16,5 y 17,5 mil millones de dólares, un margen bruto del 30%-32%, y un EBITDA ajustado de 1,9 a 2,3 mil millones de dólares.
El CEO Peter Jackson enfatizó la resiliencia y el crecimiento futuro a través de soluciones de valor agregado y adquisiciones. El CFO Pete Beckmann destacó un fuerte flujo de caja libre y una asignación de capital equilibrada.
Builders FirstSource (NYSE: BLDR)는 2024년 4분기 및 연간 실적을 보고하며, 4분기 순매출이 38억 달러로 8.0% 감소했다고 밝혔습니다. 이는 저조한 핵심 유기적 판매와 원자재 디플레이션에 기인합니다. 총 마진은 32.3%로 300 베이시스 포인트 감소하였고, 순이익은 1억 902만 달러로 줄어들었으며, 희석 주당 순이익(EPS)은 1.65달러입니다. 조정 EBITDA는 4억 9360만 달러로 28.0% 감소하였습니다.
연간 기준으로, 순매출은 164억 달러로 4.1% 감소하였고, 총 이익은 54억 달러로 10.5% 감소하였으며, 총 마진은 32.8%였습니다. 순이익은 11억 달러로 희석 주당 9.06달러로 30.0% 감소하였고, 조정 EBITDA는 23억 달러로 19.6% 감소하였습니다.
회사는 2024년에 890만 주를 재매입하여 유통 주식을 6.8% 줄였습니다. 자유 현금 흐름은 15억 달러로 4억 달러 감소하였고, 유동성은 18억 달러에 달했습니다. 2025년에는 BLDR이 165억에서 175억 달러의 순매출을 예상하며, 총 마진은 30%-32%, 조정 EBITDA는 19억에서 23억 달러로 예상하고 있습니다.
CEO 피터 잭슨은 부가 가치 솔루션과 인수를 통한 회복력과 미래 성장을 강조했습니다. CFO 피트 벡만은 강력한 자유 현금 흐름과 균형 잡힌 자본 배분을 강조했습니다.
Builders FirstSource (NYSE: BLDR) a annoncé ses résultats du quatrième trimestre et de l'année 2024, mettant en évidence une baisse de 8,0 % des ventes nettes au quatrième trimestre à 3,8 milliards de dollars, en raison d'une baisse des ventes organiques de base et de la déflation des matières premières. La marge brute a chuté de 300 points de base à 32,3 %, et le résultat net a diminué à 190,2 millions de dollars, avec un BPA dilué de 1,65 dollar. L'EBITDA ajusté a diminué de 28,0 % à 493,6 millions de dollars.
Pour l'année complète, les ventes nettes s'élevaient à 16,4 milliards de dollars, soit une baisse de 4,1 %. Le bénéfice brut était de 5,4 milliards de dollars, en baisse de 10,5 %, avec une marge brute de 32,8 %. Le résultat net était de 1,1 milliard de dollars, soit 9,06 dollars par action diluée, une baisse de 30,0 %. L'EBITDA ajusté a diminué de 19,6 % à 2,3 milliards de dollars.
L'entreprise a racheté 8,9 millions d'actions en 2024, réduisant le nombre d'actions en circulation de 6,8 %. Le flux de trésorerie libre s'élevait à 1,5 milliard de dollars, en baisse de 0,4 milliard de dollars. La liquidité était de 1,8 milliard de dollars. Pour 2025, BLDR s'attend à des ventes nettes de 16,5 à 17,5 milliards de dollars, une marge brute de 30 % à 32 % et un EBITDA ajusté de 1,9 à 2,3 milliards de dollars.
Le PDG Peter Jackson a souligné la résilience et la croissance future grâce à des solutions à valeur ajoutée et des acquisitions. Le directeur financier Pete Beckmann a mis en avant un fort flux de trésorerie libre et une allocation équilibrée du capital.
Builders FirstSource (NYSE: BLDR) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei einen Rückgang der Nettoumsätze im vierten Quartal um 8,0% auf 3,8 Milliarden Dollar hervorgehoben, was auf sinkende Kern-Umsätze und die Deflation von Rohstoffen zurückzuführen ist. Die Bruttomarge fiel um 300 Basispunkte auf 32,3%, und der Nettogewinn sank auf 190,2 Millionen Dollar, mit einem verwässerten EPS von 1,65 Dollar. Das bereinigte EBITDA verringerte sich um 28,0% auf 493,6 Millionen Dollar.
Für das gesamte Jahr betrugen die Nettoumsätze 16,4 Milliarden Dollar, ein Rückgang um 4,1%. Der Bruttogewinn betrug 5,4 Milliarden Dollar, was einem Rückgang von 10,5% entspricht, mit einer Bruttomarge von 32,8%. Der Nettogewinn betrug 1,1 Milliarden Dollar oder 9,06 Dollar pro verwässerter Aktie, ein Rückgang um 30,0%. Das bereinigte EBITDA sank um 19,6% auf 2,3 Milliarden Dollar.
Das Unternehmen hat im Jahr 2024 8,9 Millionen Aktien zurückgekauft und die ausstehenden Aktien um 6,8% reduziert. Der freie Cashflow betrug 1,5 Milliarden Dollar, was einem Rückgang von 0,4 Milliarden Dollar entspricht. Die Liquidität belief sich auf 1,8 Milliarden Dollar. Für 2025 erwartet BLDR Nettoumsätze von 16,5 bis 17,5 Milliarden Dollar, eine Bruttomarge von 30%-32% und ein bereinigtes EBITDA von 1,9 bis 2,3 Milliarden Dollar.
CEO Peter Jackson betonte die Resilienz und das zukünftige Wachstum durch wertschöpfende Lösungen und Übernahmen. CFO Pete Beckmann hob den starken freien Cashflow und eine ausgewogene Kapitalverteilung hervor.
- Repurchased 8.9 million shares, reducing total shares by 6.8%.
- Free cash flow of $1.5 billion.
- Liquidity of $1.8 billion.
- 2025 financial outlook: net sales of $16.5-$17.5 billion, gross margin of 30%-32%, adjusted EBITDA of $1.9-$2.3 billion.
- Q4 net sales decreased by 8.0%.
- Q4 gross margin decreased by 300 basis points to 32.3%.
- Q4 net income decreased to $190.2 million with diluted EPS of $1.65.
- Adjusted EBITDA decreased by 28.0% in Q4.
- Full-year net sales decreased by 4.1%.
- Full-year gross profit decreased by 10.5%.
- Full-year net income decreased by 30.0%.
Insights
The Q4 and FY2024 results from Builders FirstSource present a complex picture of resilience amid market normalization. While headline numbers show expected declines, the underlying operational strength remains evident in several key areas:
Margin Dynamics and Market Position
The 300 basis point contraction in gross margins to 32.3% reflects a return to historical norms rather than fundamental weakness. Despite this normalization, margins remain significantly above pre-pandemic levels, demonstrating the company's enhanced pricing power and operational efficiency. The 14.2% full-year Adjusted EBITDA margin showcases the company's ability to maintain profitability even during market adjustments.
Strategic Capital Deployment
The company's aggressive share repurchase program, having bought back 46.5% of shares since 2021 at an average price of
Operational Excellence and Future Growth
The delivery of
Market Outlook and Positioning
The 2025 guidance reflects a balanced view of market conditions, with single-family starts projected to remain relatively flat and R&R growth offsetting multi-family weakness. The company's expanded presence in 91 of the top 100 MSAs provides geographic diversification and exposure to the most resilient markets. The projected
BFS Highlights
All Year-Over-Year Comparisons Unless Otherwise Noted:
-
For the fourth quarter, net sales were
$3.8 billion 8.0% decrease, primarily driven by lower core organic sales and commodity deflation, partially offset by growth from acquisitions and one additional selling day. -
For the fourth quarter, gross margin decreased 300 basis points to
32.3% , primarily driven by ongoing Single-Family and Multi-Family margin normalization. -
For the fourth quarter, net income was
$190.2 million $1.65 $2.83 5.0% . -
For the fourth quarter, Adjusted EBITDA decreased
28.0% to$493.6 million -
For the fourth quarter, Adjusted EBITDA margin decreased by 360 basis points from the prior year period to
12.9% , attributable to lower gross margin and reduced operating leverage. -
For full-year 2024, cash provided by operating activities was
$1.9 billion $2.3 billion $1.5 billion $0.4 billion -
For full-year 2024, the Company repurchased 8.9 million shares of common stock at an average price of
$170.74 $1.5 billion 6.8% in 2024.
“Our fourth quarter and full year results demonstrate our resilience and ability to drive results in the face of a complex operating environment, while maintaining our focus on building for the future. The strength of our differentiated platform and our operational excellence initiatives drove a mid-teens EBITDA margin in 2024. Results this year are further proof that our success is driven by the dedication of our hardworking team members and support of our customers,” commented Peter Jackson, CEO of Builders FirstSource.
Mr. Jackson continued, “By continuing to invest in our value-added solutions and our installation business, along with leveraging cutting-edge technology, we are addressing customer challenges and serving as the supplier of choice. Our investments today in organic growth opportunities and value-enhancing acquisitions position us to perform well in any environment.”
Pete Beckmann, CFO of Builders FirstSource, added, “Our fourth quarter and full year results reflect our ability to execute our strategy by leveraging our exceptional operating platform and financial flexibility. Our business generates consistently strong free cash flow through the cycle, which we deploy under our balanced capital allocation strategy. This disciplined capital deployment framework remains in place: maintaining a fortress balance sheet, investing in organic growth, making value-enhancing acquisitions, and returning capital to shareholders through share repurchases.”
Fourth Quarter 2024 Financial Performance Highlights
All Year-Over-Year Comparisons Unless Otherwise Noted:
Net Sales
-
Net sales of
$3.8 billion 8.0% decrease, were primarily driven by lower core organic sales of8.8% and commodity deflation of3.1% , partially offset by growth from acquisitions of2.5% and one additional selling day contributing1.4% . -
Core organic net sales decreased by
8.8% , driven by declines across end markets: Multi-Family by29.1% , Single-Family by6.8% , and Repair and Remodel (“R&R”)/Other by0.1% . On a weighted basis, Single-Family and Multi-Family reduced sales by4.7% and4.1% , respectively, while R&R/Other was flat.
Gross Profit
-
Gross profit was
$1.2 billion 15.7% . Gross profit margin percentage decreased 300 basis points to32.3% , primarily driven by ongoing Single-Family and Multi-Family margin normalization.
Selling, General and Administrative Expenses
-
SG&A was
$930.0 million $44.4 million 4.6% , primarily driven by variable compensation due to lower core organic net sales and intangible amortization expense, partially offset by additional expenses from operations acquired within the last twelve months. As a percentage of net sales, total SG&A increased by 80 basis points to24.3% , primarily attributable to reduced operating leverage.
Interest Expense
-
Interest expense increased
$6.3 million $53.1 million
Income Tax Expense
-
Income tax expense was
$60.8 million $92.9 million 24.2% , primarily due to fewer tax credits.
Net Income
-
Net income was
$190.2 million $1.65 $350.7 million $2.83 45.8% decrease in net income was primarily driven by lower gross profit, partially offset by lower operating and income tax expenses. -
Net income as a percentage of net sales decreased by 347 basis points to
5.0% , primarily due to lower gross profit margins, partially offset by lower operating and income tax expenses.
Adjusted Net Income
-
Adjusted net income was
$267.5 million 39.1% , primarily driven by lower gross profit, partially offset by lower operating expenses after adjustments and income tax expenses.
Adjusted Diluted Earnings Per Share
-
Adjusted diluted EPS was
$2.31 $3.55 34.9% decrease was primarily driven by lower adjusted net income, partially offset by share repurchases.
Adjusted EBITDA
-
Adjusted EBITDA decreased
28.0% to$493.6 million -
Adjusted EBITDA margin decreased by 360 basis points from the prior year period to
12.9% , primarily attributable to lower gross margin and reduced operating leverage.
Full-Year 2024 Financial Performance Highlights
All Year-Over-Year Comparisons Unless Otherwise Noted:
Net Sales
-
Net sales of
$16.4 billion 4.1% decrease, primarily driven by lower core organic net sales of5.1% and commodity deflation of1.8% , partially offset by growth from acquisitions of2.1% and the benefit from two additional selling days of0.7% . -
Core organic net sales were lower by
5.1% . Multi-Family declined26.4% and Single-Family decreased2.0% , while R&R/Other increased0.8% . On a weighted basis, the declines in Multi-Family and Single-Family reduced sales by3.9% and1.3% , respectively, while R&R/Other increased sales by0.1% .
Gross Profit
-
Gross profit was
$5.4 billion 10.5% . Gross profit margin percentage decreased 240 basis points to32.8% , primarily driven by ongoing Single-Family and Multi-Family margin normalization.
Selling, General and Administrative Expenses
-
SG&A was
$3.8 billion $48.2 million 1.3% , primarily driven by lower variable compensation due to lower core organic net sales and intangible amortization expense, partially offset by additional expenses from operations acquired within the last twelve months and asset write-offs. As a percentage of net sales, total SG&A increased by 70 basis points to23.1% , primarily attributable to reduced operating leverage.
Interest Expense
-
Interest expense increased
$15.6 million $207.7 million
Income Tax Expense
-
Income tax expense was
$309.6 million $443.6 million 22.3% .
Net Income
-
Net income was
$1.1 billion $9.06 $1.5 billion $11.94 30.0% decrease in net income was primarily driven by lower gross profit, partially offset by lower operating and income tax expenses. -
Net income as a percentage of net sales decreased by 244 basis points to
6.6% , primarily due to lower gross profit margins, partially offset by lower operating and income tax expenses.
Adjusted Net Income
-
Adjusted net income was
$1.4 billion 26.9% , primarily driven by lower gross profit, partially offset by lower operating and income tax expenses.
Adjusted Diluted Earnings Per Share
-
Adjusted diluted EPS was
$11.56 $14.59 20.8% decrease was primarily driven by lower adjusted net income, partially offset by share repurchases.
Adjusted EBITDA
-
Adjusted EBITDA decreased
19.6% to$2.3 billion -
Adjusted EBITDA margin decreased by 280 basis points from the prior year period to
14.2% , primarily due to lower gross profit and reduced operating leverage.
Capital Structure, Leverage, and Liquidity Information
-
For the fourth quarter, cash provided by operating activities was
$373.5 million $238.2 million $277.3 million $238.0 million -
For the twelve months ended December 31, 2024, cash provided by operating activities was
$1.9 billion $2.3 billion $1.5 billion $0.4 billion -
Liquidity as of December 31, 2024, was approximately
$1.8 billion $1.6 billion $0.2 billion -
As of December 31, 2024, LTM Adjusted EBITDA was
$2.3 billion $3.6 billion -
The Company repurchased 2.0 million shares of its common stock in the fourth quarter at an average price of
$168.65 $345.2 million -
In 2024, the Company repurchased 8.9 million shares of its common stock at an average price of
$170.74 $1.5 billion 6.8% in 2024. -
As of December 31, 2024, the Company has approximately
$500 million $1 billion -
Since the inception of its buyback program in August 2021, the Company has repurchased 95.9 million shares of its common stock, or
46.5% of its total shares outstanding, at an average price of$79.56 $7.6 billion
Productivity Savings From Operational Excellence
-
For the fourth quarter, the Company delivered approximately
$13 million $117 million -
The Company expects to deliver
$70 million $90 million
2025 Total Company Outlook
For 2025, the Company expects to achieve the financial performance highlighted below.
-
Net Sales to be in a range of
$16.5 billion $17.5 billion -
Gross Profit margin to be in a range of
30% to32% . -
Adjusted EBITDA to be in a range of
$1.9 billion $2.3 billion -
Adjusted EBITDA margin to be in a range of
11.5% to13.0% . -
Free cash flow in the range of
$600 million $1.0 billion $380 $430
2025 Full-Year Assumptions
The Company’s anticipated 2025 performance is based on several assumptions for the full year, including the following:
- Within the Company’s geographies, Single-Family starts are projected to be flat (down low-single digits to up low-single digits), Multi-Family starts down mid-teens, and R&R is projected to be up low-single digits.
-
Acquisitions completed within the last twelve months are projected to add net sales growth of
4.0% to4.5% . -
Total capital expenditures in the range of
$350 million $450 million -
Interest expense in the range of
$250 million $270 million -
An effective tax rate of
23.0% to25.0% . -
Depreciation and amortization expenses in the range of
$550 million $600 million -
One fewer selling day is projected to decrease net sales by
0.4% in 2025 versus 2024.
Conference Call
Builders FirstSource will host a conference call and webcast on Thursday, February 20, 2025, to discuss the Company’s financial results and other business matters. The teleconference will begin at 8:00 a.m. Central Time and will be hosted by Peter Jackson, President and Chief Executive Officer, and Pete Beckmann, Chief Financial Officer.
To participate in the teleconference, please dial into the call a few minutes before the start time at 800-445-7795 (
Upcoming Events
Management will participate in investor meetings at the NAHB International Builders' Show in
About Builders FirstSource
Headquartered in
Forward-Looking Statements
Statements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, synergies, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by our directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. As with the forward-looking statements included in this release, these forward-looking statements are by nature inherently uncertain, and actual results or events may differ materially as a result of many factors. All forward-looking statements are based upon information, assumptions, expectations, and projections about future events available to Builders FirstSource on the date this release was submitted. Builders FirstSource undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control or may be currently unknown to the Company, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements; such risks or uncertainties include those related to the Company’s growth strategies, including acquisitions, organic growth and digital strategies, or the dependence of the Company’s revenues and operating results on, among other things, the homebuilding industry and, to a lesser extent, repair and remodel activity, which in each case is dependent on economic conditions, including inflation, interest rates, consumer confidence, labor and supply shortages, and also lumber and other commodity prices. Builders FirstSource may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Builders FirstSource’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and may also be described from time to time in the other reports Builders FirstSource files with the SEC. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.
Non-GAAP Financial Measures
The financial measures entitled Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, diluted Adjusted net income per share and Free cash flow are not financial measures recognized under GAAP and are therefore non-GAAP financial measures. The Company believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and operating results.
Adjusted EBITDA is defined as GAAP net income before depreciation and amortization expense, interest expense, net, income tax expense and other non-cash or special items including stock compensation expense, acquisition and integration expense, debt issuance and refinancing costs, severance and gain on sale of assets and other one-time costs. LTM Adjusted EBITDA is defined as Adjusted EBITDA for the last twelve consecutive months. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net sales. Adjusted net income is defined as GAAP net income before non-cash or special items including acquisition and integration expense, technology implementation expense, debt issuance, and refinancing cost and amortization expense offset by the tax effect of those adjustments to net income. Adjusted net income per diluted share is defined as Adjusted net income divided by weighted average diluted common shares outstanding. Free cash flow is defined as GAAP net cash from operating activities less capital expenditures, net of proceeds from the sale of property, plant and equipment.
Company management uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and diluted Adjusted net income per share as supplemental measures in its evaluation of the Company’s business, including for trend analysis, purposes of determining management incentive compensation and budgeting and planning purposes. Company management believes that these measures provide a meaningful measure of the Company’s performance and a better baseline for comparing financial performance across periods because these measures eliminate the effects of period to period changes, in the case of Adjusted EBITDA and Adjusted EBITDA margin, in taxes, costs associated with capital investments, interest expense, stock compensation expense, and other non-cash and non-recurring items and, in the case of Adjusted net income and Adjusted net income per diluted share, in certain non-recurring items. Company management also uses free cash flow as a supplemental measure in its evaluation of the Company’s business, including for purposes of its internal liquidity assessments. Company management believes that free cash flow provides a meaningful evaluation of the Company’s liquidity.
The Company believes that these non-GAAP financial measures provide additional tools for investors to use in evaluating ongoing operating results, cash flows and trends and in comparing the Company’s financial measures with other companies in the Company’s industry, which may present similar non-GAAP financial measures to investors. However, the Company’s calculations of these financial measures are not necessarily comparable to similarly titled measures reported by other companies. Company management does not consider these financial measures in isolation or as alternatives to financial measures determined in accordance with GAAP. Furthermore, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below.
The Company’s Adjusted EBITDA outlook, free cash flow and full-year forecast for its effective tax rate on operations exclude the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, but are not limited to, loss on early extinguishment of debt, restructuring charges, certain tax items, and charges associated with non-recurring costs such as professional and legal fees associated with our acquisitions and enterprise resource planning (ERP) program. The Company’s management cannot estimate on a forward-looking basis without unreasonable effort the impact these income and expense items will have on its reported net income, operating cash flow and its reported effective tax rate because these items, which could be significant, are difficult to predict and may be highly variable. As a result, the Company does not provide a reconciliation to the most comparable GAAP financial measure for its Adjusted EBITDA or free cash flow outlook or its effective tax rate on operations forecast. Please see the Forward-Looking Statements section of this release for a discussion of certain risks relevant to the Company’s outlook.
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
||||||||||||
(unaudited) |
||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
December 31, |
|
December 31, |
||||||||
(in millions, except per share amounts) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net sales |
|
$ |
3,820.3 |
|
$ |
4,150.9 |
|
$ |
16,400.5 |
|
$ |
17,097.3 |
Cost of sales |
|
|
2,586.2 |
|
|
2,686.0 |
|
|
11,017.4 |
|
|
11,085.0 |
Gross margin |
|
|
1,234.1 |
|
|
1,464.9 |
|
|
5,383.1 |
|
|
6,012.3 |
Selling, general and administrative expenses |
|
|
930.0 |
|
|
974.4 |
|
|
3,787.8 |
|
|
3,836.0 |
Income from operations |
|
|
304.1 |
|
|
490.5 |
|
|
1,595.3 |
|
|
2,176.3 |
Interest expense, net |
|
|
53.1 |
|
|
46.8 |
|
|
207.7 |
|
|
192.1 |
Income before income taxes |
|
|
251.0 |
|
|
443.7 |
|
|
1,387.6 |
|
|
1,984.2 |
Income tax expense |
|
|
60.8 |
|
|
92.9 |
|
|
309.6 |
|
|
443.6 |
Net income |
|
$ |
190.2 |
|
$ |
350.8 |
|
$ |
1,078.0 |
|
$ |
1,540.6 |
|
|
|
|
|
|
|
|
|
||||
Net income per share: |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.66 |
|
$ |
2.86 |
|
$ |
9.13 |
|
$ |
12.06 |
Diluted |
|
$ |
1.65 |
|
$ |
2.83 |
|
$ |
9.06 |
|
$ |
11.94 |
Weighted average common shares: |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
114,814 |
|
|
122,602 |
|
|
118,038 |
|
|
127,777 |
Diluted |
|
|
115,598 |
|
|
123,847 |
|
|
118,980 |
|
|
128,998 |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
(in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
190,244 |
|
|
$ |
350,693 |
|
|
$ |
1,077,898 |
|
|
$ |
1,540,555 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
136,488 |
|
|
|
142,149 |
|
|
|
561,929 |
|
|
|
558,275 |
|
Amortization of debt discount, premium and issuance costs |
|
|
1,455 |
|
|
|
1,178 |
|
|
|
5,591 |
|
|
|
4,685 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
728 |
|
Deferred income taxes |
|
|
26,967 |
|
|
|
(29,773 |
) |
|
|
(19,033 |
) |
|
|
(102,461 |
) |
Stock-based compensation expense |
|
|
12,226 |
|
|
|
12,973 |
|
|
|
63,111 |
|
|
|
48,522 |
|
Credit loss expense (benefit) |
|
|
367 |
|
|
|
2,912 |
|
|
|
10,419 |
|
|
|
(11,488 |
) |
Non-cash net loss (gain) on assets |
|
|
3,972 |
|
|
|
1,447 |
|
|
|
16,972 |
|
|
|
(7,072 |
) |
Changes in assets and liabilities, net of assets acquired and liabilities assumed: |
|
|
|
|
|
|
|
|
||||||||
Receivables |
|
|
154,109 |
|
|
|
151,914 |
|
|
|
249,197 |
|
|
|
(12,641 |
) |
Inventories |
|
|
4,159 |
|
|
|
115,882 |
|
|
|
51,475 |
|
|
|
231,457 |
|
Contract assets |
|
|
33,256 |
|
|
|
22,310 |
|
|
|
15,036 |
|
|
|
18,023 |
|
Other current assets |
|
|
(7,569 |
) |
|
|
(12,356 |
) |
|
|
(2,828 |
) |
|
|
10,941 |
|
Other assets and liabilities |
|
|
(13,420 |
) |
|
|
11,081 |
|
|
|
(54,429 |
) |
|
|
(5,311 |
) |
Accounts payable |
|
|
(152,258 |
) |
|
|
(154,826 |
) |
|
|
(28,600 |
) |
|
|
75,750 |
|
Accrued liabilities |
|
|
2,887 |
|
|
|
14,639 |
|
|
|
(78,350 |
) |
|
|
(9,704 |
) |
Contract liabilities |
|
|
(19,420 |
) |
|
|
(18,524 |
) |
|
|
4,304 |
|
|
|
(33,387 |
) |
Net cash provided by operating activities |
|
|
373,463 |
|
|
|
611,699 |
|
|
|
1,872,692 |
|
|
|
2,306,872 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
||||||||
Cash used for acquisitions, net of cash acquired |
|
|
(79,602 |
) |
|
|
(95,767 |
) |
|
|
(336,458 |
) |
|
|
(238,673 |
) |
Purchases of property, plant and equipment |
|
|
(99,672 |
) |
|
|
(99,739 |
) |
|
|
(380,569 |
) |
|
|
(476,335 |
) |
Proceeds from sale of property, plant and equipment |
|
|
3,439 |
|
|
|
3,309 |
|
|
|
13,994 |
|
|
|
46,715 |
|
Cash used for equity investments |
|
|
— |
|
|
|
— |
|
|
|
(7,686 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(175,835 |
) |
|
|
(192,197 |
) |
|
|
(710,719 |
) |
|
|
(668,293 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
||||||||
Borrowings under revolving credit facility |
|
|
— |
|
|
|
1,103,000 |
|
|
|
954,000 |
|
|
|
5,128,000 |
|
Repayments under revolving credit facility |
|
|
— |
|
|
|
(1,321,000 |
) |
|
|
(1,418,000 |
) |
|
|
(4,928,000 |
) |
Proceeds from long-term debt and other loans |
|
|
— |
|
|
|
— |
|
|
|
1,000,000 |
|
|
|
— |
|
Repayments of long-term debt and other loans |
|
|
(784 |
) |
|
|
(1,031 |
) |
|
|
(3,397 |
) |
|
|
(4,221 |
) |
Payments of loan costs |
|
|
— |
|
|
|
— |
|
|
|
(12,829 |
) |
|
|
(1,897 |
) |
Payments of acquisition-related deferred and contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
(14,364 |
) |
|
|
— |
|
Tax withholdings on and exercises of equity awards |
|
|
(7,517 |
) |
|
|
(3,130 |
) |
|
|
(62,784 |
) |
|
|
(35,233 |
) |
Repurchase of common stock |
|
|
(363,806 |
) |
|
|
(219,281 |
) |
|
|
(1,517,131 |
) |
|
|
(1,811,517 |
) |
Net cash used in financing activities |
|
|
(372,107 |
) |
|
|
(441,442 |
) |
|
|
(1,074,505 |
) |
|
|
(1,652,868 |
) |
Net change in cash and cash equivalents |
|
|
(174,479 |
) |
|
|
(21,940 |
) |
|
|
87,468 |
|
|
|
(14,289 |
) |
Cash and cash equivalents at beginning of period |
|
|
328,103 |
|
|
|
88,096 |
|
|
|
66,156 |
|
|
|
80,445 |
|
Cash and cash equivalents at end of period |
|
$ |
153,624 |
|
|
$ |
66,156 |
|
|
$ |
153,624 |
|
|
$ |
66,156 |
|
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEET |
||||||
(unaudited) |
||||||
(in thousands) |
|
December 31,
|
|
December 31,
|
||
ASSETS |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
153,624 |
|
$ |
66,156 |
Accounts receivable, less allowances of |
|
|
1,163,147 |
|
|
1,436,917 |
Other receivables |
|
|
344,342 |
|
|
290,310 |
Inventories, net |
|
|
1,212,375 |
|
|
1,228,265 |
Contract assets |
|
|
151,095 |
|
|
165,677 |
Other current assets |
|
|
116,656 |
|
|
113,403 |
Total current assets |
|
|
3,141,239 |
|
|
3,300,728 |
Property, plant and equipment, net |
|
|
1,961,731 |
|
|
1,803,824 |
Operating lease right-of-use assets, net |
|
|
594,301 |
|
|
502,184 |
Goodwill |
|
|
3,678,504 |
|
|
3,556,556 |
Intangible assets, net |
|
|
1,103,634 |
|
|
1,298,173 |
Other assets, net |
|
|
103,677 |
|
|
37,987 |
Total assets |
|
$ |
10,583,086 |
|
$ |
10,499,452 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
868,054 |
|
$ |
881,384 |
Accrued liabilities |
|
|
634,045 |
|
|
717,528 |
Contract liabilities |
|
|
168,208 |
|
|
162,659 |
Current portion of operating lease liabilities |
|
|
103,499 |
|
|
98,217 |
Current maturities of long-term debt |
|
|
3,470 |
|
|
3,649 |
Total current liabilities |
|
|
1,777,276 |
|
|
1,863,437 |
Noncurrent portion of operating lease liabilities |
|
|
525,213 |
|
|
434,081 |
Long-term debt, net of current maturities, discounts and issuance costs |
|
|
3,700,643 |
|
|
3,177,411 |
Deferred income taxes |
|
|
148,167 |
|
|
167,199 |
Other long-term liabilities |
|
|
135,317 |
|
|
124,973 |
Total liabilities |
|
|
6,286,616 |
|
|
5,767,101 |
Commitments and contingencies (Note 13) |
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
— |
Common stock, |
|
|
1,136 |
|
|
1,219 |
Additional paid-in capital |
|
|
4,271,269 |
|
|
4,270,948 |
Retained earnings |
|
|
24,065 |
|
|
460,184 |
Total stockholders' equity |
|
|
4,296,470 |
|
|
4,732,351 |
Total liabilities and stockholders' equity |
|
$ |
10,583,086 |
|
$ |
10,499,452 |
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
(in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Reconciliation to Adjusted Net Income: |
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
190.2 |
|
|
$ |
350.7 |
|
|
$ |
1,077.9 |
|
|
$ |
1,540.6 |
|
Acquisition and related expense |
|
13.2 |
|
|
|
4.0 |
|
|
|
18.5 |
|
|
|
30.9 |
|
Technology implementation expense |
|
20.3 |
|
|
|
29.8 |
|
|
|
66.9 |
|
|
|
81.4 |
|
Debt issuance and refinancing cost |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.7 |
|
Amortization expense |
|
68.2 |
|
|
|
82.8 |
|
|
|
305.4 |
|
|
|
335.7 |
|
Tax-effect of adjustments to net income |
|
(24.4 |
) |
|
|
(28.0 |
) |
|
|
(93.8 |
) |
|
|
(107.7 |
) |
Adjusted net income |
$ |
267.5 |
|
|
$ |
439.3 |
|
|
$ |
1,374.9 |
|
|
$ |
1,881.6 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP common shares outstanding |
|
114.8 |
|
|
|
122.6 |
|
|
|
118.0 |
|
|
|
127.8 |
|
GAAP diluted common shares outstanding |
|
115.6 |
|
|
|
123.8 |
|
|
|
119.0 |
|
|
|
129.0 |
|
|
|
|
|
|
|
|
|
||||||||
Basic adjusted net income per share: |
$ |
2.33 |
|
|
$ |
3.58 |
|
|
$ |
11.65 |
|
|
$ |
14.73 |
|
Diluted adjusted net income per share: |
$ |
2.31 |
|
|
$ |
3.55 |
|
|
$ |
11.56 |
|
|
$ |
14.59 |
|
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
(in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Reconciliation to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
190.2 |
|
|
$ |
350.7 |
|
|
$ |
1,077.9 |
|
|
$ |
1,540.6 |
|
Interest expense, net |
|
53.1 |
|
|
|
46.8 |
|
|
|
207.7 |
|
|
|
191.4 |
|
Income tax expense |
|
85.2 |
|
|
|
120.9 |
|
|
|
403.4 |
|
|
|
551.3 |
|
Depreciation expense |
|
68.3 |
|
|
|
59.3 |
|
|
|
256.5 |
|
|
|
222.6 |
|
Amortization expense |
|
68.2 |
|
|
|
82.8 |
|
|
|
305.4 |
|
|
|
335.7 |
|
Stock compensation expense |
|
12.2 |
|
|
|
13.0 |
|
|
|
63.1 |
|
|
|
48.5 |
|
Acquisition and related expense |
|
13.2 |
|
|
|
4.0 |
|
|
|
18.5 |
|
|
|
30.9 |
|
Technology implementation expense |
|
20.3 |
|
|
|
29.8 |
|
|
|
66.9 |
|
|
|
81.4 |
|
Debt issuance and refinancing cost |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.7 |
|
Tax-effect of adjustments to net income |
|
(24.4 |
) |
|
|
(28.0 |
) |
|
|
(93.8 |
) |
|
|
(107.7 |
) |
Other management-identified adjustments (1) |
|
7.3 |
|
|
|
6.2 |
|
|
|
25.1 |
|
|
|
3.9 |
|
Adjusted EBITDA |
$ |
493.6 |
|
|
$ |
685.5 |
|
|
$ |
2,330.7 |
|
|
$ |
2,899.3 |
|
Adjusted EBITDA margin |
|
12.9 |
% |
|
|
16.5 |
% |
|
|
14.2 |
% |
|
|
17.0 |
% |
|
|
|
|
|
|
|
|
||||||||
(1) Primarily relates to severance, net gain/loss on sale of assets, and other one-time costs. |
|||||||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of GAAP Selling, General & Administrative Expenses to Adjusted Selling, General & Administrative Expenses |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
(in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Reconciliation to Adjusted SG&A Expense: |
|
|
|
|
|
|
|
||||||||
GAAP SG&A expense |
$ |
930.0 |
|
|
$ |
974.4 |
|
|
$ |
3,787.8 |
|
|
$ |
3,836.0 |
|
Depreciation expense |
|
(47.2 |
) |
|
|
(39.9 |
) |
|
|
(177.8 |
) |
|
|
(159.1 |
) |
Amortization expense |
|
(65.6 |
) |
|
|
(82.8 |
) |
|
|
(294.7 |
) |
|
|
(335.7 |
) |
Stock compensation expense |
|
(12.2 |
) |
|
|
(13.0 |
) |
|
|
(63.1 |
) |
|
|
(48.5 |
) |
Acquisition and related expense |
|
(13.2 |
) |
|
|
(4.0 |
) |
|
|
(18.5 |
) |
|
|
(30.9 |
) |
Technology implementation expense |
|
(20.3 |
) |
|
|
(29.8 |
) |
|
|
(66.9 |
) |
|
|
(81.4 |
) |
Other management-identified adjustments (1) |
|
(7.3 |
) |
|
|
(6.2 |
) |
|
|
(25.1 |
) |
|
|
(3.9 |
) |
Adjusted SG&A expense |
$ |
764.2 |
|
|
$ |
798.7 |
|
|
$ |
3,141.7 |
|
|
$ |
3,176.5 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP SG&A expense as a % of sales |
|
24.3 |
% |
|
|
23.5 |
% |
|
|
23.1 |
% |
|
|
22.4 |
% |
Adjusted SG&A expense as a % of sales |
|
20.0 |
% |
|
|
19.2 |
% |
|
|
19.2 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
||||||||
(1) Primarily relates to severance, net gain/loss on sale of assets, and other one-time costs. |
|||||||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
|||||||||||||
Interest Reconciliation |
|||||||||||||
(unaudited) |
|||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||
|
December 31, 2024 |
|
December 31, 2024 |
||||||||||
(in millions) |
Interest
|
|
Net Debt
|
|
Interest
|
|
Net Debt
|
||||||
2032 Unsecured notes @ |
$ |
13.8 |
|
$ |
1,300.0 |
|
|
$ |
55.3 |
|
$ |
1,300.0 |
|
2032 Unsecured notes @ |
|
11.2 |
|
|
700.0 |
|
|
|
44.6 |
|
|
700.0 |
|
2030 Unsecured notes @ |
|
6.9 |
|
|
550.0 |
|
|
|
27.5 |
|
|
550.0 |
|
2034 Unsecured notes @ |
|
15.9 |
|
|
1,000.0 |
|
|
|
53.5 |
|
|
1,000.0 |
|
Revolving credit facility @ |
|
1.1 |
|
|
- |
|
|
|
9.6 |
|
|
- |
|
Amortization of debt issuance costs, discount and premium |
|
1.5 |
|
|
- |
|
|
|
5.6 |
|
|
- |
|
Finance leases and other finance obligations |
|
4.8 |
|
|
191.4 |
|
|
|
19.4 |
|
|
191.4 |
|
Cash and cash equivalents |
|
- |
|
|
(153.6 |
) |
|
|
- |
|
|
(153.6 |
) |
Total (1) |
$ |
55.2 |
|
$ |
3,587.8 |
|
|
$ |
215.5 |
|
$ |
3,587.8 |
|
|
|
|
|
|
|
|
|
||||||
(1) Total interest expense does not include interest income of approximately |
|||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in millions) |
December 31, 2024 |
|
December 31, 2024 |
||||
Free Cash Flow |
|
||||||
Operating activities |
$ |
373.5 |
|
|
$ |
1,872.7 |
|
Less: Capital expenditures, net of proceeds |
|
(96.2 |
) |
|
|
(366.6 |
) |
Free cash flow |
$ |
277.3 |
|
|
$ |
1,506.1 |
|
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES |
||||||||||||||
Sales by Product Category |
||||||||||||||
(unaudited) |
||||||||||||||
|
Three Months Ended December 31, |
|||||||||||||
|
2024 |
|
2023 |
|
|
|||||||||
(in millions) |
Net Sales |
|
% of
|
|
Net Sales |
|
% of
|
|
% Change |
|||||
Manufactured products |
$ |
899.6 |
|
23.6 |
% |
|
$ |
1,108.6 |
|
26.7 |
% |
|
(18.9 |
)% |
Windows, doors & millwork |
$ |
997.8 |
|
26.1 |
% |
|
$ |
1,046.8 |
|
25.2 |
% |
|
(4.7 |
)% |
Value-added products |
|
1,897.4 |
|
49.7 |
% |
|
|
2,155.4 |
|
51.9 |
% |
|
(12.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
Specialty building products & services |
|
966.2 |
|
25.3 |
% |
|
|
954.2 |
|
23.0 |
% |
|
1.3 |
% |
Lumber & lumber sheet goods |
|
956.7 |
|
25.0 |
% |
|
|
1,041.3 |
|
25.1 |
% |
|
(8.1 |
)% |
Total net sales |
$ |
3,820.3 |
|
100.0 |
% |
|
$ |
4,150.9 |
|
100.0 |
% |
|
(8.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
|
Twelve Months Ended December 31, |
|||||||||||||
|
2024 |
|
2023 |
|
|
|||||||||
(in millions) |
Net Sales |
|
% of
|
|
Net Sales |
|
% of
|
|
% Change |
|||||
Manufactured products |
$ |
3,931.6 |
|
24.0 |
% |
|
$ |
4,669.1 |
|
27.3 |
% |
|
(15.8 |
)% |
Windows, doors & millwork |
|
4,226.9 |
|
25.7 |
% |
|
|
4,310.1 |
|
25.2 |
% |
|
(1.9 |
)% |
Value-added products |
|
8,158.5 |
|
49.7 |
% |
|
|
8,979.2 |
|
52.5 |
% |
|
(9.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
Specialty building products & services |
|
4,050.1 |
|
24.7 |
% |
|
|
3,992.1 |
|
23.4 |
% |
|
1.5 |
% |
Lumber & lumber sheet goods |
|
4,191.9 |
|
25.6 |
% |
|
|
4,126.0 |
|
24.1 |
% |
|
1.6 |
% |
Total net sales |
$ |
16,400.5 |
|
100.0 |
% |
|
$ |
17,097.3 |
|
100.0 |
% |
|
(4.1 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250220606240/en/
Heather Kos
SVP, Investor Relations
Builders FirstSource, Inc.
investorrelations@bldr.com
Source: Builders FirstSource, Inc.
FAQ
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