BlueLinx Announces Fourth Quarter and Full Year 2024 Results
BlueLinx Holdings (NYSE: BXC) reported its Q4 and full-year 2024 financial results. For Q4 2024, the company achieved net sales of $711 million, with gross profit of $113 million and net income of $5.3 million ($0.62 per diluted share). The full year 2024 saw net sales of $3.0 billion, gross profit of $489 million, and net income of $53 million ($6.19 per diluted share).
The company maintained strong specialty product performance with gross margins of 18.4% in Q4, while structural products achieved 10.8% gross margins. BlueLinx completed $45 million in share repurchases during 2024 and maintained robust liquidity of $852 million, including $506 million in cash/cash equivalents.
Looking ahead to Q1 2025, specialty product gross margins are ranging between 18-19%, while structural product margins are at 8-9%. However, average daily sales volumes were down approximately 12% versus Q4 2024, primarily due to severe weather conditions.
BlueLinx Holdings (NYSE: BXC) ha riportato i risultati finanziari per il quarto trimestre e per l'intero anno 2024. Nel quarto trimestre 2024, l'azienda ha registrato vendite nette di 711 milioni di dollari, con un profitto lordo di 113 milioni di dollari e un reddito netto di 5,3 milioni di dollari (0,62 dollari per azione diluita). Nell'intero anno 2024, le vendite nette sono state di 3,0 miliardi di dollari, con un profitto lordo di 489 milioni di dollari e un reddito netto di 53 milioni di dollari (6,19 dollari per azione diluita).
L'azienda ha mantenuto forti performance sui prodotti speciali con margini lordi del 18,4% nel quarto trimestre, mentre i prodotti strutturali hanno raggiunto margini lordi del 10,8%. BlueLinx ha completato riacquisti di azioni per 45 milioni di dollari nel 2024 e ha mantenuto una solida liquidità di 852 milioni di dollari, di cui 506 milioni in contante/equivalenti di contante.
Guardando avanti al primo trimestre 2025, i margini lordi sui prodotti speciali si attestano tra il 18-19%, mentre i margini sui prodotti strutturali sono tra l'8-9%. Tuttavia, i volumi di vendita giornalieri medi sono diminuiti di circa il 12% rispetto al quarto trimestre 2024, principalmente a causa delle condizioni meteorologiche avverse.
BlueLinx Holdings (NYSE: BXC) reportó sus resultados financieros para el cuarto trimestre y el año completo 2024. Para el cuarto trimestre de 2024, la compañía logró ventas netas de 711 millones de dólares, con un beneficio bruto de 113 millones de dólares y un ingreso neto de 5.3 millones de dólares (0.62 dólares por acción diluida). El año completo 2024 vio ventas netas de 3.0 mil millones de dólares, un beneficio bruto de 489 millones de dólares y un ingreso neto de 53 millones de dólares (6.19 dólares por acción diluida).
La compañía mantuvo un sólido rendimiento en productos especiales con márgenes brutos del 18.4% en el cuarto trimestre, mientras que los productos estructurales lograron márgenes brutos del 10.8%. BlueLinx completó recompras de acciones por 45 millones de dólares durante 2024 y mantuvo una liquidez robusta de 852 millones de dólares, incluyendo 506 millones en efectivo/equivalentes de efectivo.
Mirando hacia el primer trimestre de 2025, los márgenes brutos de productos especiales oscilan entre el 18-19%, mientras que los márgenes de productos estructurales se sitúan entre el 8-9%. Sin embargo, los volúmenes de ventas diarias promedio disminuyeron aproximadamente un 12% en comparación con el cuarto trimestre de 2024, principalmente debido a condiciones climáticas severas.
BlueLinx Holdings (NYSE: BXC)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 2024년 4분기 동안 회사는 7억 1,100만 달러의 순매출을 기록했으며, 총 이익은 1억 1,300만 달러, 순이익은 530만 달러(희석 주당 0.62달러)였습니다. 2024년 전체 연도에는 30억 달러의 순매출, 4억 8,900만 달러의 총 이익, 5,300만 달러의 순이익(희석 주당 6.19달러)이 발생했습니다.
회사는 4분기 동안 18.4%의 총 마진으로 특수 제품에서 강력한 성과를 유지했으며, 구조 제품은 10.8%의 총 마진을 달성했습니다. BlueLinx는 2024년 동안 4,500만 달러의 자사주 매입을 완료했으며, 5억 8,520만 달러의 강력한 유동성을 유지했습니다. 이 중 현금 및 현금성 자산은 5억 6백만 달러입니다.
2025년 1분기를 바라보면, 특수 제품의 총 마진은 18-19% 범위에 있으며, 구조 제품의 마진은 8-9%에 달합니다. 그러나 평균 일일 판매량은 2024년 4분기 대비 약 12% 감소했으며, 이는 주로 심각한 기상 조건 때문입니다.
BlueLinx Holdings (NYSE: BXC) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Pour le quatrième trimestre 2024, l'entreprise a réalisé un chiffre d'affaires net de 711 millions de dollars, avec un bénéfice brut de 113 millions de dollars et un revenu net de 5,3 millions de dollars (0,62 dollar par action diluée). Pour l'année complète 2024, le chiffre d'affaires net s'est élevé à 3,0 milliards de dollars, avec un bénéfice brut de 489 millions de dollars et un revenu net de 53 millions de dollars (6,19 dollars par action diluée).
L'entreprise a maintenu de solides performances sur les produits spéciaux avec des marges brutes de 18,4 % au quatrième trimestre, tandis que les produits structurels ont atteint des marges brutes de 10,8 %. BlueLinx a complété des rachats d'actions d'une valeur de 45 millions de dollars en 2024 et a maintenu une liquidité robuste de 852 millions de dollars, dont 506 millions en espèces/équivalents de liquidités.
En regardant vers le premier trimestre 2025, les marges brutes des produits spéciaux se situent entre 18 et 19 %, tandis que les marges des produits structurels se situent entre 8 et 9 %. Cependant, les volumes de ventes quotidiens moyens ont diminué d'environ 12 % par rapport au quatrième trimestre 2024, principalement en raison de conditions météorologiques extrêmes.
BlueLinx Holdings (NYSE: BXC) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Im vierten Quartal 2024 erzielte das Unternehmen einen Nettoumsatz von 711 Millionen Dollar, mit einem Bruttogewinn von 113 Millionen Dollar und einem Nettoergebnis von 5,3 Millionen Dollar (0,62 Dollar pro verwässerter Aktie). Im gesamten Jahr 2024 betrugen die Nettoumsätze 3,0 Milliarden Dollar, der Bruttogewinn 489 Millionen Dollar und das Nettoergebnis 53 Millionen Dollar (6,19 Dollar pro verwässerter Aktie).
Das Unternehmen hielt eine starke Leistung bei Spezialprodukten mit Bruttomargen von 18,4% im vierten Quartal, während strukturelle Produkte Bruttomargen von 10,8% erreichten. BlueLinx schloss 2024 Aktienrückkäufe im Wert von 45 Millionen Dollar ab und hielt eine robuste Liquidität von 852 Millionen Dollar, einschließlich 506 Millionen Dollar in Bargeld/Bargeldäquivalenten.
Für das erste Quartal 2025 wird erwartet, dass die Bruttomargen für Spezialprodukte zwischen 18-19% liegen, während die Margen für strukturelle Produkte bei 8-9% liegen. Die durchschnittlichen täglichen Verkaufszahlen sind jedoch im Vergleich zum vierten Quartal 2024 um etwa 12% gesunken, hauptsächlich aufgrund der extremen Wetterbedingungen.
- Strong liquidity position with $852 million available, including $506 million cash
- Completion of $45 million in share repurchases during 2024
- Specialty products maintained healthy gross margins of 18.4% in Q4
- Net income improved to $5.3 million in Q4 2024 vs. loss of $18.1 million in Q4 2023
- Full year net income increased to $53.1 million from $48.5 million year-over-year
- Q4 net sales decreased 0.3% year-over-year to $711 million
- Q4 gross margin declined 70 basis points year-over-year to 15.9%
- Full year net sales decreased 5.9% to $3.0 billion
- Operating cash flow declined to $85.2 million from $306.3 million in 2023
- Q1 2025 sales volumes down 12% due to weather conditions
Insights
BlueLinx's Q4 and FY2024 results reveal a company successfully navigating market headwinds while maintaining strong operational fundamentals. The specialty products segment, representing
The company's financial position is remarkably strong, with
However, there are some cautionary signals in the operational metrics. The
The company's digital transformation investment, while pressuring SG&A expenses in the short term, positions BlueLinx to capture operational efficiencies and enhance customer service capabilities. The
Working capital management deserves attention, as operating cash flow decreased significantly year-over-year from
FOURTH QUARTER 2024 HIGHLIGHTS
-
Net sales of
$711 million -
Gross profit of
$113 million 15.9% and specialty gross margin of18.4% -
Net income of
$5.3 million $0.62 -
Adjusted net income of
$5.2 million $0.61 -
Adjusted EBITDA of
$22 million 3.0% of net sales -
Operating cash flow of
$19 million -
Completion of
$15 million
FULL YEAR 2024 HIGHLIGHTS
-
Net sales of
$3.0 billion -
Gross profit of
$489 million 16.6% , and specialty gross margin of19.4% -
Net income of
$53 million $6.19 -
Adjusted net income of
$55 million $6.44 -
Adjusted EBITDA of
$131 million 4.4% of net sales -
Operating cash flow of
$85 million $45 million -
Available liquidity of
$852 million $506 million -
Completion of
$45 million
“Our fourth quarter and full year 2024 were highlighted by strong margin performance, clearly showing our ability to generate solid results due to the strength of our customer service proposition and the continued focus on our strategy,” said Shyam Reddy, President, and CEO of BlueLinx. “Specialty products continued its strong performance with gross margins of
FOURTH QUARTER 2024 FINANCIAL PERFORMANCE
In the fourth quarter of 2024, net sales were
Net sales of specialty products, which includes products such as engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products, decreased
Net sales of structural products, which includes products such as lumber, plywood, oriented strand board, rebar, and remesh, increased
Selling, general and administrative (“SG&A”) expenses were
Net income for the current quarter was
Adjusted EBITDA was
Net cash generated from operating activities was
FULL YEAR 2024 FINANCIAL PERFORMANCE
For the fiscal year ended December 28, 2024, net sales were
Net sales of specialty products decreased
Net sales of structural products decreased
SG&A expenses were
Net income was
Adjusted EBITDA was
Net cash generated from operating activities was
CAPITAL ALLOCATION AND FINANCIAL POSITION
During the full year 2024, we invested
As of December 28, 2024, total debt outstanding was
FIRST QUARTER 2025 OUTLOOK
Through the first seven weeks of the first quarter of fiscal 2025, specialty product gross margin was in the range of
CONFERENCE CALL INFORMATION
BlueLinx will host a conference call on February 19, 2025, at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the BlueLinx website at https://investors.bluelinxco.com, and a replay of the webcast will be available at the same site shortly after the webcast is complete.
To participate in the live teleconference:
Domestic Live: |
1-888-660-6392 |
|
Passcode: |
9140086 |
To listen to a replay of the teleconference, which will be available through March 5, 2025:
Domestic Replay: |
1-800-770-2030 |
|
Passcode: |
9140086 |
ABOUT BLUELINX
BlueLinx (NYSE: BXC) is a leading
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “could,” “expect,” “estimate,” “intend,” “may,” “project,” “plan,” “should,” “will,” “will be,” “will likely continue,” “will likely result,” “would,” or words or phrases of similar meaning.
The forward-looking statements in this press release include statements about our strategy, liquidity, and debt, our long-run positioning relative to industry conditions, future share repurchases, and the information set forth under the heading “First Quarter 2025 Outlook”.
Forward-looking statements in this press release are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. These risks and uncertainties include those discussed in greater detail in our filings with the Securities and Exchange Commission. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Factors that may cause these differences include, among other things: adverse housing market conditions; disintermediation risk; consolidation among competitors, suppliers, and customers; our dependence on international suppliers and manufacturers for certain products which exposes us to risks of new or increased tariffs and other risks that could affect our financial condition; pricing and product cost variability; volumes of product sold; competition; the cyclical nature of the industry in which we operate; loss of products or key suppliers and manufacturers; information technology security risks and business interruption risks; effective inventory management relative to our sales volume or the prices of the products we produce; the ability to attract, train, and retain highly qualified associates and other key personnel while controlling related labor costs; potential acquisitions and the integration and completion of such acquisitions; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; the impacts of climate change; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; the effects of epidemics, global pandemics or other widespread public health crises and governmental rules and regulations; fluctuations in our operating results; our level of indebtedness and our ability to incur additional debt to fund future needs; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating the business; the potential to incur more debt; the fact that we have consummated certain sale leaseback transactions with resulting long-term non-cancelable leases, many of which are or will be finance leases; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; inability to raise funds necessary to finance a required repurchase of our senior secured notes; a lowering or withdrawal of debt ratings; changes in our product mix; increases in fuel and other energy prices or availability of third-party freight providers; changes in insurance-related deductible/retention reserves based on actual loss development experience; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; interest rate risk, which could cause our debt service obligations to increase; and changes in, or interpretation of, accounting principles.
Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
NON-GAAP MEASURES AND SUPPLEMENTAL FINANCIAL INFORMATION
The Company reports its financial results in accordance with GAAP. The Company also believes that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP results alone. Any non-GAAP measures used herein are reconciled to their most directly comparable GAAP measures herein in the “Reconciliation of Non-GAAP Measurements” table later in this release. The Company cautions that non-GAAP measures are not intended to present superior measures of our financial condition from those measures determined under GAAP and should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. The Company further cautions that its non-GAAP measures, as used herein, are not necessarily comparable to other similarly titled measures of other companies due to differences in methods of calculation.
Adjusted EBITDA and Adjusted EBITDA Margin. BlueLinx defines Adjusted EBITDA as an amount equal to net income (loss) plus interest expense and all interest expense related items, income taxes, depreciation and amortization, and further adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items.
The Company presents Adjusted EBITDA because it is a primary measure used by management to evaluate operating performance. Management believes this metric helps to enhance investors’ overall understanding of the financial performance and cash flows of the business. Management also believes Adjusted EBITDA is helpful in highlighting operating trends. Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in their evaluation of companies, many of which present an Adjusted EBITDA measure when reporting their results.
We determine our Adjusted EBITDA Margin, which we sometimes refer to as our Adjusted EBITDA as a percentage of net sales, by dividing our Adjusted EBITDA for the applicable period by our net sales for the applicable period. We believe that this ratio is useful to investors because it more clearly defines the quality of earnings and operational efficiency of translating sales to profitability.
Adjusted Net Income and Adjusted Earnings Per Share. BlueLinx defines Adjusted Net Income as Net Income adjusted for certain non-cash items and other special items, including compensation expense from share based compensation, one-time charges associated with the legal, consulting, and professional fees related to our merger and acquisition activities, gains or losses on sales of properties, amortization of deferred gains on real estate, and expense associated with our restructuring activities, such as severance, in addition to other significant and/or one-time, nonrecurring, non-operating items, further adjusted for the tax impacts of such reconciling items. BlueLinx defines Adjusted Earnings Per Share (basic and/or diluted) as the Adjusted Net Income for the period divided by the weighted average outstanding shares (basic and/or diluted) for the periods presented. We believe that Adjusted Net Income and Adjusted Earnings Per Share (basic and/or diluted) are useful to investors to enhance investors’ overall understanding of the financial performance of the business. Management also believes Adjusted Net Income and Adjusted Earnings Per Share (basic and/or diluted) are helpful in highlighting operating trends.
Our Adjusted Net Income and Adjusted Earnings Per Share (basic and/or diluted) are not presentations made in accordance with GAAP and are not intended to present superior measures of our financial condition from those measures determined under GAAP. Adjusted Net Income and Adjusted Earnings Per Share (basic or diluted), as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. These non-GAAP measures are reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.
Free Cash Flow. BlueLinx defines free cash flow as net cash provided by operating activities less total capital expenditures. Free cash flow is a measure used by management to assess our financial performance, and we believe it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures that can be used for, among other things, investment in our business, strengthening our balance sheet, and repayment of our debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. Free cash flow is not a presentation made in accordance with GAAP and is not intended to present a superior measure of financial condition from those determined under GAAP. Free cash flow, as used herein, is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. This non-GAAP measure is reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.
Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities. BlueLinx calculates Net Debt as its total short- and long-term debt, including outstanding balances under our term loan and revolving credit facility and the total amount of its obligations under finance leases, less cash and cash equivalents. Net Debt Excluding Real Property Finance Lease Liabilities is calculated in the same manner as Net Debt, except the total amount of obligations under real estate finance leases are excluded. Although our credit agreements do not contain leverage covenants, a net leverage ratio excluding finance lease obligations for real property is included within the terms of our revolving credit agreement. We believe that Net Debt and Net Debt Excluding Real Property Finance Lease Liabilities are useful to investors because our management reviews both metrics as part of its management of overall liquidity, financial flexibility, capital structure and leverage, and creditors and credit analysts monitor our net debt as part of their assessments of our business. We determine our Overall Net Leverage Ratio by dividing our Net Debt by Twelve-Month Trailing Adjusted EBITDA. Our calculation of Net Leverage Ratio Excluding Real Property Finance Lease Liabilities is determined by dividing our Net Debt Excluding Real Property Finance Lease Liabilities by Twelve-Month Trailing Adjusted EBITDA. We believe that these ratios are useful to investors because they are indicators of our ability to meet our future financial obligations. In addition, our Net Leverage Ratio is a measure that is frequently used by investors and creditors. Our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are not made in accordance with GAAP and are not intended to present a superior measure of our financial condition from measures and ratios determined under GAAP. The calculations of our Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities are presented in the table on page 8. Net Debt, Net Debt Excluding Real Property Finance Lease Liabilities, Overall Net Leverage Ratio, and Net Leverage Ratio Excluding Real Property Finance Lease Liabilities, as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
BLUELINX HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||||||
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
710,637 |
|
|
$ |
712,529 |
|
|
$ |
2,952,532 |
|
|
$ |
3,136,381 |
|
Cost of products sold |
|
597,292 |
|
|
|
594,100 |
|
|
|
2,463,393 |
|
|
|
2,609,364 |
|
Gross profit |
|
113,345 |
|
|
|
118,429 |
|
|
|
489,139 |
|
|
|
527,017 |
|
Gross margin percentage |
|
15.9 |
% |
|
|
16.6 |
% |
|
|
16.6 |
% |
|
|
16.8 |
% |
Operating expenses (income): |
|
|
|
|
|
|
|
||||||||
Selling, general, and administrative |
|
92,619 |
|
|
|
84,541 |
|
|
|
365,532 |
|
|
|
355,819 |
|
Depreciation and amortization |
|
9,405 |
|
|
|
8,285 |
|
|
|
38,488 |
|
|
|
32,043 |
|
Amortization of deferred gains on real estate |
|
(982 |
) |
|
|
(982 |
) |
|
|
(3,934 |
) |
|
|
(3,934 |
) |
Gain from sale of properties, net |
|
— |
|
|
|
— |
|
|
|
(272 |
) |
|
|
— |
|
Other operating expenses, net |
|
273 |
|
|
|
(600 |
) |
|
|
1,755 |
|
|
|
4,640 |
|
Total operating expenses |
|
101,315 |
|
|
|
91,244 |
|
|
|
401,569 |
|
|
|
388,568 |
|
Operating income |
|
12,030 |
|
|
|
27,185 |
|
|
|
87,570 |
|
|
|
138,449 |
|
Non-operating expenses: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
5,320 |
|
|
|
4,171 |
|
|
|
19,364 |
|
|
|
23,746 |
|
Settlement of defined benefit pension plan |
|
(255 |
) |
|
|
30,440 |
|
|
|
(2,481 |
) |
|
|
30,440 |
|
Other expense, net |
|
— |
|
|
|
595 |
|
|
|
— |
|
|
|
2,377 |
|
Income before provision for income taxes |
|
6,965 |
|
|
|
(8,021 |
) |
|
|
70,687 |
|
|
|
81,886 |
|
Provision for income taxes |
|
1,693 |
|
|
|
10,103 |
|
|
|
17,571 |
|
|
|
33,350 |
|
Net income (loss) |
$ |
5,272 |
|
|
$ |
(18,124 |
) |
|
$ |
53,116 |
|
|
$ |
48,536 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share |
$ |
0.63 |
|
|
$ |
(2.08 |
) |
|
$ |
6.22 |
|
|
$ |
5.40 |
|
Diluted earnings (loss) per share |
$ |
0.62 |
|
|
$ |
(2.08 |
) |
|
$ |
6.19 |
|
|
$ |
5.39 |
|
BLUELINX HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
|
December 28, 2024 |
|
December 30, 2023 |
||||
(In thousands, except share data) |
|
||||||
ASSETS |
|||||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
505,622 |
|
|
$ |
521,743 |
|
Accounts receivable, less allowances of |
|
225,837 |
|
|
|
228,410 |
|
Inventories, net |
|
355,909 |
|
|
|
343,638 |
|
Other current assets |
|
46,620 |
|
|
|
26,608 |
|
Total current assets |
|
1,133,988 |
|
|
|
1,120,399 |
|
Property and equipment, at cost |
|
443,628 |
|
|
|
396,321 |
|
Accumulated depreciation |
|
(194,072 |
) |
|
|
(170,334 |
) |
Property and equipment, net |
|
249,556 |
|
|
|
225,987 |
|
Operating lease right-of-use assets |
|
47,221 |
|
|
|
37,227 |
|
Goodwill |
|
55,372 |
|
|
|
55,372 |
|
Intangible assets, net |
|
26,881 |
|
|
|
30,792 |
|
Deferred income tax asset, net |
|
50,578 |
|
|
|
53,256 |
|
Other non-current assets |
|
14,121 |
|
|
|
14,568 |
|
Total assets |
$ |
1,577,717 |
|
|
$ |
1,537,601 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
170,202 |
|
|
$ |
157,931 |
|
Accrued compensation |
|
16,706 |
|
|
|
14,273 |
|
Finance lease liabilities - current |
|
12,541 |
|
|
|
11,178 |
|
Operating lease liabilities - current |
|
8,478 |
|
|
|
6,284 |
|
Real estate deferred gains - current |
|
3,935 |
|
|
|
3,935 |
|
Other current liabilities |
|
21,862 |
|
|
|
24,961 |
|
Total current liabilities |
|
233,724 |
|
|
|
218,562 |
|
Non-current liabilities: |
|
|
|
||||
Long-term debt |
|
295,061 |
|
|
|
293,743 |
|
Finance lease liabilities - less current portion |
|
280,002 |
|
|
|
274,248 |
|
Operating lease liabilities - less current portion |
|
40,114 |
|
|
|
32,519 |
|
Real estate deferred gains - less current portion |
|
63,296 |
|
|
|
66,599 |
|
Other non-current liabilities |
|
19,079 |
|
|
|
17,644 |
|
Total liabilities |
|
931,276 |
|
|
|
903,315 |
|
Commitments and contingencies |
|
|
|
||||
STOCKHOLDERS' EQUITY: |
|||||||
Preferred Stock, |
|
— |
|
|
|
— |
|
Common Stock, 8,294,798 and 8,650,046 outstanding, respectively |
|
83 |
|
|
|
87 |
|
Additional paid-in capital |
|
124,103 |
|
|
|
165,060 |
|
Retained earnings |
|
522,255 |
|
|
|
469,139 |
|
Total stockholders’ equity |
|
646,441 |
|
|
|
634,286 |
|
Total liabilities and stockholders’ equity |
$ |
1,577,717 |
|
|
$ |
1,537,601 |
|
BLUELINX HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||||||||||
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(In thousands) |
|
||||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
5,272 |
|
|
$ |
(18,124 |
) |
|
$ |
53,116 |
|
|
$ |
48,536 |
|
Adjustments to reconcile net income (loss) to cash provided by operations: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
9,405 |
|
|
|
8,285 |
|
|
|
38,488 |
|
|
|
32,043 |
|
Amortization of debt discount and issuance costs |
|
328 |
|
|
|
330 |
|
|
|
1,318 |
|
|
|
1,319 |
|
Settlement of frozen defined benefit pension plan |
|
— |
|
|
|
30,440 |
|
|
|
— |
|
|
|
30,440 |
|
Gains from sales of property |
|
— |
|
|
|
— |
|
|
|
(272 |
) |
|
|
— |
|
Amortization of deferred gains from real estate |
|
(982 |
) |
|
|
(982 |
) |
|
|
(3,934 |
) |
|
|
(3,934 |
) |
Share-based compensation |
|
808 |
|
|
|
2,580 |
|
|
|
7,749 |
|
|
|
12,055 |
|
Provision for deferred income taxes |
|
728 |
|
|
|
6,639 |
|
|
|
2,678 |
|
|
|
7,756 |
|
Other income statement items |
|
— |
|
|
|
(909 |
) |
|
|
— |
|
|
|
(909 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
52,212 |
|
|
|
69,158 |
|
|
|
2,573 |
|
|
|
23,145 |
|
Inventories, net |
|
(15,368 |
) |
|
|
20,724 |
|
|
|
(12,271 |
) |
|
|
140,875 |
|
Accounts payable |
|
(14,930 |
) |
|
|
(43,818 |
) |
|
|
13,002 |
|
|
|
5,973 |
|
Employer contributions due to the single-employer defined benefit pension plan |
|
— |
|
|
|
(6,900 |
) |
|
|
— |
|
|
|
(6,900 |
) |
Other current assets |
|
(10,120 |
) |
|
|
12,892 |
|
|
|
(20,012 |
) |
|
|
15,513 |
|
Other assets and liabilities |
|
(8,609 |
) |
|
|
(4,454 |
) |
|
|
2,743 |
|
|
|
373 |
|
Net cash provided by operating activities |
|
18,744 |
|
|
|
75,861 |
|
|
|
85,178 |
|
|
|
306,285 |
|
|
|
|
|
|
|
|
|
||||||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Proceeds from sales of assets and properties |
|
60 |
|
|
|
166 |
|
|
|
899 |
|
|
|
357 |
|
Property and equipment investments |
|
(20,279 |
) |
|
|
(8,582 |
) |
|
|
(40,109 |
) |
|
|
(27,520 |
) |
Other investing activities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
300 |
|
Net cash used in investing activities |
|
(20,219 |
) |
|
|
(8,416 |
) |
|
|
(39,210 |
) |
|
|
(26,863 |
) |
|
|
|
|
|
|
|
|
||||||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Common stock repurchases |
|
(15,315 |
) |
|
|
(12,814 |
) |
|
|
(45,297 |
) |
|
|
(42,135 |
) |
Repurchase of shares to satisfy employee tax withholdings |
|
(108 |
) |
|
|
(122 |
) |
|
|
(3,365 |
) |
|
|
(5,279 |
) |
Principal payments on finance lease liabilities |
|
(3,761 |
) |
|
|
(2,549 |
) |
|
|
(13,427 |
) |
|
|
(9,208 |
) |
Net cash used in financing activities |
|
(19,184 |
) |
|
|
(15,485 |
) |
|
|
(62,089 |
) |
|
|
(56,622 |
) |
Net change in cash and cash equivalents |
|
(20,659 |
) |
|
|
51,960 |
|
|
|
(16,121 |
) |
|
|
222,800 |
|
Cash and cash equivalents at beginning of period |
|
526,281 |
|
|
|
469,783 |
|
|
|
521,743 |
|
|
|
298,943 |
|
Cash and cash equivalents at end of period |
$ |
505,622 |
|
|
$ |
521,743 |
|
|
$ |
505,622 |
|
|
$ |
521,743 |
|
The following schedule presents our revenues disaggregated by specialty and structural product category:
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(Dollar amounts in thousands) |
|
|
|
|
|
|
|
||||||||
Net sales by product category |
|
|
|
|
|
|
|
||||||||
Specialty products |
$ |
483,610 |
|
|
$ |
486,561 |
|
|
$ |
2,045,910 |
|
|
$ |
2,184,240 |
|
Structural products |
|
227,027 |
|
|
|
225,968 |
|
|
|
906,622 |
|
|
|
952,141 |
|
Total net sales |
$ |
710,637 |
|
|
$ |
712,529 |
|
|
$ |
2,952,532 |
|
|
$ |
3,136,381 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit by product category |
|
|
|
|
|
|
|
||||||||
Specialty products |
$ |
88,747 |
|
|
$ |
94,466 |
|
|
$ |
397,625 |
|
|
$ |
420,794 |
|
Structural products |
|
24,598 |
|
|
|
23,963 |
|
|
|
91,514 |
|
|
|
106,223 |
|
Total gross profit |
$ |
113,345 |
|
|
$ |
118,429 |
|
|
$ |
489,139 |
|
|
$ |
527,017 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin % by product category |
|
|
|
|
|
|
|
||||||||
Specialty products |
|
18.4 |
% |
|
|
19.4 |
% |
|
|
19.4 |
% |
|
|
19.3 |
% |
Structural products |
|
10.8 |
% |
|
|
10.6 |
% |
|
|
10.1 |
% |
|
|
11.2 |
% |
Company gross margin % |
|
15.9 |
% |
|
|
16.6 |
% |
|
|
16.6 |
% |
|
|
16.8 |
% |
BLUELINX HOLDINGS INC. RECONCILIATION OF NON-GAAP MEASUREMENTS (Unaudited) |
|||||||||||||||
The following table reconciles Net income (loss) to Adjusted EBITDA (non-GAAP) for the periods indicated: |
|||||||||||||||
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(In thousands) |
|
||||||||||||||
Net income (loss) |
$ |
5,272 |
|
|
$ |
(18,124 |
) |
|
$ |
53,116 |
|
|
$ |
48,536 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
9,405 |
|
|
|
8,285 |
|
|
|
38,488 |
|
|
|
32,043 |
|
Interest expense, net |
|
5,320 |
|
|
|
4,171 |
|
|
|
19,364 |
|
|
|
23,746 |
|
Provision for income taxes |
|
1,693 |
|
|
|
10,103 |
|
|
|
17,571 |
|
|
|
33,350 |
|
Share-based compensation expense |
|
808 |
|
|
|
2,580 |
|
|
|
7,749 |
|
|
|
12,055 |
|
Amortization of deferred gains on real estate |
|
(982 |
) |
|
|
(982 |
) |
|
|
(3,934 |
) |
|
|
(3,934 |
) |
Gains from sales of property(1) |
|
— |
|
|
|
— |
|
|
|
(272 |
) |
|
|
— |
|
Pension settlement and withdrawal costs(1)(2) |
|
(255 |
) |
|
|
31,034 |
|
|
|
(2,481 |
) |
|
|
32,817 |
|
Acquisition-related costs(1)(3) |
|
— |
|
|
|
186 |
|
|
|
— |
|
|
|
278 |
|
Restructuring and other(1)(4) |
|
274 |
|
|
|
(784 |
) |
|
|
1,755 |
|
|
|
3,913 |
|
Adjusted EBITDA |
$ |
21,535 |
|
|
$ |
36,469 |
|
|
$ |
131,356 |
|
|
$ |
182,804 |
|
(1) Reflects non-recurring beneficial items of |
|
(2) Reflects expenses and related adjustments related to our previously disclosed settlement of the BlueLinx Corporation Hourly Retirement Defined Benefit Plan. |
|
(3) Reflects primarily legal, professional, technology and other integration costs. |
|
(4) Reflects net losses related to Hurricane Helene in 3Q 2024, our restructuring efforts, such as severance, net of other one-time non-operating items in 2024 and 2023. |
The following table reconciles Net income (loss) and Diluted earnings (loss) per share to Adjusted net income (non-GAAP) and Adjusted diluted earnings per share (non-GAAP):
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(In thousands, except per share data) |
|
||||||||||||||
Net income (loss) |
$ |
5,272 |
|
|
$ |
(18,124 |
) |
|
$ |
53,116 |
|
|
$ |
48,536 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense |
|
808 |
|
|
|
2,580 |
|
|
|
7,749 |
|
|
|
12,055 |
|
Amortization of deferred gains on real estate |
|
(982 |
) |
|
|
(982 |
) |
|
|
(3,934 |
) |
|
|
(3,934 |
) |
Gain from sales of property |
|
— |
|
|
|
— |
|
|
|
(272 |
) |
|
|
— |
|
Pension settlement and withdrawal costs(1) |
|
(255 |
) |
|
|
31,034 |
|
|
|
(2,481 |
) |
|
|
32,817 |
|
Acquisition-related costs |
|
— |
|
|
|
186 |
|
|
|
— |
|
|
|
278 |
|
Restructuring and other |
|
274 |
|
|
|
(784 |
) |
|
|
1,755 |
|
|
|
3,913 |
|
Tax impacts of reconciling items above (1) |
|
38 |
|
|
|
11,891 |
|
|
|
(701 |
) |
|
|
8,962 |
|
Adjusted net income (non-GAAP) |
$ |
5,155 |
|
|
$ |
25,801 |
|
|
$ |
55,232 |
|
|
$ |
102,627 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share |
$ |
0.63 |
|
|
$ |
(2.08 |
) |
|
$ |
6.22 |
|
|
$ |
5.40 |
|
Diluted earnings (loss) per share |
$ |
0.62 |
|
|
|
(2.08 |
) |
|
$ |
6.19 |
|
|
$ |
5.39 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - Basic |
|
8,356 |
|
|
|
8,704 |
|
|
|
8,531 |
|
|
|
8,987 |
|
Weighted average shares outstanding - Diluted |
|
8,431 |
|
|
|
8,757 |
|
|
|
8,572 |
|
|
|
8,994 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted basic EPS (non-GAAP) |
$ |
0.61 |
|
|
$ |
2.96 |
|
|
$ |
6.47 |
|
|
$ |
11.41 |
|
Adjusted diluted EPS (non-GAAP) |
$ |
0.61 |
|
|
$ |
2.94 |
|
|
$ |
6.44 |
|
|
$ |
11.41 |
|
(1) Tax impact calculated based on the effective tax rate for the respective fiscal quarterly periods and fiscal year periods presented. The fiscal quarter and fiscal year ended December 30, 2023 exclude the non-cash tax effects for the one-time charge for settlement of the frozen defined benefit pension plan. |
In the following table, our Adjusted EBITDA margin (non-GAAP) is calculated and compared to Net income (loss) as a percentage of Net sales:
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(Dollar amounts in thousands) |
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
710,637 |
|
|
$ |
712,529 |
|
|
$ |
2,952,532 |
|
|
$ |
3,136,381 |
|
Net income (loss) |
|
5,272 |
|
|
|
(18,124 |
) |
|
|
53,116 |
|
|
|
48,536 |
|
Net income (loss) as a percentage of Net sales |
|
0.7 |
% |
|
|
(2.5 |
)% |
|
|
1.8 |
% |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
710,637 |
|
|
$ |
712,529 |
|
|
$ |
2,952,532 |
|
|
$ |
3,136,381 |
|
Adjusted EBITDA (non-GAAP)(1) |
|
21,535 |
|
|
|
36,469 |
|
|
|
131,356 |
|
|
|
182,804 |
|
Adjusted EBITDA margin (non-GAAP) |
|
3.0 |
% |
|
|
5.1 |
% |
|
|
4.4 |
% |
|
|
5.8 |
% |
| (1) | See the table that reconciles Net income to Adjusted EBITDA (non-GAAP) |
The following table shows the calculations of our “Net Debt,” “Net Leverage Ratio,” and our “Net Leverage Ratio Excluding Real Property Finance Lease Liabilities,” as those non-GAAP measures are used and presented within the terms of our revolving credit agreement.
|
As of |
||||||
($ amounts in thousands) |
December 28, 2024 |
|
December 30, 2023 |
||||
Long term debt (1) |
$ |
300,000 |
|
|
$ |
300,000 |
|
Finance lease liabilities for equipment and vehicles |
|
49,785 |
|
|
|
42,252 |
|
Finance lease liabilities for real property |
|
242,758 |
|
|
|
243,174 |
|
Total debt and finance leases |
|
592,543 |
|
|
|
585,426 |
|
Less: available cash and cash equivalents |
|
505,622 |
|
|
|
521,743 |
|
Net Debt |
$ |
86,921 |
|
|
$ |
63,683 |
|
|
|
|
|
||||
Net Debt, excluding finance lease liabilities for real property |
$ |
(155,837 |
) |
|
$ |
(179,491 |
) |
|
|
|
|
||||
Twelve-month trailing adjusted EBITDA (see above reconciliations) |
$ |
131,356 |
|
|
$ |
182,804 |
|
|
|
|
|
||||
Net Leverage Ratio |
|
0.7x |
|
|
|
0.3x |
|
Net Leverage Ratio Excluding Real Property Finance Lease Liabilities |
|
(1.2x |
) |
|
|
(1.0x |
) |
(1) As of December 28, 2024 and December 30, 2023, our long-term debt is comprised of |
The following schedule reconciles Net cash provided by operating activities to Free cash flow (non-GAAP):
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||||||
(In thousands) |
|
||||||||||||||
Net cash provided by operating activities |
$ |
18,744 |
|
|
$ |
75,861 |
|
|
$ |
85,178 |
|
|
$ |
306,285 |
|
Less: property and equipment investments |
|
(20,279 |
) |
|
|
(8,582 |
) |
|
|
(40,109 |
) |
|
|
(27,520 |
) |
Free cash flow - non-GAAP |
$ |
(1,535 |
) |
|
$ |
67,279 |
|
|
$ |
45,069 |
|
|
$ |
278,765 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218783022/en/
Tom Morabito
Investor Relations Officer
(470) 394-0099
investor@bluelinxco.com
Source: BlueLinx Holdings Inc.
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