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    Builders FirstSource Reports Second Quarter 2024 Results

    8/6/24 7:00:00 AM ET
    $BLDR
    RETAIL: Building Materials
    Consumer Discretionary
    Get the next $BLDR alert in real time by email

    Builders FirstSource, Inc. (NYSE:BLDR) today reported its results for the second quarter ended June 30, 2024.

    Second Quarter 2024 Highlights

    All Year-Over-Year Comparisons Unless Otherwise Noted:

    • Net sales were $4.5 billion, a 1.6% decrease, with core organic sales down 3.8% as Multi-Family continues to trend downward, partially offset by growth from acquisitions and Single Family.
    • Gross profit margin percentage decreased 240 basis points to 32.8%, primarily driven by ongoing normalization, particularly in Multi-Family.
    • Net income decreased 15.0% to $344.1 million, or $2.87 per diluted share compared to $3.16 per diluted share in the prior year period, which is a 9.2% decline in net income per diluted share.
    • Adjusted EBITDA decreased 12.9% to $669.7 million, primarily driven by lower gross profit, partially offset by lower operating expenses.
    • Adjusted EBITDA margin declined by 200 basis points to 15.0%. Adjusted EBITDA margin has remained in the mid-teens or better for 13 consecutive quarters.
    • Cash provided by operating activities was $452.1 million, up $60.8 million compared to the prior year period, while free cash flow increased 35.9% to $366.7 million, compared to $269.9 million in the prior year period.
    • The Company repurchased 5.8 million shares of common stock at an average price of $170.01 for $989.6 million, inclusive of applicable fees and taxes.

    "As we continue to operate in this complex environment, I am proud of our resilient second quarter results highlighted by maintaining a mid-teens EBITDA margin, which demonstrates the strength of our differentiated business model and the hard work of our extraordinary team members," commented Dave Rush, CEO of Builders FirstSource. "While we continue to see weaker than expected Single-Family starts, slowing Multi-Family, and broader housing affordability challenges, we are executing our strategy by controlling what we can control, investing in value-added solutions, and driving adoption of our industry-leading digital platform. Our ability to solve industry pain points with our best-in-class product portfolio and delivering exceptional customer service makes us trusted partners to our customers as they navigate this uncertain macro landscape."

    Peter Jackson, CFO of Builders FirstSource, added, "We were able to effectively navigate a softer-than-expected housing environment during the second quarter by leaning into the pillars of our strategy and operating model. Leveraging our fortress balance sheet and exceptional financial flexibility, we executed nearly $1 billion of share repurchases and made three tuck-in acquisitions to enhance and expand our existing footprint. Looking forward, we believe our sustainable competitive advantages in our value-added solutions and strong financial position are enabling us to successfully manage volatility and deliver long-term value creation."

    Second Quarter 2024 Financial Performance Highlights

    All Year-Over-Year Comparisons Unless Otherwise Noted:

    Net Sales

    • Net sales of $4.5 billion, a 1.6% decrease, driven by a 3.8% decline in core organic sales as Multi-Family continues to trend downward, partially offset by growth from acquisitions of 1.9% and commodity inflation of 0.3%.
    • Core organic net sales declined 3.8%. Single-Family increased 1.1% and Repair and Remodel ("R&R")/Other increased 1.5%, while Multi-Family declined 31.3%. On a weighted basis, the increases in Single-Family raised net sales by 0.7% and R&R/Other by 0.3%, respectively, while the decrease in Multi-Family lowered net sales by 4.8%.

    Gross Profit

    • Gross profit was $1.5 billion, a decrease of 8.3%. Gross profit margin percentage decreased 240 basis points to 32.8%, primarily driven by ongoing normalization, particularly in Multi-Family.

    Selling, General and Administrative Expenses

    • SG&A was $973.2 million, a decrease of $44.7 million, or 4.4%, primarily driven by lower variable compensation due to lower core organic net sales, partially offset by additional expenses from operations acquired within the last twelve months. As a percentage of net sales, total SG&A decreased by 70 basis points to 21.8%.

    Interest Expense

    • Interest expense decreased $1.0 million to $52.0 million, primarily due to interest income received during the period, partially offset by higher interest expense on higher average debt balances.

    Income Tax Expense

    • Income tax expense was $93.4 million, compared to $119.4 million in the prior year period, primarily driven by a decrease in income before income tax. The effective tax rate in the second quarter decreased 150 basis points year-over-year to 21.3%, primarily driven by a stock-based compensation windfall benefit.

    Net Income

    • Net income was $344.1 million, or $2.87 earnings per diluted share, compared to net income of $404.6 million, or $3.16 earnings per diluted share, in the same period a year ago. The 15.0% decrease in net income was primarily driven by lower gross profit, partially offset by lower operating and income tax expenses.

    Adjusted Net Income

    • Adjusted net income was $420.4 million, a decrease of 15.6%, primarily driven by lower gross profit, partially offset by lower operating and income tax expenses.

    Adjusted Earnings Per Diluted Share

    • Adjusted earnings per diluted share was $3.50, compared to $3.89 adjusted earnings per diluted share in the same period a year ago. The 10.0% decrease was primarily driven by lower adjusted net income, partially offset by share repurchases.

    Adjusted EBITDA

    • Adjusted EBITDA decreased 12.9% to $669.7 million, primarily driven by lower gross profit, partially offset by lower operating expenses.
    • Adjusted EBITDA margin declined by 200 basis points from the prior year period to 15.0%, primarily due to lower gross profit margins, partially offset by lower operating expenses.

    Capital Structure, Leverage, and Liquidity Information

    • For the three months ended June 30, 2024, cash provided by operating activities was $452.1 million, and cash used in investing activities was $164.6 million. The Company's free cash flow was $366.7 million, compared to $269.9 million in the prior year period due to a decrease in net working capital, partially offset by lower net income.
    • Liquidity as of June 30, 2024, was approximately $1.7 billion, consisting of $1.6 billion in net borrowing availability under the revolving credit facility and $0.1 billion of cash on hand.
    • As of June 30, 2024, LTM Adjusted EBITDA was $2.7 billion and net debt was $3.8 billion, resulting in the net debt to LTM Adjusted EBITDA ratio of 1.4x, compared to 1.1x in the prior year period.
    • In the second quarter, the Company repurchased 5.8 million shares of its common stock at an average price of $170.01 per share for $989.6 million, inclusive of applicable fees and taxes.
    • The Company's Board of Directors recently authorized a new repurchase plan of up to $1.0 billion of the Company's outstanding shares of common stock.
    • Since the inception of its buyback program in August 2021, the Company has repurchased 93.0 million shares of its common stock, or 45.0% of its total shares outstanding, at an average price of $76.65 per share for a total cost of $7.1 billion. As of June 30, 2024, shares outstanding were approximately 116.5 million.

    Operational Excellence Productivity

    • For the second quarter, the Company delivered approximately $37 million in productivity savings related to operations excellence and supply chain initiatives. Year to date, the Company has delivered approximately $77 million in productivity savings.
    • The Company expects to deliver $90 million to $110 million in productivity savings in 2024.

    2024 Full Year Total Company Outlook

    For 2024, the Company expects to achieve the financial performance highlighted below. Projected Net Sales and Adjusted EBITDA include the expected impact of price, commodities, and margins for 2024.

    • Net Sales to be in a range of $16.4 billion to $17.2 billion.
    • Gross Profit margin to be in a range of 31.5% to 32.5%.
    • Adjusted EBITDA to be in a range of $2.2 billion to $2.4 billion.
    • Adjusted EBITDA margin to be in a range of 13.4% to 14.0%.
    • Free cash flow in the range of $1.0 billion to $1.2 billion.

    2024 Full Year Assumptions

    The Company's anticipated 2024 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 up low-single digits, Multi-Family starts down 25% to 30%, and R&R flat to the prior year.
    • Acquisitions completed within the last twelve months are projected to add net sales growth of 1.5% to 2.0%.
    • Total capital expenditures in the range of $400 million to $500 million.
    • Average commodity prices in the range of $380 to $400 per thousand board feet (mbf).
    • Interest expense in the range of $205 million to $215 million.
    • An effective tax rate of 23.0% to 25.0%.
    • Depreciation and amortization expenses in the range of $525 million to $575 million.
    • Two more selling days in 2024 versus 2023.

    Conference Call

    Builders FirstSource will host a conference call and webcast on Tuesday, August 6, 2024, 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 Dave Rush, Chief Executive Officer, and Peter Jackson, Chief Financial Officer.

    To participate in the teleconference, please dial into the call a few minutes before the start time at 800-225-9448 (U.S. and Canada) or 203-518-9708 (international), Conference ID: BLDRQ224. A replay of the call will be available at 12:00 p.m. Central Time through Tuesday, August 13, 2024. To access the replay, please dial 800-723-7372 (U.S. and Canada) or 402-220-2666 (international). The live webcast and archived replay can also be accessed on the Company's investor relations website at investors.bldr.com under the Events and Presentations section. The online archive of the webcast will be available for approximately 90 days.

    Upcoming Events

    Management will participate in investor meetings at the Jefferies Industrials Conference in New York City on September 4, 2024, the Zelman Housing Summit in Boston on September 12, 2024, and the RBC Capital Markets Global Industrials Conference in Las Vegas on September 24, 2024.

    About Builders FirstSource

    Headquartered in Irving, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components, and value-added services to the professional market segment for new residential construction and repair and remodeling. We provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery, and installation of a full range of structural and related building products. We operate in 43 states with approximately 570 locations and have a market presence in 48 of the top 50 and 90 of the top 100 MSAs, providing geographic diversity and balanced end market exposure. We service customers from strategically located distribution and manufacturing facilities (some of which are co-located) that produce value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork, and pre-hung doors. Builders FirstSource also distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other specialty building products. www.bldr.com

    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 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, Adjusted SG&A, Adjusted SG&A as a percent of sales, 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 related expense, technology implementation 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 related 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. Adjusted SG&A is defined as GAAP SG&A expense before non-cash or special items including acquisition and related expense, depreciation and amortization expense, and stock compensation expense. Adjusted SG&A as a percent of sales is defined as Adjusted SG&A divided by net sales. 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

    June 30,

     

     

    Six Months Ended

    June 30,

     

    (in thousands, except per share amounts)

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Net sales

     

    $

    4,456,340

     

     

    $

    4,528,890

     

     

    $

    8,347,692

     

     

    $

    8,412,204

     

    Cost of sales

     

     

    2,993,656

     

     

     

    2,933,944

     

     

     

    5,585,154

     

     

     

    5,445,858

     

    Gross margin

     

     

    1,462,684

     

     

     

    1,594,946

     

     

     

    2,762,538

     

     

     

    2,966,346

     

    Selling, general and administrative expenses

     

     

    973,201

     

     

     

    1,017,874

     

     

     

    1,899,458

     

     

     

    1,922,091

     

    Income from operations

     

     

    489,483

     

     

     

    577,072

     

     

     

    863,080

     

     

     

    1,044,255

     

    Interest expense, net

     

     

    52,016

     

     

     

    53,016

     

     

     

    100,352

     

     

     

    95,124

     

    Income before income taxes

     

     

    437,467

     

     

     

    524,056

     

     

     

    762,728

     

     

     

    949,131

     

    Income tax expense

     

     

    93,377

     

     

     

    119,437

     

     

     

    159,857

     

     

     

    210,726

     

    Net income

     

    $

    344,090

     

     

    $

    404,619

     

     

    $

    602,871

     

     

    $

    738,405

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income per share:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    2.89

     

     

    $

    3.19

     

     

    $

    5.00

     

     

    $

    5.59

     

    Diluted

     

    $

    2.87

     

     

    $

    3.16

     

     

    $

    4.95

     

     

    $

    5.54

     

    Weighted average common shares:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    119,244

     

     

     

    126,977

     

     

     

    120,608

     

     

     

    132,034

     

    Diluted

     

     

    120,072

     

     

     

    128,066

     

     

     

    121,721

     

     

     

    133,247

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

    (unaudited)

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

    (in thousands)

     

    2024

     

    2023

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net income

     

    $

    344,090

     

     

    $

    404,619

     

     

    $

    602,871

     

     

    $

    738,405

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    143,355

     

     

     

    138,966

     

     

     

    283,736

     

     

     

    275,515

     

    Deferred income taxes

     

     

    (18,954

    )

     

     

    (16,433

    )

     

     

    (27,322

    )

     

     

    (37,902

    )

    Stock-based compensation expense

     

     

    16,726

     

     

     

    12,395

     

     

     

    33,626

     

     

     

    23,421

     

    Other non-cash adjustments

     

     

    (164

    )

     

     

    (841

    )

     

     

    15

     

     

     

    804

     

    Changes in assets and liabilities, net of assets acquired and liabilities assumed:

     

     

     

     

     

     

     

     

    Receivables

     

     

    (172,781

    )

     

     

    (288,507

    )

     

     

    (36,145

    )

     

     

    (179,946

    )

    Inventories

     

     

    77,471

     

     

     

    (24,468

    )

     

     

    (49,236

    )

     

     

    77,277

     

    Contract assets

     

     

    (17,622

    )

     

     

    (14,398

    )

     

     

    (25,260

    )

     

     

    (6,815

    )

    Other current assets

     

     

    (2,990

    )

     

     

    17,509

     

     

     

    (10,038

    )

     

     

    25,652

     

    Other assets and liabilities

     

     

    (15,943

    )

     

     

    (15,549

    )

     

     

    (32,607

    )

     

     

    (13,815

    )

    Accounts payable

     

     

    (1,800

    )

     

     

    121,427

     

     

     

    141,816

     

     

     

    260,972

     

    Accrued liabilities

     

     

    85,926

     

     

     

    61,299

     

     

     

    (136,789

    )

     

     

    (113,695

    )

    Contract liabilities

     

     

    14,770

     

     

     

    (4,693

    )

     

     

    24,604

     

     

     

    (4,166

    )

    Net cash provided by operating activities

     

     

    452,084

     

     

     

    391,326

     

     

     

    769,271

     

     

     

    1,045,707

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

    Cash used for acquisitions, net of cash acquired

     

     

    (74,213

    )

     

     

    (11,589

    )

     

     

    (132,918

    )

     

     

    (90,559

    )

    Purchases of property, plant and equipment

     

     

    (88,107

    )

     

     

    (125,465

    )

     

     

    (181,319

    )

     

     

    (231,110

    )

    Proceeds from sale of property, plant and equipment

     

     

    2,731

     

     

     

    4,103

     

     

     

    6,298

     

     

     

    9,858

     

    Cash used for equity investments

     

     

    (5,000

    )

     

     

    —

     

     

     

    (7,686

    )

     

     

    —

     

    Net cash used in investing activities

     

     

    (164,589

    )

     

     

    (132,951

    )

     

     

    (315,625

    )

     

     

    (311,811

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

    Borrowings under revolving credit facility

     

     

    475,000

     

     

     

    2,000,000

     

     

     

    897,000

     

     

     

    2,801,000

     

    Repayments under revolving credit facility

     

     

    (376,000

    )

     

     

    (1,524,000

    )

     

     

    (1,262,000

    )

     

     

    (2,108,000

    )

    Proceeds from long-term debt and other loans

     

     

    —

     

     

     

    —

     

     

     

    1,000,000

     

     

     

    —

     

    Repayments of long-term debt and other loans

     

     

    (888

    )

     

     

    (1,064

    )

     

     

    (1,767

    )

     

     

    (2,112

    )

    Payments of loan costs

     

     

    (300

    )

     

     

    (717

    )

     

     

    (12,829

    )

     

     

    (1,897

    )

    Payment of acquisition-related deferred and contingent consideration

     

     

    (622

    )

     

     

    —

     

     

     

    (9,522

    )

     

     

    —

     

    Tax withholdings on and exercises of equity awards

     

     

    (23,274

    )

     

     

    (9,490

    )

     

     

    (54,997

    )

     

     

    (32,028

    )

    Repurchase of common stock

     

     

    (983,317

    )

     

     

    (778,195

    )

     

     

    (1,000,118

    )

     

     

    (1,381,988

    )

    Net cash used in financing activities

     

     

    (909,401

    )

     

     

    (313,466

    )

     

     

    (444,233

    )

     

     

    (725,025

    )

    Net change in cash and cash equivalents

     

     

    (621,906

    )

     

     

    (55,091

    )

     

     

    9,413

     

     

     

    8,871

     

    Cash and cash equivalents at beginning of period

     

     

    697,475

     

     

     

    144,407

     

     

     

    66,156

     

     

     

    80,445

     

    Cash and cash equivalents at end of period

     

    $

    75,569

     

     

    $

    89,316

     

     

    $

    75,569

     

     

    $

    89,316

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited)

     

    (in thousands, except per share amounts)

     

    June 30,

    2024

     

     

    December 31,

    2023

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    75,569

     

     

    $

    66,156

     

    Accounts receivable, less allowances of $45,102 and $42,488, respectively

     

     

    1,482,336

     

     

     

    1,436,917

     

    Other receivables

     

     

    292,610

     

     

     

    290,310

     

    Inventories

     

     

    1,289,708

     

     

     

    1,228,265

     

    Contract assets

     

     

    190,937

     

     

     

    165,677

     

    Other current assets

     

     

    123,545

     

     

     

    113,403

     

    Total current assets

     

     

    3,454,705

     

     

     

    3,300,728

     

    Property, plant and equipment, net

     

     

    1,895,966

     

     

     

    1,803,824

     

    Operating lease right-of-use assets, net

     

     

    516,828

     

     

     

    502,184

     

    Goodwill

     

     

    3,598,233

     

     

     

    3,556,556

     

    Intangible assets, net

     

     

    1,174,957

     

     

     

    1,298,173

     

    Other assets, net

     

     

    80,498

     

     

     

    37,987

     

    Total assets

     

    $

    10,721,187

     

     

    $

    10,499,452

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    1,028,355

     

     

    $

    881,384

     

    Accrued liabilities

     

     

    577,342

     

     

     

    717,528

     

    Contract liabilities

     

     

    187,367

     

     

     

    162,659

     

    Current portion of operating lease liabilities

     

     

    96,881

     

     

     

    98,217

     

    Current maturities of long-term debt

     

     

    2,596

     

     

     

    3,649

     

    Total current liabilities

     

     

    1,892,541

     

     

     

    1,863,437

     

    Noncurrent portion of operating lease liabilities

     

     

    452,403

     

     

     

    434,081

     

    Long-term debt, net of current maturities, discounts and issuance costs

     

     

    3,800,897

     

     

     

    3,177,411

     

    Deferred income taxes

     

     

    139,877

     

     

     

    167,199

     

    Other long-term liabilities

     

     

    130,827

     

     

     

    124,973

     

    Total liabilities

     

     

    6,416,545

     

     

     

    5,767,101

     

    Commitments and contingencies (Note 11)

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding

     

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value, 300,000 shares authorized; 116,451 and 121,857 shares issued and outstanding at June 30, 2024, and December 31, 2023, respectively

     

     

    1,164

     

     

     

    1,219

     

    Additional paid-in capital

     

     

    4,249,572

     

     

     

    4,270,948

     

    Retained earnings

     

     

    53,906

     

     

     

    460,184

     

    Total stockholders' equity

     

     

    4,304,642

     

     

     

    4,732,351

     

    Total liabilities and stockholders' equity

     

    $

    10,721,187

     

     

    $

    10,499,452

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    Reconciliation of Adjusted Non-GAAP Financial Measures to their GAAP Equivalents

    (unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    Twelve Months Ended

     

    June 30,

     

    June 30,

     

    June 30,

    (in millions)

    2024

     

    2023

     

    2024

     

    2023

     

    2024

    Reconciliation to Adjusted EBITDA:

     

     

     

     

     

     

     

     

     

    GAAP net income

    $

    344.1

     

     

    $

    404.6

     

     

    $

    602.9

     

     

    $

    738.4

     

     

    $

    1,405.0

     

    Acquisition and related expense

     

    1.9

     

     

     

    21.9

     

     

     

    2.5

     

     

     

    27.9

     

     

     

    5.6

     

    Technology implementation expense

     

    17.5

     

     

     

    16.0

     

     

     

    27.3

     

     

     

    26.1

     

     

     

    82.6

     

    Debt issuance and refinancing cost

     

    -

     

     

     

    0.7

     

     

     

    -

     

     

     

    0.7

     

     

     

    -

     

    Amortization expense

     

    81.0

     

     

     

    84.8

     

     

     

    160.9

     

     

     

    169.4

     

     

     

    327.2

     

    Tax-effect of adjustments to net income

     

    (24.1

    )

     

     

    (29.6

    )

     

     

    (45.8

    )

     

     

    (53.8

    )

     

     

    (99.7

    )

    Adjusted net income

    $

    420.4

     

     

    $

    498.4

     

     

    $

    747.8

     

     

    $

    908.7

     

     

    $

    1,720.7

     

    Weighted average diluted common shares

     

    120.1

     

     

     

    128.1

     

     

     

    121.7

     

     

     

    133.2

     

     

     

    Diluted adjusted net income per share:

    $

    3.50

     

     

    $

    3.89

     

     

    $

    6.14

     

     

    $

    6.82

     

     

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

    Depreciation expense

    $

    62.3

     

     

    $

    54.1

     

     

    $

    122.8

     

     

    $

    106.1

     

     

    $

    239.3

     

    Interest expense, net

     

    52.0

     

     

     

    52.3

     

     

     

    100.4

     

     

     

    94.4

     

     

     

    197.3

     

    Income tax expense

     

    117.5

     

     

     

    149.0

     

     

     

    205.7

     

     

     

    264.5

     

     

     

    492.5

     

    Stock compensation expense

     

    16.7

     

     

     

    12.4

     

     

     

    33.6

     

     

     

    23.4

     

     

     

    58.7

     

    Other management-identified adjustments (1)

     

    0.8

     

     

     

    2.6

     

     

     

    0.3

     

     

     

    3.4

     

     

     

    0.9

     

    Adjusted EBITDA

    $

    669.7

     

     

    $

    768.8

     

     

    $

    1,210.6

     

     

    $

    1,400.5

     

     

    $

    2,709.4

     

    Adjusted EBITDA margin

     

    15.0

    %

     

     

    17.0

    %

     

     

    14.5

    %

     

     

    16.6

    %

     

     

    15.9

    %

     

     

     

     

     

     

     

     

     

     

    (1) Primarily relates to severance, net gain/loss on sale of assets, and other one-time costs.

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    Financial Data

    (unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

     

    June 30,

    (in millions, except per share amounts)

    2024

     

    2023

     

    2024

     

    2023

    Net sales

    $

    4,456.3

     

     

    $

    4,528.9

     

     

    $

    8,347.7

     

     

    $

    8,412.2

     

    Cost of sales

     

    2,993.6

     

     

     

    2,934.0

     

     

     

    5,585.2

     

     

     

    5,445.9

     

    Gross margin

     

    1,462.7

     

     

     

    1,594.9

     

     

     

    2,762.5

     

     

     

    2,966.3

     

    Gross margin %

     

    32.8

    %

     

     

    35.2

    %

     

     

    33.1

    %

     

     

    35.3

    %

    SG&A as a % of sales

     

    21.8

    %

     

     

    22.5

    %

     

     

    22.8

    %

     

     

    22.8

    %

    Adjusted SG&A as a % of sales

     

    17.9

    %

     

     

    18.3

    %

     

     

    18.7

    %

     

     

    18.7

    %

    Adjusted EBITDA

     

    669.7

     

     

     

    768.8

     

     

     

    1,210.6

     

     

     

    1,400.5

     

    Adjusted EBITDA margin %

     

    15.0

    %

     

     

    17.0

    %

     

     

    14.5

    %

     

     

    16.6

    %

    Depreciation expense

     

    (62.3

    )

     

     

    (54.1

    )

     

     

    (122.8

    )

     

     

    (106.1

    )

    Interest expense, net of debt issuance and refinancing costs

     

    (52.0

    )

     

     

    (52.3

    )

     

     

    (100.4

    )

     

     

    (94.4

    )

    Income tax expense

     

    (117.5

    )

     

     

    (149.0

    )

     

     

    (205.7

    )

     

     

    (264.5

    )

    Other adjustments

     

    (17.5

    )

     

     

    (15.0

    )

     

     

    (33.9

    )

     

     

    (26.8

    )

    Adjusted net income

    $

    420.4

     

     

    $

    498.4

     

     

    $

    747.8

     

     

    $

    908.7

     

    Basic adjusted net income per share:

    $

    3.53

     

     

    $

    3.93

     

     

    $

    6.20

     

     

    $

    6.88

     

    Diluted adjusted net income per share:

    $

    3.50

     

     

    $

    3.89

     

     

    $

    6.14

     

     

    $

    6.82

     

    Weighted average common shares

     

     

     

     

     

     

     

    Basic

     

    119.2

     

     

     

    127.0

     

     

     

    120.6

     

     

     

    132.0

     

    Diluted

     

    120.1

     

     

     

    128.1

     

     

     

    121.7

     

     

     

    133.2

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    Interest Reconciliation

    (unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30, 2024

     

    June 30, 2024

    (in millions)

    Interest

    Expense

     

    Net Debt

    Outstanding

     

    Interest

    Expense

     

    Net Debt

    Outstanding

    2032 Unsecured notes @ 4.25%

    $

    13.8

     

     

    $

    1,300.0

     

     

    $

    27.6

     

     

    $

    1,300.0

     

    2032 Unsecured notes @ 6.375%

     

    11.2

     

     

     

    700.0

     

     

     

    22.3

     

     

     

    700.0

     

    2030 Unsecured notes @ 5.00%

     

    6.9

     

     

     

    550.0

     

     

     

    13.8

     

     

     

    550.0

     

    2034 Unsecured notes @ 6.375%

     

    15.9

     

     

     

    1,000.0

     

     

     

    21.4

     

     

     

    1,000.0

     

    Revolving credit facility @ 8.10% weighted average interest rate

     

    2.0

     

     

     

    99.0

     

     

     

    7.3

     

     

     

    99.0

     

    Amortization of debt issuance costs, discount and premium

     

    1.4

     

     

     

    -

     

     

     

    2.7

     

     

     

    -

     

    Finance leases and other finance obligations

     

    5.1

     

     

    193.8

     

     

     

    9.9

     

     

    193.8

     

    Cash

     

    -

     

     

     

    (75.6

    )

     

     

    -

     

     

     

    (75.6

    )

    Total (1)

    $

    56.3

     

     

    $

    3,767.2

     

     

    $

    105.0

     

     

    $

    3,767.2

     

     

     

     

     

     

     

     

     

    (1) Total interest expense does not include interest income of approximately $4 million received during the period.

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    Free Cash Flow

    (unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

    (in millions)

    June 30, 2024

     

    June 30, 2024

    Free Cash Flow

     

    Operating activities

    $

    452.1

     

     

    $

    769.3

     

    Less: Capital expenditures, net of proceeds

     

    (85.4

    )

     

     

    (175.0

    )

    Free cash flow

    $

    366.7

     

     

    $

    594.3

     

    BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES

    Sales by Product Category

    (unaudited)

     

    Three Months Ended June 30,

     

    2024

     

    2023

     

     

    (in millions)

    Net Sales

     

    % of

    Net Sales

     

    Net Sales

     

    % of

    Net Sales

     

    % Change

    Manufactured products

    $

    1,054.9

     

     

     

    23.7

    %

     

    $

    1,294.2

     

     

     

    28.6

    %

     

     

    (18.5

    )%

    Windows, doors & millwork

    $

    1,115.4

     

     

     

    25.0

    %

     

    $

    1,091.9

     

     

     

    24.1

    %

     

     

    2.2

    %

    Value-added products

     

    2,170.3

     

     

    48.7

    %

     

     

    2,386.1

     

     

    52.7

    %

     

     

    (9.0

    )%

     

     

     

     

     

     

     

     

     

     

    Specialty building products & services

     

    1,091.2

     

     

     

    24.5

    %

     

     

    1,082.4

     

     

     

    23.9

    %

     

     

    0.8

    %

    Lumber & lumber sheet goods

     

    1,194.8

     

     

     

    26.8

    %

     

     

    1,060.4

     

     

     

    23.4

    %

     

     

    12.7

    %

    Total net sales

    $

    4,456.3

     

     

     

    100.0

    %

     

    $

    4,528.9

     

     

     

    100.0

    %

     

     

    (1.6

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

     

    (in millions)

    Net Sales

     

    % of

    Net Sales

     

    Net Sales

     

    % of

    Net Sales

     

    % Change

    Manufactured products

    $

    2,034.3

     

     

     

    24.4

    %

     

    $

    2,357.2

     

     

     

    28.0

    %

     

     

    (13.7

    )%

    Windows, doors & millwork

     

    2,146.1

     

     

     

    25.7

    %

     

     

    2,170.4

     

     

     

    25.8

    %

     

     

    (1.1

    )%

    Value-added products

     

    4,180.4

     

     

     

    50.1

    %

     

     

    4,527.6

     

     

     

    53.8

    %

     

     

    (7.7

    )%

     

     

     

     

     

     

     

     

     

     

    Specialty building products & services

     

    1,991.9

     

     

     

    23.8

    %

     

     

    1,947.4

     

     

     

    23.2

    %

     

     

    2.3

    %

    Lumber & lumber sheet goods

     

    2,175.4

     

     

     

    26.1

    %

     

     

    1,937.2

     

     

     

    23.0

    %

     

     

    12.3

    %

    Total net sales

    $

    8,347.7

     

     

     

    100.0

    %

     

    $

    8,412.2

     

     

     

    100.0

    %

     

     

    (0.8

    )%

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240806817214/en/

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    • Builders FirstSource downgraded by Stifel with a new price target

      Stifel downgraded Builders FirstSource from Buy to Hold and set a new price target of $125.00

      4/29/25 8:05:35 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Deutsche Bank initiated coverage on Builders FirstSource with a new price target

      Deutsche Bank initiated coverage of Builders FirstSource with a rating of Buy and set a new price target of $151.00

      4/1/25 9:04:06 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Raymond James initiated coverage on Builders FirstSource with a new price target

      Raymond James initiated coverage of Builders FirstSource with a rating of Outperform and set a new price target of $180.00

      1/17/25 7:30:25 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary

    $BLDR
    Financials

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    • Builders FirstSource Reports First Quarter 2025 Results

      Builders FirstSource, Inc. (NYSE:BLDR) today reported its results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights All Year-Over-Year Comparisons Unless Otherwise Noted: Net sales were $3.7 billion, a 6.0% decrease, driven by lower core organic sales, one fewer selling day, and commodity deflation, partially offset by growth from acquisitions. Gross profit margin decreased 290 basis points to 30.5%, primarily driven by Single- and Multi-Family margin normalization as well as a below-normal starts environment. Net income was $96.3 million, or diluted EPS of $0.84 compared to diluted EPS of $2.10 in the prior year period. Net income as a percent of net sales de

      5/1/25 7:00:00 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Builders FirstSource to Host First Quarter 2025 Financial Results Conference Call and Webcast

      Builders FirstSource, Inc. (NYSE:BLDR) ("Builders FirstSource" or the "Company") will host a conference call and webcast on Thursday, May 1, 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 (U.S. and Canada) or 785-424-1699 (International), Conference ID: BLDRQ125. A replay of the call will be available at 12:00 p.m. Central Time through Thursday, May 8, 2025. To access the r

      4/3/25 7:00:00 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Builders FirstSource Reports Fourth Quarter and Full-Year 2024 Results; Provides 2025 Financial Outlook

      Builders FirstSource, Inc. (NYSE:BLDR) today reported its results for the fourth quarter and full year ended December 31, 2024. BFS Highlights All Year-Over-Year Comparisons Unless Otherwise Noted: For the fourth quarter, net sales were $3.8 billion, an 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, or diluted EPS of $1.65 compared to diluted EPS of $2.83 in the pr

      2/20/25 7:00:00 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary

    $BLDR
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • SEC Form SC 13G filed by Builders FirstSource Inc.

      SC 13G - Builders FirstSource, Inc. (0001316835) (Subject)

      11/12/24 9:50:12 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Builders FirstSource Inc.

      SC 13G/A - Builders FirstSource, Inc. (0001316835) (Subject)

      11/8/24 10:34:33 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Builders FirstSource Inc. (Amendment)

      SC 13G/A - Builders FirstSource, Inc. (0001316835) (Subject)

      2/13/24 5:01:03 PM ET
      $BLDR
      RETAIL: Building Materials
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    $BLDR
    SEC Filings

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    • Builders FirstSource Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Regulation FD Disclosure

      8-K - Builders FirstSource, Inc. (0001316835) (Filer)

      5/8/25 4:22:27 PM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Builders FirstSource Inc. filed SEC Form 8-K: Regulation FD Disclosure

      8-K - Builders FirstSource, Inc. (0001316835) (Filer)

      5/5/25 9:12:21 AM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form 10-Q filed by Builders FirstSource Inc.

      10-Q - Builders FirstSource, Inc. (0001316835) (Filer)

      5/1/25 2:29:11 PM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary

    $BLDR
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Principal Accounting Officer Trester Matthew covered exercise/tax liability with 102 shares, decreasing direct ownership by 3% to 3,160 units (SEC Form 4)

      4 - Builders FirstSource, Inc. (0001316835) (Issuer)

      4/22/25 4:05:03 PM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • Director Rush David E was granted 260 shares, increasing direct ownership by 0.22% to 118,004 units (SEC Form 4)

      4 - Builders FirstSource, Inc. (0001316835) (Issuer)

      4/17/25 4:05:05 PM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • New insider Vance Todd claimed ownership of 29,173 shares (SEC Form 3)

      3 - Builders FirstSource, Inc. (0001316835) (Issuer)

      4/4/25 4:05:04 PM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary

    $BLDR
    Leadership Updates

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    • Builders FirstSource Announces Definitive Agreement to Acquire Alpine Lumber

      Expands Geographic Reach in Colorado and New Mexico Builders FirstSource, Inc. (NYSE:BLDR) ("Builders FirstSource" or the "Company") announced that it has entered into a definitive agreement to acquire Alpine Lumber Company ("Alpine"). Founded in Englewood, Colorado, by the Kurtz family in 1963 and subsequently converted to a 100% employee-owned and operated company, Alpine has 21 locations serving homebuilders and contractors in the Front Range of Colorado, western Colorado and northern New Mexico with a broad product range including prefabricated trusses and wall panels and millwork. "Alpine has long-standing customer relationships and a proven track record of profitable growth in h

      12/23/24 4:15:00 PM ET
      $BLDR
      RETAIL: Building Materials
      Consumer Discretionary
    • D.R. Horton, Inc. Appoints Three New Independent Directors

      Enhances board composition with additional qualifications and experience D.R. Horton, Inc. (NYSE:DHI), America's Builder, announced today that its Board of Directors (the "Board") has appointed three new independent directors – Barbara R. Smith, M. Chad Crow and Elaine D. Crowley – effective August 26, 2024. As part of the Company's succession planning and commitment to ensuring strong Board composition, the three newly appointed directors each bring valuable experience and insight to the D.R. Horton Board. Each appointee has an excellent professional resume that adds to the qualifications, experiences and characteristics of the Company's current Board composition. Ms. Smith was named

      8/28/24 6:55:00 AM ET
      $BLDR
      $CMA
      $CMC
      $DHI
      RETAIL: Building Materials
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    • Uber Technologies, Jabil and Builders FirstSource Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, Dec. 1, 2023 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, December 18, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from t

      12/1/23 6:16:00 PM ET
      $ALK
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      Air Freight/Delivery Services
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