Builder FirstSource Releases Q1 Results

May 1st, 2020 by Emmariah Holcomb

Builders FirstSource Inc. (BFS) reported its results for the first quarter ending March 31, 2020. According to the company’s financial report, net sales increased by 9.5%. Meanwhile, its acquisitions contributed to a growth of 3.5%, the company reports. The company also focused on the role of COVID-19 in its first-quarter results.

“Our thoughts are with those impacted by the COVID-19 crisis. During these unprecedented times, I am incredibly proud of how the Builders FirstSource team has responded to take care of each other, our customers and our communities,” said Chad Crow, CEO. “The evolving pandemic response efforts by local governments and health authorities have limited our near term visibility on industry demand. While the future is uncertain, we are confident that our leading position in an essential industry, together with our ability to streamline the homebuilding process with our value-added products, will help us succeed and emerge as a stronger company once the economy reopens.”

Net sales for the first quarter ending March 31, 2020, were $1.8 billion, showing a 9.5% increase when compared to 2019 results. Value-added product sales volume grew by an estimated 8.9%, on a per-day basis, including sales growth of 8.8% in manufactured products and 9.0% in the company’s doors, windows and millwork product category.

Demand increased across its three customer end markets. Single-family, repair and remodel, and multi-family estimated sales volume grew on a per-day basis by 7.9%, 2.2% and 19%, respectively. Core organic growth in the single-family end market increased by 3.3%, according to the financial report.

In January 2020, the company acquired certain assets and the operations of Bianchi & Company Inc., a supplier and installer of interior and exterior doors, crown moldings, open stair rail, chair rail, wainscoting, commercial hollow metal frames and doors and other custom millwork, with annualized revenue of approximately $30 million.

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