Builders FirstSource Reports Record Fourth Quarter and Full Year 2021 ResultsMarch 4th, 2022 by Editor
Builders FirstSource, Inc. has reported its results for the fourth quarter and full year ended December 31, 2021.
The company reports net sales of $4.6 billion for the quarter, an increase of 83.1% compared to a year previous, and a gross profit of $1.5 billion showed an increase of 122%. Builders FirstSource says those numbers were driven by the merger with BMC, double-digit organic growth, and commodity inflation.
Net income grew 216.2% to $442.5 million, or $2.31 per diluted share, and adjusted net income increased 247.6% to $532.4 million, or $2.78 per diluted share. The company repurchased approximately 16.5 million shares of its common stock for a total cost of approximately $1.2 billion.
The adjusted EBITDA increased 110.0% to a record fourth quarter $793.4 million and the adjusted EBITDA margin increased 700 basis points to 17.1%.
“We achieved another quarter of double-digit core organic growth to conclude an outstanding year of above market performance and record results in 2021. On a pro forma basis in 2021, we delivered core organic growth of 21% and produced record sales of nearly $20 billion to deliver over $3 billion of Adjusted EBITDA and a record adjusted EBITDA margin of 15.4%,” said Dave Flitman, CEO. “Our business is strong and we grew sales by more than 25% and adjusted EBITDA by more than 60%. I am extremely proud of our team members who achieved these outstanding results despite the many supply chain challenges impacting our industry.”
Increased sales and profits in the fourth quarter anchored a positive year for Builders FirstSource. The company’s full year 2021 report includes net sales of $19.9 billion for the period, increased 132.4% and a gross profit of $5.9 billion increased 163.3%, both numbers also driven by the merger with BMC, commodity inflation, and strong organic growth. At the end of the year, the company saw net income increase 450.3% to $1.7 billion, or $8.48 per diluted share, and adjusted net income grew 464.8% to $2.1 billion, or $10.32 per diluted share.
Looking ahead, and based on several assumptions, Builders FirstSource anticipates 2022 will bring recently completed acquisitions projected to add net sales growth of 4- to 5%.