Q2 2024 Builders FirstSource Inc Earnings Call Transcript
Key Points
- Builders FirstSource Inc (BLDR) achieved strong gross margins of nearly 33% in Q2 2024.
- The company delivered an adjusted EBITDA margin in the mid-10s or better for 13 consecutive quarters.
- Builders FirstSource Inc (BLDR) demonstrated operational rigor by delivering $37 million in productivity savings in Q2 and $77 million year-to-date.
- The company completed three acquisitions in Q2, enhancing its market position and product offerings.
- Builders FirstSource Inc (BLDR) repurchased nearly $1 billion of shares in Q2 and announced a new $1 billion share repurchase plan.
- Net sales decreased by 1.6% in Q2 2024, driven by a 31% decline in multifamily sales.
- The company lowered its full-year 2024 guidance due to a softer than anticipated housing market and weaker commodities.
- Adjusted EBITDA was down approximately 13% year-over-year, primarily due to lower gross profit.
- The single-family growth momentum stalled as interest rate cuts did not materialize, impacting starts.
- Builders FirstSource Inc (BLDR) faces ongoing affordability challenges and normalization in the multifamily sector.
Boom Boom, please standby, we're about to begin. Welcome to Barr's first or second quarter 2024 earnings conference call. Today's call is scheduled to last about one hour, including remarks by management and the question and answer session. In order to ask a question, please press the star key followed by the number one on your phone at any time during the call. I'd now like to turn the call over to Heather cost, Senior Vice President, Investor Relations for Builders FirstSource. Please go ahead.
Good morning, and welcome to our second quarter 2024 earnings call. With me on the call are Dave Reisch, our CEO, and Peter Jackson, our CFO. The earnings press release and presentation are available on our website at investors dot bldr.com. We will refer to the presentation during our call. The results discussed today include GAAP and non-GAAP results adjusted for certain items.
We provide these non-GAAP results for informational purposes and they should not be considered in isolation from the most
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