Q2 2024 Bluelinx Holdings Inc Earnings Call Transcript
Key Points
- BlueLinx Holdings Inc (BXC) achieved solid gross margins of approximately 19% in their specialty product business despite price deflation.
- Volume growth in key specialty product categories such as millwork, engineered wood products, and siding helped offset declining lumber prices.
- The company is modernizing its business with new technology, including an e-commerce solution and a world-class transportation management system.
- BlueLinx Holdings Inc (BXC) repurchased $15 million in stock during the second quarter, demonstrating a commitment to returning capital to shareholders.
- The company's liquidity remains strong with $491 million in cash on hand and an undrawn revolver capacity of approximately $346 million.
- Net sales were down 6% year-over-year, totaling $768 million for the second quarter.
- Structural product revenues declined 7% due to lower lumber pricing and weaker structural volumes.
- Gross margin for structural products came in at 7.9%, down from 11% in the same period last year.
- The broader housing and building products market remains volatile, with builder confidence dropping sequentially throughout the quarter.
- Repair and remodel spending continues to be lower than the elevated levels of 2022 and 2023, impacting overall demand.
Ladies and gentlemen, thank you for standing by and welcome to the BlueLinx Holdings second quarter 2024 earnings conference call. (Operator Instructions) and today's call is being recorded. We will begin with opening remarks and introductions.
At this time, I would like to turn the conference over to your host, Investor Relations Officer Tom Morabito. Please go ahead.
Thank you, Operator, and welcome to the BlueLinx second quarter 2024 earnings call. Joining me on today's call is Shyam Reddy, our President and Chief Executive Officer; and Andy Wamser, our Chief Financial Officer. At the end of today's prepared remarks, we will take questions.
Our second quarter news release and Form 10-Q were issued yesterday after the close of the market, along with our webcast presentation, and these items are available in the Investor section of our website, bluelinxco.com. We encourage you to follow along with the detailed information on the slides during the webcast.
Today's
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
