Builders FirstSource, Inc., Dallas, TX, supplier and manufacturer of structural and related building products for residential new construction, reported sales grew 3.8% in the second quarter to $642.4 million. Net income was $28.4 million compared with $20.2 million the same period last year. Adjusting for items related to the company's IPO, net income was $23 million, a $23.6% increase year-over-year.
On April 28, 2006, the company acquired Freeport Truss Company and Freeport Lumber Company for cash consideration of approximately $27 million. Freeport's results of operations are included in the company's consolidated financial statements from the acquisition date.
Even though an unfavorable housing market had an overall negative impact on sales, Builders reported, some of its larger markets in Texas, Georgia, and the Carolinas continued to show strength during the quarter. Compared to the second quarter last year, nationwide commodity lumber and lumber sheet good prices declined approximately 15%.
For more details on Builders FirstSource 2Q earnings, click here.