The 2020 Mid-Year Economic Update_long

Stock Building Supply Sales Up 12.6% in 1Q

Sales to single-family homebuilders up 9 percent year-over-year.

Building materials distributor Stock Building Supply Holdings Inc. (NASDAQ: STCK), Raleigh, NC, reported sales for the first quarter of $280 million, an increase of 12.6 percent from the prior-year quarter. The company reported a loss of $3.3 million, compared to a loss of $4.1 million in the first quarter of 2013.

"Our continued success in growing revenue is a direct reflection of our flexible business model and ability to withstand a challenging operating environment during the first quarter in which construction activity was slowed by harsh winter weather and U.S. single-family housing starts declined by approximately 1.7 percent as compared to the prior year," said Jeff Rea, president and CEO.

Sales to single-family homebuilders were up 9 percent year-over-year, while sales to repair and remodeling contractors were up 17.3 percent.

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