Dallas-based building materials distributor Builders FirstSource, Inc. (NYSE: BLDR) reported 2022 first-quarter sales of $5.7 billion, a 36.1% increase over the same period in 2021.
The company said sales increases were driven by double-digit core organic growth, commodity inflation and acquisitions.
Net income in 1Q 2022 grew 270.6% to $639.6 million, or $3.56 per diluted share, and adjusted net income increased 136.5% to $700.8 million, or $3.90 per diluted share. Adjusted EBITDA increased 119.8% to a 1Q record of $1 billion driven in part by strong demand in the residential housing market, the company said.
“We started the year out strong achieving another quarter of record net sales, gross margin and Adjusted EBITDA, while also producing strong core organic sales growth of 15%,” said Dave Flitman, president and CEO of Builders FirstSource. “In addition, we continue to make progress investing prudently in our operations and delivering outstanding service to our customers as we work to overcome the supply chain constraints that persist throughout our industry. Our efforts to broaden our value-added products, which saw core organic sales up 31%, alongside our strategic investments in digital, are helping our customers get their jobs done quickly, on time and cost-effectively. The success we have achieved is directly attributable to our hard working and dedicated team members who go above and beyond each day to help us maintain our position as an industry leader.”