The 2020 Mid-Year Economic Update_long

Builders FirstSource Sales Up 8% in 2Q

Company has received all required approvals to complete the previously announced acquisition of ProBuild.

Builders FirstSource Inc. (Nasdaq: BLDR), Dallas, TX, reported second-quarter sales of $461.5 million, up 8.2 percent over the same period a year ago. Profit was $3.6 million, compared to $10.6 million for the year-ago period.

During the quarter the manufacturer and distributor of structural and related building products for residential new construction received all third-party and governmental consents required to complete the previously announced acquisition of ProBuild Holdings LLC, Denver, CO.

"The current macroeconomic environment continues to be favorable for the future of Builders FirstSource. Employment gains and improving consumer confidence coupled with low levels of new home inventory and low mortgage rates should lead to an increase in home construction activity," said CEO Floyd Sherman. "With the acquisition of ProBuild scheduled to close in August, Builders FirstSource stands ready to benefit from this increase in construction activity as the nation's largest building supply company."

For the six months ended June 30, sales were $832.5 million, up 8 percent year-over-year. The company recorded a year-to-date loss of $3.5 million, compared to year-ago profit of $7.2 million.

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