BlueLinx 1Q Sales Slide 9%, but Volume & Margins Improve - Modern Distribution Management

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BlueLinx 1Q Sales Slide 9%, but Volume & Margins Improve

The building materials distributor saw healthy year-over-year and sequential improvements in gross margin.

Building products distributor BlueLinx Holdings reported its 2024 first quarter financial results on April 30, showing continued year-over-year sales declines that were sequentially less severe.

The Marietta, GA-based company posted total 1Q sales of $726 million, down 9.0% year-over-year. That was an improvement from 4Q’s $713 million during which sales fell 16% year-over-year.

  • 1Q sales of specialty products decreased 11% year-over-year to $504 million on gross margin of 20.7% (18.8% a year earlier)
  • Sales of structural products dipped 2% to $104 million on gross margin of 20.7% (18.8% a year earlier)

BlueLinx’s 1Q gross margin of 17.6% improved 90 basis points year-over-year and improved 100 bps from 4Q.

BlueLinx’s 1Q net profit of $17 million trailed the $18 million of a year earlier, but reversed 4Q’s net loss of $18 million. Adjusted EBITDA of $39 million on 5.3% margin trailed the $47 million and 5.9% margin of a year earlier ($36M and 5.1% in 4Q).

“We are off to a solid start to 2024, despite ongoing deflationary pressures associated with our specialty business and January weather conditions that adversely impacted volumes,” BlueLinx President & CEO Shyam Reddy said in the company’s financial release. “We are pleased with the results for the quarter as volumes recovered and we maintained strong margins in specialty and structural products,” said Shyam Reddy, President, and CEO of BlueLinx. “I am excited about the team we have in place to execute our sales growth strategy through uncertain market conditions. BlueLinx had 2023 total sales of $3.1 billion, down 29.5% vs. 2022.

In early April, BlueLinx announced the promotion of former Chief Product Management Officer Mike Wilson to Chief Commercial Officer, and David Sherwood as his CPMO successor.

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