Building products supplier Builders FirstSource on Tuesday reported record sales and earnings in its latest fiscal quarter.
The Dallas distributor said sales increased 36.1% to $5.7 billion in the first quarter, while adjusted EBITDA more than doubled to $1 billion. Net income, meanwhile, soared to nearly $640 million, a more than 270% increase compared to the first quarter of 2021.
Company officials attributed the strong quarter to a 15% increase in core organic sales, as well as commodity inflation and acquisition activity — particularly the additions of Panel Truss and Valley Truss. Continued robust demand for single-family housing powered the company’s top-line growth, executives added.
The company raised its projections for its full-year growth and free cash flow, and said it remained committed to “high-return internal investments, accretive bolt-on M&A and share repurchases.” Builders said the company repurchased some 3.6 million shares of common stock for $286 million during the quarter.
“Looking ahead, we believe the housing industry remains resilient and underbuilt, and we have seen strong underlying demand in new housing construction into the second quarter,” Builders FirstSource President and CEO Dave Flitman said in a statement. “Furthermore, we are maintaining our focus on allocating resources to outpace market growth in our higher margin value-added products while investing further in our digital solutions platform to advance our goal of transforming the homebuilding industry.”