BXC - BlueLinx jumps 22% after earnings beat cloud soft margin outlook on lower wood prices
BlueLinx (NYSE:BXC) stock is up 22%, Wednesday, after reporting beat on both lines with higher margins in first quarter's earnings results. Revenue of $1.3B (+26.2% Y/Y) beats by $180M. Gross margin of 22.3%, increased 470 basis points. "Notably, our growth was led by specialty products where net sales grew 36% and gross margins improved 470 basis points to 24%. Nearly two-thirds of our gross profit was generated from sales of specialty products, consistent with our strategy to aggressively grow that part of our business," noted Dwight Gibson, President and CEO of BlueLinx. Net sales of structural products increased 16% Y/Y to $534M and its gross margin expanded 450 basis points to 20% reflecting increased pricing of wood-based commodities during the period Adjusted EBITDA was $202 million, or 15.5% of net sales, as compared to $107 million, or 10.4% of net sales in Q1 2021. Net Leverage of 0.9x and available liquidity of
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BlueLinx jumps 22% after earnings beat cloud soft margin outlook on lower wood prices