2023-05-03 07:10:16 ET
- Builders FirstSource press release ( NYSE: BLDR ): Q1 Non-GAAP EPS of $2.96 beats by $1.40 .
- Revenue of $3.88B (-31.7% Y/Y) beats by $310M .
- Net sales decreased 31.6% to $3.9 billion driven by declining single-family starts and commodity deflation, partially offset by growth from acquisitions and one additional selling day.
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For the second quarter of 2023, the Company expects to achieve the financial performance highlighted below. Projected net sales and Adjusted EBITDA include the expected benefit of price, commodity, and margin impacts for Q2 2023.
- Net Sales to be in a range of $4.0 billion to $4.2 billion vs. $4.33B consensus
- Adjusted EBITDA to be in a range of $525 million to $575 million.
- Adjusted EBITDA margin to be in a range of 13.1% to 13.7%.
2023 Full Year Assumptions
The Company’s anticipated 2023 performance is based on several assumptions for the full year, including the following:
- Total capital expenditures in the range of $325 million to $375 million.
- Interest expense in the range of $150 million to $170 million.
- An effective tax rate of 23.0% to 25.0%.
- Depreciation and amortization expenses in the range of $525 million to $575 million, including approximately $160 million of amortization related to intangible assets acquired in the BMC merger. Total depreciation projected to be $220 million and total amortization projected to be $325 million.
- No change in selling days in 2023 versus 2022.
- Productivity savings in the range of $90 million to $110 million.
For further details see:
Builders FirstSource Non-GAAP EPS of $2.96 beats by $1.40, revenue of $3.88B beats by $310M