NYSE$BLDR
Builders FirstSource Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Builders FirstSource reported a decrease in net sales due to decline in core organic net sales and commodity deflation, but gross profit margin percentage increased due to stronger mix in value-added products.
Builders FirstSource reported a net sales decrease of 34.6% to $4.5 billion, driven by a decline in core organic net sales and commodity deflation. Net income decreased by 59.0% to $404.6 million, with earnings per diluted share at $3.16. Adjusted EBITDA decreased by 49.0% to $768.8 million, with a margin of 17.0%.
- Net sales decreased by 34.6% to $4.5 billion, impacted by a 22.3% decline in core organic net sales and 16.2% commodity deflation.
- Gross profit margin percentage increased 40 basis points to 35.2% due to a stronger mix in value-added products.
- Net income decreased by 59.0% to $404.6 million, with diluted earnings per share of $3.16.
- Adjusted EBITDA decreased by 49.0% to $768.8 million; adjusted EBITDA margin declined by 480 basis points to 17.0%.
Headline financials
Revenue & EPS history
Builders FirstSource · Revenue · Quarterly
$4.53B
Revenue by segment
Builders FirstSource · $3.45B total across 3 segments · Q2 2023
- Manufactured Products$1.29B-24.4%37.3%
- Windows, Doors & Millwork$1.11B-9.3%32.0%
- Lumber & Sheet Goods$1.06B-62.6%30.7%
Forward guidance
For 2023, the Company expects net sales to be in a range of $16.8 billion to $17.8 billion, gross profit margin to be in a range of 33% to 35%, Adjusted EBITDA to be in a range of $2.6 billion to $2.9 billion and Adjusted EBITDA margin to be in a range of 15% to 17%.
Tailwinds
- Net Sales to be in a range of $16.8 billion to $17.8 billion.
- Gross Profit margin to be in a range of 33% to 35%.
- Adjusted EBITDA to be in a range of $2.6 billion to $2.9 billion.
- Adjusted EBITDA margin to be in a range of 15% to 17%.
- Free cash flow in the range of $1.6 billion to $2.0 billion.
Headwinds
- Single-Family starts are projected to be down high single-digits to low double-digits.
- Total capital expenditures in the range of $400 million to $450 million.
- Interest expense in the range of $185 million to $205 million.
- An effective tax rate of 23.0% to 25.0%.
- Depreciation and amortization expenses in the range of $550 million to $600 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+1.2%
Avg return
Earnings day
+2.6%
Avg return
5 days after
+2.6%
Avg return
30 days after
47%
30 / 64 earnings
Positive
+23.3%
Q3 2015
Best reaction
-18.6%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | -10.6% | -8.6% | |
| Q4 2025 | +0.8% | -3.6% | -26.4% | |
| Q3 2025 | -3.1% | -4.8% | -2.7% | |
| Q1 2025 | -6.4% | -10.4% | -10.0% | |
| Q4 2024 | -0.3% | -2.8% | -12.7% | |
| Q3 2024 | +2.5% | +3.4% | +2.0% | |
| Q2 2024 | +2.1% | +3.9% | +12.0% | |
| Q1 2024 | -18.6% | -16.9% | -27.5% | |
| Q4 2023 | +2.7% | +5.2% | +14.6% | |
| Q3 2023 | +11.7% | +15.7% | +28.3% | |
| Q2 2023 | -1.4% | +3.7% | +1.3% | |
| Q1 2023 | +12.2% | +19.4% | +25.0% | |
| Q4 2022 | +5.2% | +9.4% | +5.8% | |
| Q3 2022 | -1.5% | +13.8% | +14.7% | |
| Q2 2022 | +3.3% | +0.5% | -13.8% | |
| Q1 2022 | -2.7% | +3.3% | +0.6% | |
| Q4 2021 | +3.8% | -0.4% | -13.3% | |
| Q3 2021 | +11.6% | +12.3% | +18.0% | |
| Q2 2021 | +2.9% | +6.2% | +18.6% | |
| Q1 2021 | +6.7% | +2.7% | -13.0% | |
| Q4 2020 | +10.4% | +6.5% | +14.8% | |
| Q3 2020 | -0.7% | +7.1% | +24.3% | |
| Q2 2020 | -0.0% | +10.6% | +33.6% | |
| Q1 2020 | -11.8% | -13.5% | +6.5% | |
| Q4 2019 | -4.5% | -11.6% | -59.2% | |
| Q3 2019 | +8.7% | +6.4% | +13.6% | |
| Q2 2019 | +9.8% | +10.5% | +13.2% | |
| Q1 2019 | +17.0% | +16.4% | -1.9% | |
| Q4 2018 | +2.2% | +0.6% | -2.8% | |
| Q3 2018 | +17.8% | +12.0% | +9.3% | |
| Q2 2018 | -1.4% | -4.7% | -9.4% | |
| Q1 2018 | -3.1% | -5.8% | +2.8% | |
| Q4 2017 | +7.8% | +7.2% | +1.0% | |
| Q3 2017 | +5.3% | +3.0% | +17.5% | |
| Q2 2017 | +7.0% | +6.4% | +6.1% | |
| Q1 2017 | -4.2% | -11.1% | -11.1% | |
| Q4 2016 | +13.4% | +18.2% | +15.8% | |
| Q3 2016 | -3.1% | +0.3% | +12.1% | |
| Q2 2016 | -4.2% | -5.4% | +2.4% | |
| Q1 2016 | +2.8% | — | — | |
| Q4 2015 | +13.4% | — | — | |
| Q3 2015 | +23.3% | — | — | |
| Q2 2015 | -3.3% | — | — | |
| Q1 2015 | -1.6% | — | — | |
| Q4 2014 | -4.0% | — | — | |
| Q3 2014 | +4.6% | — | — | |
| Q2 2014 | -10.8% | — | — | |
| Q1 2014 | -4.4% | — | — | |
| Q4 2013 | +7.2% | — | — | |
| Q3 2013 | -0.5% | — | — | |
| Q2 2013 | -2.2% | — | — | |
| Q1 2013 | +3.9% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | -1.8% | — | — | |
| Q2 2012 | -15.4% | — | — | |
| Q1 2012 | -6.9% | — | — | |
| Q4 2011 | +4.6% | — | — | |
| Q3 2011 | -10.4% | — | — | |
| Q2 2011 | -11.0% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q3 2010 | -1.9% | — | — | |
| Q2 2010 | -7.1% | — | — | |
| Q1 2010 | -0.5% | — | — |
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