NYSE$BLDR
Builders FirstSource Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Builders FirstSource's third quarter performance was impacted by a weaker housing market and commodity deflation, but acquisitions and operational initiatives partially offset these challenges.
Builders FirstSource reported net sales of $4.5 billion, a decrease of 21.3%, and net income of $451.5 million for Q3 2023. Despite market headwinds, the company focused on customer service, product mix, and digital tools to drive long-term growth.
- Net sales decreased by 21.3% to $4.5 billion due to a weaker housing market and commodity deflation.
- Net income decreased 38.8% to $451.5 million, with earnings per diluted share at $3.59.
- Adjusted EBITDA decreased 30.6% to $813.3 million, with a margin of 17.9%.
- The company repurchased 1.7 million shares in Q3 and $1.6 billion year-to-date.
Headline financials
Revenue & EPS history
Builders FirstSource · Revenue · Quarterly
$4.53B
Revenue by segment
Builders FirstSource · $4.53B total across 4 segments · Q3 2023
- Manufactured Products$1.2B-19.0%26.4%
- Lumber & Sheet Goods$1.15B-36.7%25.4%
- Windows, Doors & Millwork$1.1B-14.8%24.3%
- Specialty Building Products$1.08B-7.6%23.9%
Forward guidance
For 2023, Builders FirstSource expects net sales to be in the range of $16.8 billion to $17.1 billion and adjusted EBITDA to be in the range of $2.7 billion to $2.8 billion.
Tailwinds
- Net Sales to be in a range of $16.8 billion to $17.1 billion.
- Gross Profit margin to be in a range of 34% to 35%.
- Adjusted EBITDA to be in a range of $2.7 billion to $2.8 billion.
- Adjusted EBITDA margin to be in a range of 15.8% to 16.7%.
- Multi-Family starts up low double-digits
Headwinds
- Single-Family starts are projected to be down low double-digits to high single-digits
- Total capital expenditures in the range of $400 million to $450 million.
- Free cash flow in the range of $1.8 billion to $2.0 billion, assuming average commodity prices in the range of $400 to $425 per thousand board feet (mbf).
- Interest expense in the range of $190 million to $200 million.
- An effective tax rate of 23.0% to 25.0%.
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 Q3 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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