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Builders FirstSource Prices Offering of $1 Billion of Senior Notes due 2034
Businesswire· 2024-02-26 22:08
IRVING, Texas--(BUSINESS WIRE)--Builders FirstSource, Inc. (NYSE: BLDR) (“Builders FirstSource” or the “Company”) today announced that it has priced an offering of $1 billion aggregate principal amount of 6.375% unsecured Senior Notes due 2034 (the “Notes”), which represents a $400 million increase in the previously announced size of the offering. The price to investors will be 100.000% of the principal amount of the Notes. The offering of the Notes is expected to close on February 29, 2024, subject to cus ...
Builders FirstSource Launches Offering of $600 Million of Senior Notes due 2034
Businesswire· 2024-02-26 13:16
IRVING, Texas--(BUSINESS WIRE)--Builders FirstSource, Inc. (NYSE: BLDR) (“Builders FirstSource” or the “Company”) today announced that it has launched an offering of $600 million aggregate principal amount of unsecured Senior Notes due 2034 (the “Notes”). The Company intends to use the net proceeds from the offering to repay indebtedness outstanding under the ABL Facility and for general corporate purposes. Consummation of the offering of the Notes is subject to market and other conditions, and there can ...
Builders FirstSource, Inc. (BLDR) Hit a 52 Week High, Can the Run Continue?
Zacks Investment Research· 2024-02-23 15:16
Shares of Builders FirstSource (BLDR) have been strong performers lately, with the stock up 10.9% over the past month. The stock hit a new 52-week high of $194.69 in the previous session. Builders FirstSource has gained 12.8% since the start of the year compared to the 7.8% move for the Zacks Retail-Wholesale sector and the 6.8% return for the Zacks Building Products - Retail industry.What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed ou ...
Best Value Stocks to Buy for February 23rd
Zacks Investment Research· 2024-02-23 14:11
Here are two stocks with buy rank and strong value characteristics for investors to consider today, February 23rd:  Builders FirstSource (BLDR) : This company which, is the largest supplier of building materials, manufactured components and construction services to professional homebuilders, sub-contractors, remodelers and consumers, carries a Zacks Rank #1(Strong Buy), and has witnessed the Zacks Consensus Estimate for its next year earnings increasing 1.0% over the last 60 days.Builders FirstSource has a ...
Despite a tough market, Builders FirstSource CEO says housing demand is 'really strong'
CNBC· 2024-02-23 00:36
Despite homebuilding slowdowns and high mortgage rates, Builders FirstSource CEO Dave Rush told CNBC's Jim Cramer that the demand for housing remains strong."When we came into the year, we were a little cautious as well," Rush said. "And what proved to be the point is housing demand is really strong, and the demand for housing and the fact that housing has been underbuilt, kept housing at a relatively stable level."The homebuilding materials supplier — whose customers are primarily homebuilders and professi ...
Builders FirstSource(BLDR) - 2023 Q4 - Earnings Call Presentation
2024-02-22 20:15
Builders® Q4 & FY 2023 Earnings Presentation F E B R U A R Y 2 2 , 2 0 2 4 Footnote Statements in this presentation and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, synergies, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 19 ...
Builders FirstSource(BLDR) - 2023 Q4 - Earnings Call Transcript
2024-02-22 19:01
Financial Data and Key Metrics Changes - The company reported net sales of $4.2 billion for the fourth quarter, reflecting a 1% decline in core organic sales and a 5% deflation in commodity prices, partially offset by a 2% growth from acquisitions [6][7] - Adjusted EBITDA was $686 million, down approximately 2% year-over-year, primarily due to lower net sales from a weak housing market and commodity deflation [7][8] - The free cash flow yield for the year was approximately 13%, with an operating cash flow return on invested capital of 28% [8][9] - The net debt to adjusted EBITDA ratio was approximately 1.1x, indicating a strong balance sheet [8] Business Line Data and Key Metrics Changes - Value-added products represented 52% of net sales in Q4, contributing to a gross margin of 35.3%, which increased by 120 basis points due to productivity improvements and favorable multifamily margins [106][90] - SG&A expenses increased by $60 million to $974 million, primarily due to higher variable compensation and inflation, leading to a 150 basis point increase in SG&A as a percentage of net sales [7][8] Market Data and Key Metrics Changes - The multifamily market is experiencing normalization, with expectations of a 20% to 30% decline in multifamily starts, impacting sales and margins throughout the year [55][53] - The company noted a strong performance in the multifamily sector, driven by prior acquisitions and favorable margins, with growth of over 4% [137] Company Strategy and Development Direction - The company is focused on maintaining a fortress balance sheet and has a capital deployment strategy targeting $5.5 billion to $8.5 billion from 2024 to 2026 [100][103] - The digital strategy aims to establish a differentiated position as the only provider of an end-to-end digital platform in the industry, expected to drive substantial growth [4][135] - The company remains disciplined in M&A, having completed seven deals in 2023 with aggregate sales of approximately $540 million, and continues to seek attractive opportunities [3][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near-term outlook and the ability to create shareholder value despite a challenging operating environment [11][130] - The company anticipates a rebound in sales as severe weather conditions subside, with a healthy housing market expected in 2024 [141][130] - Management acknowledged the normalization of margins and the competitive environment, indicating a cautious but optimistic approach moving forward [116][115] Other Important Information - The board approved a share repurchase program of up to $1 billion, reflecting the company's commitment to returning value to shareholders [9][100] - The company achieved a recordable incident rate improvement of over 30% in 2023, emphasizing its commitment to safety [132] Q&A Session Summary Question: What is the outlook for the multifamily market? - Management indicated that the multifamily market is normalizing, with expectations of a significant decline in starts, but remains optimistic about long-term demand [55][54] Question: How does the company plan to manage margin normalization? - Management acknowledged the normalization of margins and competitive pressures but expressed confidence in maintaining a strong margin profile through value-added products and disciplined pricing [116][115] Question: What are the expectations for digital sales growth? - The company targets $200 million in incremental digital revenue by the end of the year and $1 billion by 2026, driven by enhanced customer relationships and digital tools [135][148]
Builders FirstSource (BLDR) Q4 Earnings Beat, Net Sales Miss
Zacks Investment Research· 2024-02-22 18:46
Builders FirstSource, Inc. (BLDR) reported impressive earnings in fourth-quarter 2023. The bottom line surpassed the Zacks Consensus Estimate and improved from the previous year. Despite a challenging operating environment in 2023, where single-family starts witnessed significant reduction, the company delivered mid-teens or better adjusted EBITDA margin for 11 consecutive quarters.Shares of this manufacturer and supplier of building materials gained 5.3% on Feb 22.Net sales surpassed the consensus mark but ...
Builders FirstSource (BLDR) Surpasses Q4 Earnings and Revenue Estimates
Zacks Investment Research· 2024-02-22 14:15
Builders FirstSource (BLDR) came out with quarterly earnings of $3.55 per share, beating the Zacks Consensus Estimate of $2.70 per share. This compares to earnings of $3.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 31.48%. A quarter ago, it was expected that this construction supply company would post earnings of $4.05 per share when it actually produced earnings of $4.24, delivering a surprise of 4.69%.Over the last fou ...
Builders FirstSource Increases Stock Repurchase Plan to $1 Billion
Businesswire· 2024-02-22 12:00
IRVING, Texas--(BUSINESS WIRE)--Builders FirstSource, Inc. (NYSE: BLDR) announced that on February 21, 2024, its Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s outstanding shares of common stock, inclusive of the approximately $200 million remaining outstanding in the prior share repurchase plan authorized in April 2023. “ The Board’s increased share repurchase authorization reflects our strong conviction in the Company’s strategy, operating model, and ability to genera ...