Group 1 - BlueLinx Holdings Inc. (NYSE: BXC) is focusing on investing in high margin specialty products, which is expected to enhance free cash flow growth [1] - The company has a diversified business model that includes a wide range of clients and suppliers, stock repurchases, and potential decreases in costs [1] Group 2 - The analyst has a beneficial long position in the shares of BXC through stock ownership, options, or other derivatives [2] - The article reflects the author's personal opinions and is not compensated beyond Seeking Alpha [2]

Group 1 - Louisiana-Pacific Corporation (LPX) expanded its distribution partnership with BlueLinx Holdings to include Springfield, MO, increasing product availability across 19 BlueLinx locations in five regions [1][9] - The company focuses on strategic growth through acquisitions and wider product availability, enhancing manufacturing capabilities to support its siding product range [2][4] - LPX expanded its Amazon storefront to include LP SmartSide ExpertFinish Trim & Siding accessories, aiming to improve accessibility and convenience for customers [3] Group 2 - In the past six months, LPX shares have lost 24.3%, while the Zacks Building Products - Wood industry declined by 5%, indicating challenges due to housing market softness, tariffs, and inflation [7] - Despite these challenges, increased demand for siding products and disciplined capital management are expected to support growth and profitability in the upcoming term [7] - Louisiana-Pacific currently holds a Zacks Rank 3 (Hold), reflecting its current market position [8]

Group 1 - The conference call for BlueLinx Holdings' first quarter 2025 earnings was initiated with participants in a listen-only mode [1] - Tom Morabito, the Investor Relations Officer, welcomed attendees and introduced key company executives [3] - The earnings release and Form 10-Q were made available on the company's investor website, encouraging participants to follow along with the webcast presentation [4] Group 2 - The discussion included forward-looking statements, with a note that actual results may differ due to various risks and uncertainties [5] - The presentation featured non-GAAP and adjusted financial measures, with reconciliations to GAAP measures provided in the appendix [5]

Financial Data and Key Metrics Changes - The company generated net sales of $709 million, with adjusted EBITDA of $19.6 million, resulting in a 2.8% adjusted EBITDA margin [7][20] - Adjusted net income was $2.3 million, or $0.27 per share [22] - Total gross profit was $111 million, with a gross margin of 15.7%, down 190 basis points from the prior period [21] Business Line Data and Key Metrics Changes - Specialty Products accounted for approximately 70% of net sales but saw a nearly 5% year-over-year decline due to price deflation and volume pressure [8][23] - Specialty Products gross margin was 18.7%, down 200 basis points from the previous year [24] - Structural Products revenues increased over 3%, primarily due to significant price increases in lumber and volume increases in both lumber and panels [9][25] Market Data and Key Metrics Changes - The average lumber prices were up 13%, while panel prices were down 13% year-over-year [9] - The company noted that the housing market is facing challenges, with the lowest existing housing sales backdrop in thirty years [12] - Multifamily housing starts were significantly higher on a year-over-year basis, indicating a potential area of growth [13] Company Strategy and Development Direction - The company is focused on expanding its specialty product categories and gaining market share in engineered wood, siding, millwork, and outdoor living products [4] - Digital transformation efforts are on track, with Phase one expected to be completed by Q3 2025 [5] - The company is exploring greenfield and M&A opportunities to expand geographic reach and support specialty product sales growth [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing price deflation and lower volumes due to weather and macroeconomic forces but expressed optimism about future growth [4][11] - The company believes that long-term fundamentals of housing remain strong despite current market challenges [12][14] - Management indicated that while the near-term outlook is uncertain, they remain committed to their strategic priorities and long-term growth [19] Other Important Information - The company repurchased $15 million in shares during the first quarter, demonstrating a commitment to returning capital to shareholders [11][29] - The liquidity position remains strong, with cash on hand of $449 million and total available liquidity of approximately $795 million [26] Q&A Session Summary Question: Can you talk about the impacts and the associated outlook as it relates to challenges in the overall market? - Management noted competitive pricing pressures and softer demand due to market conditions affecting specialty margins, with plans to pass along tariff impacts through pricing [35][36] Question: Why would volume increases not translate to better margins? - Management explained that competitive pricing pressures exist despite volume growth, particularly in certain markets like Texas [44][46] Question: What is the company's strategy regarding inventory levels? - Management emphasized a disciplined approach to inventory management, noting that elevated levels were influenced by weather conditions and market softness [39][40] Question: How is the company prioritizing capital allocation? - Management stated that they are committed to greenfield and M&A opportunities while also being opportunistic with share repurchases [59][60] Question: What percent of lumber is sourced from Canada, and how would tariffs affect sourcing? - Management indicated that less than 20% of lumber is sourced from Canada and expressed confidence in passing through any tariff costs [67] Question: How is the pilot program to increase sales concentration with production builders progressing? - Management reported positive results from investments in builder pull-through capabilities, contributing to volume improvements [70][73]

BlueLinx (BXC) Q1 2025 Earnings Call April 30, 2025 10:00 AM ET Speaker0 Ladies and gentlemen, thank you for standing by, and welcome to the BlueLinx Holdings First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode, and today's call is being recorded. We will begin with opening remarks and introductions. At this time, I would like to turn the conference over to your host, Investor Relations Officer, Tom Morabito. Speaker1 Thank you, operator, and w ...

Delivering What Matters BlueLinx Q1 2025 Results April 30, 2025 Immaterial Rounding Differences. Immaterial rounding adjustments and differences may exist between slides, press releases, and previously issued presentations. This presentation and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together. © BlueLinx 2025. All Rights Reserved. 1 Safe Harbor Statement This presentation contains forward-looking statements. Forward-look ...

[First Quarter 2025 Results Overview](index=1&type=section&id=First%20Quarter%202025%20Results%20Overview) [Management Commentary and Highlights](index=1&type=section&id=Management%20Commentary%20and%20Highlights) The company maintained solid margins and continued its capital return program despite challenging market and weather conditions - CEO Shyam Reddy stated that the company maintained **solid margins** in both specialty and structural products despite challenging weather and market conditions[4](index=4&type=chunk) - The company returned capital to shareholders by repurchasing **$15 million** worth of shares during the quarter, with **$31 million** remaining on the share repurchase authorization[4](index=4&type=chunk)[9](index=9&type=chunk) **Q1 2025 Key Metrics Summary** | Metric | Value | | :--- | :--- | | Net Sales | $709 million | | Gross Profit | $111 million | | Gross Margin | 15.7% | | Net Income | $2.8 million | | Diluted EPS | $0.33 | | Adjusted EBITDA | $19.6 million | | Available Liquidity | $795 million | | Share Repurchases | $15 million | [Financial Performance](index=1&type=section&id=Financial%20Performance) [Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) Net sales decreased 2% year-over-year to $709 million, while net income declined significantly to $2.8 million **Q1 2025 vs Q1 2024 Key Financials** | Financial Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $709M | $726M | -2.3% | | Gross Profit | $111M | $128M | -13.3% | | Gross Margin | 15.7% | 17.6% | -190 bps | | Net Income | $2.8M | $17.5M | -84.0% | | Diluted EPS | $0.33 | $2.00 | -83.5% | | Adjusted Net Income | $2.3M | $18.8M | -87.8% | | Adjusted Diluted EPS | $0.27 | $2.14 | -87.4% | | Adjusted EBITDA | $19.6M | $38.8M | -49.5% | [Specialty Products](index=1&type=section&id=Specialty%20Products) Specialty products net sales decreased 4.9% YoY to $479 million, attributed to price deflation and lower volumes **Specialty Products Performance (Q1 2025 vs Q1 2024)** | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $479M | $504M | -4.9% | | Gross Profit | $90M | $104M | -13.7% | | Gross Margin | 18.7% | 20.7% | -200 bps | - The decrease in net sales was driven by **price deflation** from external market conditions and lower volumes for most specialty product categories[6](index=6&type=chunk) - Excluding import duty-related benefits, the specialty products gross margin was **18.2%** in Q1 2025 compared to **19.4%** in Q1 2024, a decline of 120 basis points[6](index=6&type=chunk)[8](index=8&type=chunk) [Structural Products](index=1&type=section&id=Structural%20Products) Structural products net sales grew 3.3% YoY to $230 million, driven by increased lumber pricing and higher volumes **Structural Products Performance (Q1 2025 vs Q1 2024)** | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $230M | $222M | +3.3% | | Gross Profit | $21.4M | $23.6M | -9.3% | | Gross Margin | 9.3% | 10.6% | -130 bps | - The increase in structural sales was due to overall increases in **lumber pricing** and increased lumber and panel volumes, partially offset by price declines in panels[7](index=7&type=chunk) [Operating Expenses and Cash Flow](index=3&type=section&id=Operating%20Expenses%20and%20Cash%20Flow) SG&A expenses increased by $2.8 million to $94 million, while the company experienced a seasonal net cash outflow from operations - SG&A expenses were **$94 million**, a $2.8 million increase from the prior year, mainly due to technology initiatives and higher logistics costs[11](index=11&type=chunk) - Net cash used in operating activities was **$(34) million**, and free cash flow was **$(40) million**, which is typical for the first fiscal quarter due to seasonality[14](index=14&type=chunk) [Capital Allocation and Financial Position](index=3&type=section&id=Capital%20Allocation%20and%20Financial%20Position) [Capital Investments and Share Repurchases](index=3&type=section&id=Capital%20Investments%20and%20Share%20Repurchases) The company invested in facilities and its fleet while continuing its share repurchase program with a $15 million buyback - Invested **$6.4 million** in property and equipment, primarily for improvements to distribution facilities and digital transformation[15](index=15&type=chunk) - Entered into **$28 million** of new finance leases, mainly to enhance the company's fleet[15](index=15&type=chunk) - Purchased approximately **$15 million** of the Company's common stock, with **$31 million** remaining under the $100 million share repurchase program[15](index=15&type=chunk) [Debt and Liquidity](index=3&type=section&id=Debt%20and%20Liquidity) The company maintained a strong liquidity position of $795 million with a negative net debt position and a low net leverage ratio **Debt and Liquidity Position (as of March 29, 2025)** | Metric | Value | | :--- | :--- | | Total Debt & Finance Leases (excl. real property) | $374 million | | Cash and Cash Equivalents | $449 million | | Net Debt (excl. real property) | ($75) million | | Available Liquidity | $795 million | | Net Leverage Ratio (excl. real property) | (0.7x) | [Business Outlook](index=3&type=section&id=Business%20Outlook) [Second Quarter 2025 Outlook](index=3&type=section&id=Second%20Quarter%202025%20Outlook) The company anticipates stable gross margins for Q2 2025 and has observed improved average daily sales volumes - Through the first four weeks of Q2 2025, specialty product gross margin was in the range of **17% to 18%**[17](index=17&type=chunk) - Structural product gross margin was in the range of **9% to 10%** for the same period[17](index=17&type=chunk) - **Average daily sales volumes improved** versus both Q1 2025 and Q2 2024[17](index=17&type=chunk) [Supplemental Information](index=3&type=section&id=Supplemental%20Information) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) A conference call to discuss financial results is scheduled for April 30, 2025, with a webcast available online - A conference call to discuss results is scheduled for **April 30, 2025, at 10:00 a.m. Eastern Time**[18](index=18&type=chunk) - A webcast and replay will be available in the Investor Relations section of the BlueLinx website[18](index=18&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties that could cause results to differ materially - The report contains forward-looking statements about strategy, liquidity, debt, future share repurchases, and the Q2 2025 outlook[23](index=23&type=chunk) - These statements are subject to risks and uncertainties including, but not limited to, adverse housing market conditions, competition, trade policies, and pricing variability[24](index=24&type=chunk) [Non-GAAP Measures](index=7&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like Adjusted EBITDA and Free Cash Flow to provide a clearer view of its performance - **Adjusted EBITDA** is defined as net income plus interest, taxes, depreciation & amortization, and further adjusted for certain non-cash and special items[29](index=29&type=chunk) - **Adjusted Net Income** is defined as Net Income adjusted for certain non-cash and special items and their tax impacts[32](index=32&type=chunk) - **Free Cash Flow** is defined as net cash from operating activities less total capital expenditures[34](index=34&type=chunk) - **Net Debt** is calculated as total debt and finance lease obligations, less cash and cash equivalents, and is used to assess liquidity and leverage[37](index=37&type=chunk) [Financial Statements and Reconciliations](index=10&type=section&id=Financial%20Statements%20and%20Reconciliations) [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, the company reported net sales of $709.2 million and net income of $2.8 million, or $0.33 per diluted share **Condensed Consolidated Statements of Operations (Unaudited)** | (In thousands, except per share amounts) | Three Fiscal Months Ended March 29, 2025 | Three Fiscal Months Ended March 30, 2024 | | :--- | :--- | :--- | | Net sales | $ 709,226 | $ 726,244 | | Gross profit | $ 111,129 | $ 127,681 | | Operating income | $ 10,724 | $ 27,668 | | Net income | $ 2,805 | $ 17,492 | | Diluted earnings per share | $ 0.33 | $ 2.00 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 29, 2025, total assets were $1.63 billion, with cash and cash equivalents decreasing to $449.0 million **Condensed Consolidated Balance Sheets (Unaudited)** | (In thousands) | As of March 29, 2025 | As of December 28, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $ 449,020 | $ 505,622 | | Inventories, net | $ 399,555 | $ 355,909 | | Total current assets | $ 1,166,303 | $ 1,133,988 | | Total assets | $ 1,633,470 | $ 1,577,717 | | **LIABILITIES AND EQUITY** | | | | Total current liabilities | $ 280,574 | $ 233,724 | | Total liabilities | $ 997,356 | $ 931,276 | | Total stockholders' equity | $ 636,114 | $ 646,441 | | Total liabilities and stockholders' equity | $ 1,633,470 | $ 1,577,717 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The first quarter saw a net cash usage of $33.9 million from operations and $19.3 million from financing activities **Condensed Consolidated Statements of Cash Flows (Unaudited)** | (In thousands) | Three Fiscal Months Ended March 29, 2025 | Three Fiscal Months Ended March 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $ (33,908) | $ (31,135) | | Net cash used in investing activities | $ (3,392) | $ (5,320) | | Net cash used in financing activities | $ (19,302) | $ (3,979) | | Net change in cash and cash equivalents | $ (56,602) | $ (40,434) | | Cash and cash equivalents at end of period | $ 449,020 | $ 481,309 | [Gross Profit and Gross Margin by Product Category](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20by%20Product%20Category) This schedule disaggregates revenues and gross profit, showing an adjusted total gross margin of 15.3% for Q1 2025 **Gross Profit and Margin by Product Category (Q1 2025)** | Product Category | Net Sales ($M) | Gross Profit ($M) | Gross Margin % | | :--- | :--- | :--- | :--- | | Specialty products | $479.4 | $89.8 | 18.7% | | Structural products | $229.8 | $21.4 | 9.3% | | **Total** | **$709.2** | **$111.1** | **15.7%** | - Excluding a **$2.4 million** benefit from import duty-related items, the company's gross margin for Q1 2025 would have been **15.3%**, compared to 16.7% in Q1 2024 (which excluded a $6.5 million benefit)[46](index=46&type=chunk) [Reconciliation of Non-GAAP Measurements](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measurements) This section reconciles GAAP Net Income of $2.8 million to non-GAAP Adjusted EBITDA of $19.6 million for Q1 2025 **Reconciliation of Net Income to Adjusted EBITDA (Q1 2025 vs Q1 2024)** | (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $ 2,805 | $ 17,492 | | Depreciation and amortization | $ 9,554 | $ 9,433 | | Interest expense, net | $ 6,580 | $ 4,624 | | Provision for income taxes | $ 1,339 | $ 5,552 | | Other adjustments | $ (720) | $ 1,680 | | **Adjusted EBITDA** | **$ 19,558** | **$ 38,781** | **Reconciliation of Net Income to Adjusted Net Income (Q1 2025 vs Q1 2024)** | (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $ 2,805 | $ 17,492 | | Adjustments (pre-tax) | $ (720) | $ 1,680 | | Tax impacts of adjustments | $ 233 | $ (405) | | **Adjusted net income** | **$ 2,318** | **$ 18,767** | [Liquidity Measures](index=16&type=section&id=Liquidity%20Measures) The company reported a negative Net Debt of $74.7 million and a Net Leverage Ratio of (0.7x) as of March 29, 2025 **Net Debt and Leverage Ratio Calculation (as of March 29, 2025)** | ($ amounts in thousands) | Value | | :--- | :--- | | Total debt and finance leases | $ 616,755 | | Less: available cash and cash equivalents | $ 449,020 | | **Net debt (non-GAAP)** | **$ 167,735** | | **Net debt, excluding real property finance leases (non-GAAP)** | **$ (74,655)** | | Trailing twelve-month adjusted EBITDA | $ 112,133 | | **Net leverage ratio excl. real property finance leases** | **(0.7x)** | **Free Cash Flow Reconciliation (Q1 2025)** | (In thousands) | Value | | :--- | :--- | | Net cash used in operating activities | $ (33,908) | | Less: Disbursements for property and equipment | $ (5,932) | | **Free cash flow - non-GAAP** | **$ (39,840)** |

Group 1 - The article does not provide any specific company or industry insights, focusing instead on the author's personal disclosures and opinions [1][2][3]

分组1 - Short-term market volatility in 2025 can be mitigated by adopting a longer investment horizon, allowing for potential recovery from near-term losses [1] - Evaluating companies for long-term potential can be simplified by considering Wall Street analysts' price target estimates, which can be averaged to reduce the impact of outlier ratings [2] 分组2 - Dycom Industries Inc. (NYSE: DY) provides contracting services for U.S. telecommunications and utility industries, with a current stock price of $154.41 and a 12-month price forecast of $200.22, indicating a 29.67% upside [4][5] - In Q4 2024, Dycom's contract revenues increased by 13.9% year-over-year to nearly $1.1 billion, with diluted earnings per share (EPS) growing over 40% year-over-year to $1.11 [5][6] - Analysts have initiated coverage on Dycom with an Overweight rating, and the stock's price-to-sales ratio is currently 0.93, suggesting potential value [7][6] 分组3 - Orion Group Holdings Inc. (NYSE: ORN) focuses on industrial construction, with a current stock price of $6.01 and a 12-month price forecast of $12.50, representing a 108.16% upside [8][9] - The company has a $16 billion new business pipeline and a backlog of just under $1 billion, having returned to profitability in Q4 2024 [11] - Orion's stock has fallen approximately 21% year-to-date, but its price-to-sales ratio is now 0.29, making it an attractive value opportunity [12] 分组4 - BlueLinx Holdings Inc. (NYSE: BXC) is expected to face increased materials costs due to tariffs, but its strong U.S. operations and demand for specialized products may mitigate these challenges [14] - The current stock price for BlueLinx is $71.68, with a 12-month price forecast of $122.25, indicating a 70.55% upside [15] - Analysts unanimously rate BlueLinx a Buy, with a consensus price target close to 75% above the current price, highlighting its competitive edge in the niche construction supply chain [16][13]

BlueLinx Q4 and Full Year 2024 Results Delivering What Matters February 19, 2025 © BlueLinx 2025. All Rights Reserved. 1 Safe Harbor Statement This presentation contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words "believe," "anticipate," "could," "expect," "estimate," "intend," "may," "project," "plan," "should," "will, ...