Financial Performance - Net sales for the three months ended June 29, 2024, were 768,363,adecreaseof5.8815,967 for the same period last year[5] - Gross profit for the three months ended June 29, 2024, was 122,444,down9.8135,803 in the prior year, resulting in a gross margin of 15.9%[5] - Operating income decreased to 23,847forthethreemonthsendedJune29,2024,comparedto39,093 in the same period last year[5] - Net income for the three months ended June 29, 2024, was 14,336,adeclineof41.324,466 in the prior year[5] - Adjusted EBITDA for the three months ended June 29, 2024, was 34,395,withanAdjustedEBITDAmarginof4.515 million, or 1.68adjusteddilutedearningspershare,comparedto26 million, or 2.91perdilutedshareintheprioryear[49]−Netincomeforthesecondquarterof2024was14 million, translating to a diluted earnings per share of 1.65[55]CashFlowandLiquidity−FreecashflowforthesixmonthsendedJune29,2024,was(7,233), compared to 139,079forthesameperiodlastyear[1]−CashflowsfromoperatingactivitiesforthethreemonthsendedJune29,2024,were35,803, down from 64,153inthesameperiodlastyear[9]−Freecashflowgeneratedduringthesecondquarterwas29 million, with net cash from operating activities amounting to 36million[56]−Thecompanyendedthesecondquarterwith491 million in cash on hand and a net leverage ratio of (0.9x)[55] Sales Breakdown - Specialty products net sales were 539,466forthethreemonthsendedJune29,2024,comparedto570,990 in the prior year, reflecting a decrease of 5.5%[10] - Structural products net sales were 228,897forthethreemonthsendedJune29,2024,downfrom244,977 in the same period last year, a decrease of 6.6%[10] - Net sales of specialty products decreased by 32million,or5.5539 million in Q2 2024, while gross profit from specialty products was 104million,adecreaseof4 million, or 4.1%[48] Assets and Liabilities - Total current assets increased to 1,158,722asofJune29,2024,from1,120,399 at the end of December 30, 2023[26] - Total liabilities rose to 933,744asofJune29,2024,comparedto903,315 at the end of December 30, 2023[26] - The company had cash and cash equivalents of 491,392attheendoftheperiod,anincreasefrom418,325 at the end of the previous year[9] - Cash and cash equivalents decreased to 491,392asofJune29,2024,from521,743 at the end of December 30, 2023[26] - The company has a total stockholders' equity of 652,332asofJune29,2024,comparedto634,286 at the end of December 30, 2023[26] Debt and Financing - Total debt and finance lease obligations, excluding real property finance lease obligations, was 348millionasofJune29,2024[40]−Netdebtwas(143) million, resulting in a net leverage ratio of (0.9x) using trailing twelve-month adjusted EBITDA of 160million[40]−InterestexpenseforthethreemonthsendedJune29,2024,was4,801, down from 6,311inthesameperiodlastyear[13]ShareholderReturns−Thecompanyrepurchasedapproximately15 million of its common stock during the quarter, with $76 million remaining under its share repurchase authorization[50] - The company emphasizes its commitment to returning capital to shareholders through its share repurchase program[55] Market and Operational Environment - The forward-looking statements include potential risks related to housing market conditions and competition, which may impact future performance[57] - The company operates in a changing environment with inherent uncertainties that could affect its business strategy and results[57] - Effective inventory management and the ability to attract and retain qualified personnel are critical for the company's operational success[57] - The company is focused on maintaining strong cash flows and managing its debt levels effectively[57]
BlueLinx (BXC)2024-07-30 20:13