Builders FirstSource(US:BLDR)2024-05-07 17:27Financial Performance - Net sales for the three months ended March 31, 2024, were $3.9 billion, a 0.2% increase compared to $3.9 billion for the same period in 2023[101] - Gross margin decreased to 33.4% in Q1 2024 from 35.3% in Q1 2023, while cost of sales increased to 66.6% from 64.7%[101] - Income from operations fell to 9.6% in Q1 2024, down from 12.0% in Q1 2023[101] - Net income for Q1 2024 was 6.7%, a decrease from 8.5% in Q1 2023[101] - The company reported a 1.9% increase in net sales from acquisitions, offset by a 1.7% decline due to commodity price deflation[101] - Selling, general and administrative expenses increased by $22.0 million, or 2.4%, as a percentage of net sales rose to 23.8% from 23.3%[103] Housing Market Outlook - U.S. total housing starts are forecasted to be 1.4 million in 2024, relatively flat compared to 2023, with single-family starts expected to increase by 4.4%[98] Financial Position - Accounts receivable availability decreased to $895.4 million as of March 31, 2024, from $923.8 million at the end of 2023[105] - Inventory availability increased to $1,016.7 million as of March 31, 2024, compared to $920.8 million at the end of 2023[105] - Net excess borrowing availability on revolving facility increased to $1,733.5 million as of March 31, 2024, from $1,265.7 million at the end of 2023[105]