Builders FirstSource Shares Gain On Q1 Earnings Beat

  • Builders FirstSource Inc BLDR reported first-quarter FY22 sales growth of 36.1% year-on-year to $5.68 billion, beating the consensus of $4.60 billion.
  • Double-digit core organic growth, commodity inflation, and acquisitions drove the top-line growth.
  • The gross profit rose 71.3% to $1.8 billion and the gross profit margin expanded by 670 basis points to 32.3%.
  • Selling, general and administrative expenses increased 17.9% to $968.6 million.
  • The operating margin was 15.2%, and operating income for the quarter rose 248.4% to $863.8 million.
  • The company held $281.8 million in cash and equivalents as of March 31, 2022. Cash provided by operating activities for the quarter amounted to $179.8 million with a free cash flow of $131.5 million.
  • Adjusted EBITDA increased 119.8% Y/Y to $1.0 billion, with the adjusted EBITDA margin expanding 670 basis points to 17.6%.
  • Adjusted EPS of $3.90 beat the analyst consensus of $1.98.
  • The Board of Directors authorized a new share repurchase program of $2 billion on May 9, replacing the previous authorization.
  • Outlook: Builders FirstSource sees growth across the geographies in single-family starts in the mid-single digits, multi-family starts in the low to mid-single digits for FY22.
  • The company expects FY22 capital expenditures of $375 million - $400 million and a free cash flow of $2.0 billion - $2.4 billion.
  • Price Action: BLDR shares are trading higher by 1.98% at $66.03 on the last check Tuesday.

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