BMC Stock Holdings, Inc. Announces 2019 Third Quarter Results

RALEIGH, N.C., Nov. 05, 2019 (GLOBE NEWSWIRE) -- BMC Stock Holdings, Inc. (Nasdaq: BMCH) (a??BMCa?? or the a??Companya??), one of the leading providers of diversified building products, services and innovative solutions in the U.S. residential construction market, today announced its financial results for the third quarter ended SeptemberA 30, 2019.A  A reconciliation of non-GAAP financial measures to comparable GAAP financial measures is provided in the a??Reconciliation of GAAP to Non-GAAP Measuresa?? section of this press release.
Third Quarter 2019 Highlights (Comparisons are to Prior Year Period)

Net sales of $964.2 million, a decrease of 2.6% primarily driven by commodity price deflation, partially offset by acquisition growth of 3.9% and Core Organic Growth (defined in the Net Sales table below) of 3.6%

Gross profit of $254.8 million, an increase of 5.6%

Gross margin (or gross profit as a percentage of sales) of 26.4%, an increase of 200 basis points

Net income of $33.6 million, a decrease of $2.3 million

Adjusted EBITDA (non-GAAP) of $74.7 million, up slightly from the prior year

Adjusted EBITDA margin (non-GAAP) of 7.7%, an increase of 20 basis points

Diluted earnings per share of $0.50, compared to $0.53 in the prior year

Adjusted net income per diluted share (non-GAAP) of $0.58, unchanged from the prior year

Cash provided by operating activities of $69.1 million, an increase of $9.4 million

Completed three acquisitions with aggregate pre-acquisition net sales of approximately $95 million for the twelve months ended June 30, 2019

a??Driven by our teama??s continued focus on executing our strategy, we delivered another quarter of strong results with 3.6% Core Organic Growth, significantly improved margins and strong operating cash flow,a?? said Dave Flitman, President and CEO of BMC.A  a??Share gains in our value-added product categories led to Core Organic Growth in our higher-margin categories of 7.4% in Structural Components and 5.9% in Millwork, Doors and Windows.A  As a result of this growth and our relentless focus on our strategic initiatives, we delivered strong 26.4% gross margin, net income of $33.6 million, Adjusted EBITDA of $74.7 million and Adjusted EBITDA margin of 7.7%, as well as significantly improved cash flow from operations for the quarter.a??Flitman continued, a??During the third quarter, we continued our focus on ramping up our productivity initiatives, accelerating our innovation efforts and identifying and completing strategic tuck-in acquisitions.A  Specifically, we completed three additional acquisitions, Kingston Lumber, Heritage One Door & Carpentry and Colorado Fasteners.A  Together, these businesses reported approximately $95 million in sales for the twelve months ended June 30, 2019 and will help strengthen our customer portfolio, product mix and footprint in their respective local markets.A  As we work to close out 2019 with strong momentum and look forward to 2020, our confidence is strong as our team is even more focused on the execution of our strategic initiatives, and our goal of continuing to gain share and drive long-term shareholder value.a??Third Quarter 2019 Summary of Financial Results
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