We also acquired Fulcrum Building Group in September, providing us with pro-focused lumberyards, millwork facilities and additional resources in the high-growth markets along the Gulf Coast. In September, we closed our acquisition of Trussway, which expands our footprint in multifamily trusses, and enhances our value-added portfolio to better serve our customers and accelerate growth in the Southwest and Southeast. Flitman continued, “In addition to our focus on profitable core organic growth, we have also continued to grow through accretive acquisitions in line with our strategy. I am confident that we will continue to deliver on our strategic pillars given the skill and dedication of our team members.” While we have begun to experience increasing macro headwinds, our leading position in the market, focus on innovation and prudent capital allocation have positioned us to succeed in any environment. That performance, combined with continued investments in our core operations and relentless focus on cost controls and productivity, helped us to produce record Adjusted EBITDA of $1.2 billion during the quarter, an increase of approximately 20% versus the third quarter of last year. We delivered a 6.9% increase in core organic sales, including nearly 20% growth in our higher margin value-added products. “We are winning new business and strengthening existing customer relationships by providing customers individualized solutions and excellent service, which make us a partner of choice. “Our strong third quarter results reflect the fundamental strengths of our business, including the value-added products and solutions that resonate with our customers, and our consistent execution,” commented Dave Flitman, President and CEO of Builders FirstSource. During the quarter, the Company repurchased 11.2 million shares of its common stock for $658.2 million at an average stock price of $58.57.Strong quarter-end balance sheet with liquidity of $1.3 billion and a net debt to LTM Adjusted EBITDA ratio of 0.7x.Cash provided by operating activities was $1.5 billion, and free cash flow was $1.4 billion.Adjusted EBITDA increased 20.1% to a third quarter record of $1.2 billion, mainly driven by net sales growth and a higher mix of sales from value-added product categories.Net income grew 20.4% to $0.7 billion, or $4.72 per diluted share, and adjusted net income increased 16.8% to $0.8 billion, or $5.20 per diluted share.Net sales increased 4.6% to $5.8 billion for the quarter driven by core organic growth and acquisitions, partially offset by commodity deflation.(NYSE: BLDR) today reported its results for the third quarter ended September 30, 2022.Īll Year-Over-Year Comparisons Unless Otherwise Noted: 08, 2022 (GLOBE NEWSWIRE) - Builders FirstSource, Inc. Repurchased $658.2 million of common sharesĬompleted four tuck-in acquisitions since the end of JuneĭALLAS, Nov. Net income increased 20.4% to $738.0 millionĮarnings per diluted share increased 58.4% to $4.72Īdjusted EBITDA increased 20.1% to $1.2 billion
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