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Dec 31, 2020
Builders FirstSource Q4 2020 Earnings Report
Reported record results driven by solid demand and commodity inflation, with net sales increasing by 43.5% and adjusted EBITDA more than doubling.
Key Takeaways
Builders FirstSource reported record fourth-quarter results, with net sales reaching $2.5 billion, a 43.5% increase year-over-year. Core organic sales grew by 15.0%, and adjusted EBITDA more than doubled to $257.1 million. The company also completed its merger with BMC Stock Holdings on January 1, 2021.
Net sales increased 43.5% to $2.5 billion.
Core organic sales increased 15.0%, excluding acquisitions and commodity impacts.
Adjusted EBITDA more than doubled to $257.1 million.
Completed merger with BMC Stock Holdings on January 1, 2021.
Revenue by Segment
Forward Guidance
The Company expects significant improvement in its financial performance for 2021.
Positive Outlook
- Net sales to grow to a range of $13.9 billion to $14.6 billion, approximately 9% to 14% over its 2020 pro forma net sales of $12.8 billion.
- Adjusted EBITDA to be in a range of $1.29 billion to $1.34 billion, approximately 20% to 25% over its 2020 pro forma Adjusted EBITDA of $1.07 billion.
- Expected realized cost savings of $60 million to $70 million.
- Free cash flow in the range of $800 million to $900 million.
- Single family starts growth across our geographies in the high single digits.
Challenges Ahead
- Multi-family starts decline in the low single digits.
- R&R growth in the low single digits.
- Commodity tailwind of 0% to 10% compared to the prior year.
- Less selling days of approximately 1% or 2 fewer days.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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