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Apr 01, 2023
BlueLinx Q1 2023 Earnings Report
BlueLinx reported first quarter 2023 results, reflecting a challenging market environment and strategic execution.
Key Takeaways
BlueLinx's first quarter 2023 net sales were $798 million, a decrease of $504 million compared to the prior year. Net income was $18 million, or $1.94 per diluted share. The company maintained price and cost discipline, resulting in solid margin performance, lower operating expenses, and strong operating cash flow.
Net sales decreased to $798 million.
Net income was $18 million, with diluted earnings per share of $1.94.
Operating cash generated was $89 million, with free cash flow of $80 million.
Available liquidity increased to $723 million, including $376 million cash on hand.
Revenue by Segment
Forward Guidance
Our end-markets continue to experience pressure from the higher interest rate environment and economic uncertainty, resulting in lower activity levels and a decrease in demand for building products.
Positive Outlook
- specialty product gross margin was in the range of 18% to 19%
- structural product gross margin was in the range of 10% to 11%
- Average daily sales volumes for both specialty and structural products were slightly improved versus the first quarter of 2023.
Challenges Ahead
- end-markets continue to experience pressure from the higher interest rate environment
- end-markets continue to experience pressure from economic uncertainty
- resulting in lower activity levels
- resulting in a decrease in demand for building products
- experienced a meaningful decline in volume for some of our key product categories, particularly those tied to new residential construction like engineered wood products
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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