BlueLinx Holdings Inc. reported a decline in financial performance for the third quarter and the first nine months of fiscal 2024 compared to the same periods in fiscal 2023. For the three months ended September 28, 2024, net sales were $747.3 million, down 7.7% from $809.9 million in the prior year. Similarly, net sales for the nine months decreased to $2.24 billion from $2.42 billion, reflecting a 7.5% decline.
Gross profit for the third quarter was $125.7 million, representing 16.8% of net sales, compared to $139.2 million and 17.2% in the previous year. For the nine-month period, gross profit fell to $375.8 million, or 16.8% of net sales, down from $408.6 million and 16.9%. The decrease in gross profit was attributed to price deflation in structural products and a decline in sales volume across various product lines, particularly in specialty and structural products.
Operating income also saw a significant drop, with $24.0 million for the third quarter, down from $39.7 million, and $75.5 million for the nine months, compared to $111.3 million in the prior year. Net income for the third quarter was $16.0 million, or $1.87 per diluted share, down from $24.4 million and $2.71 per diluted share in the same quarter of 2023. For the nine months, net income decreased to $47.8 million, or $5.53 per diluted share, from $66.7 million and $7.38 per diluted share.
The company recognized refunds related to antidumping duties, which positively impacted gross margins. In the third quarter, refunds amounted to $3.8 million, while for the nine months, they totaled $20.7 million. Additionally, a $2.4 million inventory write-down in the second quarter was offset by the sale of the affected inventory in the third quarter, improving gross margins for structural products.
As of September 28, 2024, BlueLinx had cash and cash equivalents of $526.3 million and total assets of $1.61 billion, an increase from $1.54 billion at the end of the previous fiscal year. The company maintained a strong liquidity position with $346.5 million available under its revolving credit facility and zero outstanding borrowings.
Strategically, BlueLinx is focusing on enhancing its product mix towards higher-margin specialty products and expanding its service offerings. The company is also pursuing growth through opportunistic mergers and acquisitions and geographic expansion. In the first nine months of fiscal 2024, BlueLinx repurchased $30.0 million of its common stock, reflecting its commitment to returning capital to shareholders.
About BlueLinx Holdings Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.