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Merger propels Builders FirstSource to record year

DALLAS — Builders FirstSource, Inc. has reported record results for the fourth quarter and full year ended December 31, 2021. The company ranked at the top of the inaugural LBM Journal 100 list.

Highlights from fourth quarter 2021 earnings reports include:

  • Net sales of $4.6 billion for the quarter increased 83.1% driven by the merger with BMC, double-digit organic growth, and commodity inflation.
  • Gross profit of $1.5 billion increased 122.0% driven by the merger with BMC, double-digit organic growth, and commodity inflation.
  • Net income grew 216.2% to $442.5 million, or $2.31 per diluted share, and adjusted net income increased 247.6% to $532.4 million, or $2.78 per diluted share.
  • The company repurchased approximately 16.5 million shares of its common stock for a total cost of approximately $1.2 billion.

Full year 2021 BFS highlights include:

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  • Net sales of $19.9 billion for the period increased 132.4% driven by the merger with BMC, commodity inflation, and strong organic growth.
  • Gross profit of $5.9 billion increased 163.3% driven by the merger with BMC, commodity inflation, and strong organic growth.
  • Net income increased 450.3% to $1.7 billion, or $8.48 per diluted share, and adjusted net income grew 464.8% to $2.1 billion, or $10.32 per diluted share.

“We achieved another quarter of double-digit core organic growth to conclude an outstanding year of above market performance and record results in 2021. On a pro forma basis in 2021, we delivered core organic growth of 21% and produced record sales of nearly $20 billion to deliver over $3 billion of Adjusted EBITDA and a record adjusted EBITDA margin of 15.4%. Our business is strong and we grew sales by more than 25% and adjusted EBITDA by more than 60%. I am extremely proud of our team members who achieved these outstanding results despite the many supply chain challenges impacting our industry,” said Dave Flitman, CEO of Builders FirstSource.

Flitman continued, “Looking at our progress, we are clearly leveraging the strength of our industry-leading platform, national network, operating model and robust demand environment to deliver exceptional growth, profitability and free cash flow. In addition, we continued to execute on our strategic priorities to invest both organically and through M&A, while returning capital to our shareholders through share repurchases. With a thoughtful and disciplined approach to deploying our capital, we are transforming the homebuilding industry through our investments in digital, expanding valued-added offerings for our customers, and making strategic acquisitions that bolster and extend our industry leadership position. For 2022, we continue to expect strong demand in single-family housing and across our portfolio of value-added products and solutions.”

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