BlueLinx Holdings Inc. (NYSE: BXC), a distributor of building products, reported sales for the three months ended July 1, 2023, were $816 million, down 34% from a year ago. Profit was $24 million.
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“During the second quarter, we maintained both our price and cost discipline to deliver solid results in a market that continues to be soft when compared to last year,” said Shyam Reddy, CEO of BlueLinx. “Our specialty product gross margins improved to just over 19%, and we generated operating cash of $64 million during the period, further strengthening our overall financial condition.”
Net sales of specialty products, which includes products such as engineered wood, siding, millwork, outdoor living, specialty lumber and panels and industrial products were $571 million, a decrease of $217 million, or 28% when compared to the second quarter of 2022. This decline was due to a combination of deflation and lower volume, primarily related to engineered wood products.
Net sales of structural products, which includes products such as lumber, plywood, oriented strand board, rebar and remesh, decreased $207 million, or 46%, to $245 million in the second quarter. The decrease in structural sales was due primarily to the year-over-year declines in the average composite price of framing lumber and structural panels, which were 49% and 39% respectively.
Sales for the first six months were $1.6 billion, down from $2.5 billion in the year-ago period. Profit was $42 million.
