Builders FirstSource Inc. (NYSE: BLDR), Dallas, Texas, a supplier of building products, prefabricated components and value-added services, reported sales for its fiscal 2023 first quarter were $3.9 billion, down 31.6% from the prior-year period.
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The drop came amid a weaker housing environment and commodity deflation of 11.8%, partially offset by acquisitions contributing 5.5% growth and one additional selling day contributing 1%. Core organic sales declined by 26.3%.
Core organic sales for Single-Family decreased 34.1%, Multifamily increased 11.5%, and Repair and Remodel/Other increased 3.1%.
Net income for the quarter was $333.8 million, down 47.8% from the prior-year period.
“We are proud of our results for the first quarter given the challenging macro backdrop. We were able to exceed our forecasts through the strength of our product portfolio, continued execution of our strategic priorities, and the tireless effort of our team members,” said Dave Rush, CEO of Builders FirstSource.
