BlueLinx turns big earnings in Q4
Building products distributor BlueLinx Holdings reported net sales of $433.6 million for the fourth quarter of 2017, up 2.8% from net sales of $421.7 million in the fourth quarter 2016.
Building products distributor BlueLinx Holdings reported net sales of $433.6 million for the fourth quarter of 2017, up 2.8% from net sales of $421.7 million in the fourth quarter 2016.
But for the full year, sales fell 3.5% to $1.82 billion in 2017 from net sales of $1.88 billion in 2016.
The Atlanta-based company also reported a net income of $53.5 million for the quarter, up more than 400% from a net income of $10.4 million in the fourth quarter a year ago. For the full year, BlueLinx posted a net income of $63 million, a 34% increase from a net income of $46.9 million in 2016.
BlueLinx also recently paid off the remaining mortgage principal of approximately $98 million. The payment was funded through long-term sale leaseback transactions on four properties owned by the company, which provided $110 million in aggregate sale proceeds, the company said.
“These results, coupled with the four sale-leaseback transactions we completed on January 10, 2018, position us well to capitalize on our anticipated continued strength in the markets we serve,” Mitch Lewis, BlueLinx president and CEO, said in a statement.
Despite the drop-off in sales for the year, Susan O’Farrell, SVP and CFO described 2017 as “exceptional for BlueLinx.”
“Our continued focus on deleveraging the business led to one of the best years in company history as we improved our financial results and significantly reduced our debt,” O’Farrell said.
But for the full year, sales fell 3.5% to $1.82 billion in 2017 from net sales of $1.88 billion in 2016.
The Atlanta-based company also reported a net income of $53.5 million for the quarter, up more than 400% from a net income of $10.4 million in the fourth quarter a year ago. For the full year, BlueLinx posted a net income of $63 million, a 34% increase from a net income of $46.9 million in 2016.
BlueLinx also recently paid off the remaining mortgage principal of approximately $98 million. The payment was funded through long-term sale leaseback transactions on four properties owned by the company, which provided $110 million in aggregate sale proceeds, the company said.
“These results, coupled with the four sale-leaseback transactions we completed on January 10, 2018, position us well to capitalize on our anticipated continued strength in the markets we serve,” Mitch Lewis, BlueLinx president and CEO, said in a statement.
Despite the drop-off in sales for the year, Susan O’Farrell, SVP and CFO described 2017 as “exceptional for BlueLinx.”
“Our continued focus on deleveraging the business led to one of the best years in company history as we improved our financial results and significantly reduced our debt,” O’Farrell said.
