FBM Q2 profits are through the ceiling
Foundation Building Materials (FBM) reported second quarter net sales of $559.9 million, an increase of 7.2% compared to second quarter 2018 net sales of $522.2 million.
Base business net sales increased 3.4% to $499.0 million for the quarter while average daily base business net sales also grew 3.4% for the period, driven by new markets and commercial sales.
Net sales for the first six months of 2019 increased 9% to $1.075 billion compared to net sales of $986 million for the first half of 2018.
FBM posted a net income from continuing operations of $14.7 million during the second quarter - a $13.2 million increase from profits of $1.5 million in corresponding quarter a year ago. For the first half of the year, the company posted a net income from continuing operations of $18.2 million as compared to an income of $4.3 million in the first half of last year.
Based in Tustin, Calif., Foundation Building Materials is a specialty building products distributor of wallboard, suspended ceiling systems, and metal framing with more than 175 branches in the United States and Canada.
###
The bottom line: Profits surge to $14.7 million as sales rise more than 7% to
$559.9 million.
What the CEO said: "Our strong underlying profitability highlighted our second quarter results," said Ruben Mendoza, president and CEO. "Despite adverse weather affecting our net sales, we continue to see solid demand in our core non-residential construction markets, and we are on track to exceed our financial objectives for the year."
Company info: The full second quarter 2019 report from Foundation Building Materials can be read here.
Base business net sales increased 3.4% to $499.0 million for the quarter while average daily base business net sales also grew 3.4% for the period, driven by new markets and commercial sales.
Net sales for the first six months of 2019 increased 9% to $1.075 billion compared to net sales of $986 million for the first half of 2018.
FBM posted a net income from continuing operations of $14.7 million during the second quarter - a $13.2 million increase from profits of $1.5 million in corresponding quarter a year ago. For the first half of the year, the company posted a net income from continuing operations of $18.2 million as compared to an income of $4.3 million in the first half of last year.
Based in Tustin, Calif., Foundation Building Materials is a specialty building products distributor of wallboard, suspended ceiling systems, and metal framing with more than 175 branches in the United States and Canada.
###
The bottom line: Profits surge to $14.7 million as sales rise more than 7% to
$559.9 million.
What the CEO said: "Our strong underlying profitability highlighted our second quarter results," said Ruben Mendoza, president and CEO. "Despite adverse weather affecting our net sales, we continue to see solid demand in our core non-residential construction markets, and we are on track to exceed our financial objectives for the year."
Company info: The full second quarter 2019 report from Foundation Building Materials can be read here.