Q4 sales on the rise for Foundation Building Materials
Foundation Building Materials (FBM) delivered fourth quarter 2018 net sales $516.2 million, an increase of 16.3% compared to net sales of $443.7 for the fourth quarter of 2017.
The specialty building products distributor said net sales from base business branches contributed $439.1 million of the increase, driven by strong commercial activity, price increases and product expansion into new geographic markets.
For the full year, FBM posted net sales of $2 billion, a 14.2% increase from net sales of $1.8 billion in 2017.
The Tustin, Calif.-based company reported a net income of $18.25 million for the fourth quarter compared to a net loss of $12.18 million for the same period a year ago. For 2018, FBM posted a net income of nearly $75.9 million, down from a net income of $82.5 million in 2017.
FBM completed four acquisitions in 2018 adding 16 branches with combined annualized net sales in excess of $130 million. The company also opened 5 greenfield branches in 2018 and said it expects to open 4 to 6 more branches by the end of 2019.
With a focus on the distribution of wallboard, suspended ceiling systems, and metal framing FBM operates more than 175 branches across the United States and Canada.
The specialty building products distributor said net sales from base business branches contributed $439.1 million of the increase, driven by strong commercial activity, price increases and product expansion into new geographic markets.
For the full year, FBM posted net sales of $2 billion, a 14.2% increase from net sales of $1.8 billion in 2017.
The Tustin, Calif.-based company reported a net income of $18.25 million for the fourth quarter compared to a net loss of $12.18 million for the same period a year ago. For 2018, FBM posted a net income of nearly $75.9 million, down from a net income of $82.5 million in 2017.
FBM completed four acquisitions in 2018 adding 16 branches with combined annualized net sales in excess of $130 million. The company also opened 5 greenfield branches in 2018 and said it expects to open 4 to 6 more branches by the end of 2019.
With a focus on the distribution of wallboard, suspended ceiling systems, and metal framing FBM operates more than 175 branches across the United States and Canada.