BlueLinx net income up 18 percent
BlueLinx Holdings, the third-ranked distributor on the Home Channel News Top 150 Distributors Scoreboard, posted second-quarter results this morning that fell in line with Wall Street estimates.
Net income rose 18 percent to $6.6 million, compared with $5.4 million in the year-ago period. Sales fell 23 percent to $834.7 million from $1.08 billion in last year’s second quarter.
The company did see an improvement in gross margins, due to product price increases and increased margins across all the distributor’s product categories, according to a statement.
"While we are pleased with our result. We expect the current housing market downturn to continue through 2009," said Howard Cohen, chairman and interim CEO. “We remain focused on managing cash flow by tightly managing inventories, receivables and our operating expenses.”
Cohen added that BlueLinx is “financially positioned to be able to continue executing throughout this housing downturn.”
BlueLinx was ranked third on HCN’s Top 150 Distributors Scoreboard, with sales of $3.83 billion last year.