BMHC earnings, sales fall in Q2
Building Materials Holding Corp. (BMHC) reported second-quarter earnings of $19.4 million, down 44 percent from $34.2 million in the same quarter last year. The results included a $5.7 million gain from the sale of real estate, due to the relocation of a building materials operation in Texas.
Sales for the quarter were $697 million, down 24 percent from $922 million last year.
"Market conditions remained very challenging during the second quarter, with year-over-year comparisons continuing to reflect the sharp correction occurring in the home-building sector,” said Robert Mellor, chairman, president and CEO of BMHC. "We continue to adjust our operating costs to current levels of regional home-building activity while maintaining a strong commitment to preserving our service levels to customers."
Sales in the company’s BMC West division were $340 million, down 19 percent from $420 million last year. Income from BMC West operations was $33.2 million, a decrease of 15 percent from $39.2 million in the same quarter of 2006.
In the company’s construction services business, SelectBuild, sales decreased 29 percent to $357 million from $502 million last year. Income from SelectBuild operations was $15.7 million, down 67 percent from $47.1 million last year.
BMHC had sales of $3.2 billion in 2006.