BlueLinx reports Q1 EPS $2.53, consensus $2.46

Reports Q1 revenue $798M, consensus $854.56M. "Our first quarter performance reflected the continued execution of our long-term strategy in a challenging market, guided by a continued focus on high-value specialty categories and operational, pricing, and procurement excellence across our distribution network," stated Shyam Reddy, CEO of BlueLinx. "Despite a decline in demand for building products across our industry since late last year, we worked hard to maintain both our price and cost discipline, resulting in solid margin performance, lower operating expenses and strong operating cash flow. BlueLinx remains well-positioned for future growth by leveraging its national scale, deep supplier and customer relationships and fortified balance sheet," continued Reddy. "We will remain disciplined in our approach to capital allocation to drive long-term value creation and we intend to repurchase $34M of the company’s common stock under our existing $100M dollar share repurchase program in the near term."