BlueLinx reports Q2 EPS $2.91, consensus $3.22

Reports Q2 revenue $816M, consensus $892.36M. “During the second quarter, we maintained both our price and cost discipline to deliver solid results in a market that continues to be soft when compared to last year,” stated Shyam Reddy, President, and CEO of BlueLinx. “Our specialty product gross margins improved to just over 19%, and we generated operating cash of $64 million during the period, further strengthening our overall financial condition. I am very pleased with the team’s focus on our strategic initiatives and the quality of their execution,” continued Reddy. “The building products market is improving, and two step distribution will continue to play a meaningful role given our product mix and value proposition,” continued Reddy. “We remain focused on the execution of our growth strategy and consistent in our approach to capital allocation to drive long-term value creation. During the second quarter, we invested $5 million in capital expenditures and returned $12 million to shareholders through repurchases of the company’s common stock under our existing $100 million share repurchase program. Our liquidity is exceptional and at the end of the period, net leverage was 0.6x.”