BlueLinx reports Q3 EPS $2.98, consensus $2.85

Reports Q3 revenue $810M, consensus $839.99M. “Our third quarter results demonstrate our ability to execute on our strategy, despite a challenging interest rate environment adversely impacting the housing and building products sector,” said Shyam Reddy, President, and CEO of BlueLinx. “We were pleased with our financial results, especially our strong margins in specialty products which accounted for about 70% of our net sales. Structural products also had solid margins and continue to support our specialty business. In addition, we returned $18 million to shareholders under our previous $100 million share repurchase program, which is now complete. Today we announced a new $100 million share repurchase authorization, further demonstrating our commitment to returning capital to shareholders.” “Our continued strong free cash flow generation contributed to ending the quarter with $470 million in cash on hand and net leverage of 0.5x.” said Andy Wamser, Chief Financial Officer of BlueLinx. “We remain focused on growing our higher margin specialty business, continuing to make improvements in our operations, and maintaining a consistent and balanced approach to capital allocation to drive long-term shareholder value.”