BlueLinx Holdings Inc. (NYSE: BXC), Marietta, Georgia, reported net sales of $1 billion in the first quarter compared to $662 million in the same quarter a year ago, which marked a 58% year-over-year increase. BlueLinx also reported a gross profit of $180 million compared to $93 million in the prior year period.
First quarter net sales for specialty products, which includes products such as engineered wood, cedar, molding, siding, metal products and insulation, accounted for $563 million of net sales in the period, up from $421 million in the prior year period. BlueLinx said the $142 million improvement year-over-year was primarily the result of price increases.
“The ongoing supply-demand imbalances for many of our products contributed to further price escalations during the first quarter, a trend that is continuing in the second quarter,” said President and CEO Mitch Lewis. “We are a beneficiary of these price escalations, which are a key near-term driver of improved margin realization and profitability, while remaining focused on preemptive actions to help mitigate the impact of downside commodity price risk.”
BlueLinx announced last month that Lewis will step down as will step down as president and CEO of the company on June 7. Dwight A.K. Gibson will take over as president and CEO on the same day that Lewis leaves the company.
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