BlueLinx Holdings Inc. reported net sales of $865 million in the 4Q 2020, compared to $613 million in the prior year period and gross profit of $124 million, compared to $83 million in the prior year period.
The company reported net income of $20 million in the 4Q 2020, or $2.04 per diluted share, compared to a net loss of $10 million, or $(1.09) per diluted share, in the prior-year period.
Adjusted EBITDA, a non-GAAP measure, was $39 million in the 4Q 2020, compared to $11 million in the prior-year period. Investments in key strategic inventory categories such as cedar, siding and millwork contributed to cash used in operating activities of $19 million in the 4Q 2020, while cash provided by operating activities during the prior year period was $27 million.
“The 4Q was a fantastic conclusion to a historic year for BlueLinx, one where improved execution, pricing discipline, effective inventory management and market tailwinds resulted in record financial performance for the Company and significant debt reduction,” said Mitch Lewis, President and CEO. “We again recorded significant increases in net sales along with strong margins as current market conditions remain favorable, supported by strong demand for new residential construction and increased home renovation activity. Our operational improvements that began in 2019 continued to yield significant benefits as they led to excellent customer service, sales growth, margin expansion and disciplined working capital management. We are enthusiastic about the year as we are motivated to take advantage of our greater financial flexibility and build on our success in 2020.”
BlueLinx Holdings recorded net sales of $3.1 billion and gross profit of $478 million for 2020, compared to $2.6 billion of net sales and $357 million of gross profit in the prior year period.
The company reported net income of $81 million in the 2020 fiscal year, or $8.55 per diluted share, compared to a net loss of $18 million, or $(1.89) per diluted share, in the prior-year period.
Adjusted EBITDA, a non-GAAP measure, was $170 million for the 2020 fiscal year, an increase of $99 million compared to $71 million in the prior-year period. Cash provided by operating activities was $55 million for 2020, compared to cash used in operating activities of $10 million in the prior-year period. The increase was primarily attributable to the year-over-year increase in Adjusted EBITDA offset by an increase in accounts receivable attributable to a significant increase in December sales compared to the prior year period.
BlueLinx is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, metal building products, and other construction materials.
