Builders FirstSource, Inc. reported its results for the 1Q ended March 31, 2021. Net sales for the 1Q 2021 were $4.2 billion, a 54.1% increase compared to a combined pro forma year ago.
Gross profit was $1.1 billion, an increase of $366.6 million or 52.1% compared with the combined pro forma prior year period. Gross margin decreased 40 basis points to 25.6%, primarily due to a one-time purchase accounting adjustment.
1Q 2021 adjusted EBITDA increased 186.8% to $455.2 million, driven by solid demand across single family and repair and remodel/other customer end markets, commodity inflation and cost leverage.
Adjusted EBITDA margin improved to a record 10.9%, which increased 500 basis points compared to 5.9% in the same combined pro forma period a year ago.
Dave Flitman, CEO of Builders FirstSource, commented, “The positive momentum in our business continued with record 1Q results. We are working closely with our customers to reduce cycle times amid material availability constraints and capitalize on strong underlying demand in the single family residential housing market.”
Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components, and value-added services to the professional market segment for new residential construction and repair and remodeling.
