BMC Stock Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018
For the six months, the company reported net sales of $1,832,663,000 against $1,644,075,000 a year ago. Income from operations was $79,746,000 against $42,993,000 a year ago. Income before income taxes was $72,633,000 against $31,693,000 a year ago. Net income was $55,764,000 or $0.82 per diluted share against $21,340,000 or $0.32 per basic and diluted share a year ago. Net cash provided by operating activities was $50,949,000 against $11,224,000 a year ago. Purchases of property, equipment and real estate were $26,287,000 against $34,782,000 a year ago. Adjusted EBITDA was $126,009,000 against $93,140,000 a year ago. Adjusted net income was $62,984,000 against $30,606,000 a year ago. Adjusted net income per diluted share was $0.93 against $0.45 a year ago.
For the full year of 2018, the company continues to expect to spend between $55 million and $65 million on capital expenditures to drive efficiency and further enhance its capabilities while also maintaining its fleet of vehicles. Based on what the company has reported to date, along with its assumptions about commodity prices going forward, the company now expects to achieve net sales growth of 8.5% to 11.5% for full year 2018 and $240 million to $250 million in adjusted EBITDA. This implies that its 2018 incremental adjusted EBITDA margins are expected to be between 12% and 15%, at the higher end of its longer-term goal of 10% to 15%.