Builders FirstSource Shares Rise On Better-than-expected Q1 Results

(RTTNews) - Shares of building products supplier, Builders FirstSource, Inc. (BLDR) are rising more than 11% Wednesday morning after reporting better-than-expected first-quarter results.

Net income decreased to $333.79 million, or $2.41 per share in the first quarter from $639.64 million, or $3.56 per share in the same quarter a year ago.

Excluding one-time items, earnings were $410.3 million, or $2.96 per share, that beat the average estimate of 12 analysts polled by Thomson-Reuters of $1.51 per share.

Net sales decreased 31.6% to $3.883 billion driven by weaker housing environment and commodity deflation, but beat the consensus estimate of $3.58 billion.

Looking forward to the second quarter, Builders FirstSource expects sales to be in the range of $4.0 billion - $4.2 billion. Analysts see revenue of $4.3 billion for the quarter.

BLDR is at $106.20 currently. It has traded in the range of $48.91-$105.96 in the last 1 year.