Builders FirstSource reported third-quarter 2024 net income of $284.8 million, or $2.44 per share. Adjusted earnings per share were $3.07, falling short of the average analyst estimate of $3.09 per share.
The company posted revenue of $4.23 billion for the quarter, a 6.7% decrease year-over-year, and missed the Street's forecast of $4.47 billion. Despite the top-line pressure, Builders FirstSource maintained a mid-teens EBITDA margin and completed six acquisitions during the quarter.
Builders FirstSource also announced a leadership transition, with Dave Rush retiring as President and CEO effective November 6, 2024, after 25 years of service. Peter Jackson, the incoming CEO, and Pete Beckmann, the incoming CFO, will assume their new roles, with Mr. Rush remaining on the Board and as a special advisor through March 2025 to ensure a smooth transition. The company expects full-year 2024 revenue to be in the range of $16.25 billion to $16.55 billion.
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