BlueLinx Q2 net income falls to $14M from $24M YoY; structural margins compress

BlueLinx Holdings Inc.

2024-Q2 EPS reported $3.66 revenue$1,494,607,000

Net sales $768M (-6% YoY); net income $14M ($1.65 diluted EPS) vs $24M ($2.70) prior year.
Adjusted EBITDA $34M (4.5% of sales) down from $49M (6.0%) YoY.
Specialty gross margin 19.3% (benefited from duty adjustment; ex-item 18.9%); structural margin 7.9% vs 11.0% YoY.
Operating cash flow $36M, free cash flow $29M; $15M in share repurchases during quarter.
Q3 outlook: specialty gross margin 18-19%, structural 8-9%; average daily sales volumes improved vs Q2.

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