BlueLinx Holdings Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>BlueLinx Holdings Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational status.</b>

AI Summary

BlueLinx Holdings Inc. (BXC) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. BlueLinx Holdings Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 28th. BlueLinx Holdings Inc. is classified under SIC code 5031 (Wholesale-Lumber, Plywood, Millwork & Wood Panels). The filing was made on April 30, 2024.

Why It Matters

For investors and stakeholders tracking BlueLinx Holdings Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, allowing for an assessment of BlueLinx's performance and trends. Understanding the company's financial health and operational segments is crucial for evaluating its stock performance and future prospects.

Risk Assessment

Risk Level: medium — BlueLinx Holdings Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but lacks forward-looking guidance or significant strategic shifts that would indicate higher or lower risk.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures for Q1 2024.

Key Numbers

• 2024-03-30 — Period of Report (Conformed period of report)
• 2024-04-30 — Filing Date (Date the 10-Q was filed)
• 12/28 — Fiscal Year End (Fiscal year end date for BlueLinx Holdings Inc.)
• 5031 — SIC Code (Standard Industrial Classification for BlueLinx Holdings Inc.)

Key Players & Entities

• BlueLinx Holdings Inc. (company) — Filer of the 10-Q report
• 0001301787 (company) — Central Index Key for BlueLinx Holdings Inc.
• 5031 (industry) — Standard Industrial Classification for BlueLinx Holdings Inc.
• 2024-03-30 (date) — Conformed period of report
• 2024-04-30 (date) — Filing date
• 1950 SPECTRUM CIRCLE SUITE 300 MARIETTA GA 30067 (address) — Business and mailing address for BlueLinx Holdings Inc.

FAQ

Industry Context

BlueLinx Holdings Inc. operates in the wholesale distribution of building products, primarily lumber and structural products.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze revenue by segment (Specialty Products, Structural Products, Sales Channel Warehouse, Sales Channel Direct) for Q1 2024.
2. Review balance sheet changes from the prior fiscal year-end (December 31, 2023) to March 30, 2024.
3. Examine any disclosed risk factors or management discussion and analysis for insights into operational challenges or opportunities.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K filed for the fiscal year ended December 31, 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BXC New York Stock Exchange
• $0 — x Holdings Inc. common stock, par value $0.01, outstanding. Table of Contents

Filing Documents

• bxc-20240330.htm (10-Q) — 694KB
• a3302024q1ex311.htm (EX-31.1) — 11KB
• a3302024q1ex312.htm (EX-31.2) — 11KB
• a3302024q1ex321.htm (EX-32.1) — 6KB
• a3302024q1ex322.htm (EX-32.2) — 6KB
• bxc-20240330_g1.jpg (GRAPHIC) — 8KB
• 0001301787-24-000017.txt (&nbsp;) — 4650KB
• bxc-20240330.xsd (EX-101.SCH) — 33KB
• bxc-20240330_cal.xml (EX-101.CAL) — 76KB
• bxc-20240330_def.xml (EX-101.DEF) — 96KB
• bxc-20240330_lab.xml (EX-101.LAB) — 462KB
• bxc-20240330_pre.xml (EX-101.PRE) — 305KB
• bxc-20240330_htm.xml (XML) — 596KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements — BlueLinx Holdings Inc. (Unaudited)

Item 1. Financial Statements — BlueLinx Holdings Inc. (Unaudited) 1 Condensed Consolidated Statements of Operations and Comprehensive Income 1 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Note 1 - Basis of Presentation and Significant Accounting Policies 5 Note 2 - Inventories 6 Note 3 - Goodwill and Other Intangible Assets 7 Note 4 - Revenue Recognition 8 Note 5 - Debt and Finance Leases 9 Note 6 - Net Periodic Pension Cost 11 Note 7 - Share-Based Compensation 11 Note 8 - Lease Commitments 11 Note 9 - Commitments and Contingencies 15 Note 10 - Accumulated Other Comprehensive Loss 15 Note 11 - Income Taxes 15 Note 12 - Earnings Per Share and Stockholders' Equity 16

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BLUELINX HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except per share data) (Unaudited) Three Months Ended March 30, 2024 April 1, 2023 Net sales $ 726,244 $ 797,904 Cost of products sold 598,563 664,365 Gross profit 127,681 133,539 Operating expenses (income): Selling, general, and administrative 91,250 91,174 Depreciation and amortization 9,433 7,718 Amortization of deferred gains on real estate ( 984 ) ( 984 ) Other operating expenses 314 3,116 Total operating expenses 100,013 101,024 Operating income 27,668 32,515 Non-operating expenses: Interest expense, net 4,624 7,687 Other expense, net — 594 Income before provision for income taxes 23,044 24,234 Provision for income taxes 5,552 6,422 Net income $ 17,492 $ 17,812 Basic earnings per share $ 2.02 $ 1.96 Diluted earnings per share $ 2.00 $ 1.94 Comprehensive income: Net income $ 17,492 $ 17,812 Other comprehensive income: Amortization of unrecognized pension gain, net of tax — 239 Other — ( 11 ) Total other comprehensive income — 228 Comprehensive income $ 17,492 $ 18,040 See accompanying Notes. 1 Table of Contents BLUELINX HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 30, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 481,309 $ 521,743 Receivables, less allowances of $ 3,293 and $ 3,398 , respectively 288,244 228,410 Inventories, net 370,942 343,638 Other current assets 32,165 26,608 Total current assets 1,172,660 1,120,399 Property and equipment, at cost 406,918 396,321 Accumulated depreciation ( 175,757 ) ( 170,334 ) Property and equipment, net 231,161 225,987 Operating lease right-of-use assets 34,869 37,227 Goodwill 55,372 55,372 Intangible assets, net 29,768 30,792 Deferred income tax asset, net 53,629 53,256 Other non-current assets 14,186 14,568 Total assets $ 1,591,645

View Full Filing

View this 10-Q filing on SEC EDGAR