It was a flat second quarter for Builders FirstSource, but the corporate did generate $45 million in incremental digital sales.
Builders FirstSource also says it’s still heading in the right direction to generate $1 billion in digital sales as soon as 2026.
The corporate is a manufacturer and supplier of constructing products, prefabricated components and services. Its sales totaled $4.50 billion in Q2 2024. That’s a decrease of 1.6% from sales of $4.52 billion within the second quarter of 2023.
Net income was $344.1 million in Q2, which compares with $404.6 million within the prior yr.
“While we proceed to see weaker-than-expected single-family starts, slowing multi-family, and broader housing and affordability challenges, we’re executing our strategy by controlling what we are able to control, investing in value-added solutions, and driving adoption of our industry-leading digital platform,” says CEO David Rush.
Builders FirstSource digital sales in Q2
Builders FirstSource launched a brand new ecommerce platform in February.
The brand new platform enables users to:
- Plan projects including intake and mark-up.
- Make structural adjustments and finish selections online.
- Review frames and walk with suppliers and builders.
- Request an estimate across all product categories.
- Review quotes, purchase material and track orders.
- Set a schedule and align material receipt and labor.
- View Builders FirstSource invoices and track full project costs.
To date, digital sales are slow, but steadily increasing, Rush told analysts on a recent earnings call.
“Since launching in late February, now we have seen the worth of orders placed through the digital platform go from zero to over $250 million,” he said. “Yr-to-date through Q2, incremental sales have totaled $45 million. While we still have an extended approach to go, we remain confident in our ability to satisfy our goal of $1 billion in incremental sales by 2026, as we grow wallet share and win latest customers.”
Much of the corporate’s focus within the second quarter was constructing greater for its ecommerce platform, myBLDR.com.
“As we began to roll out the digital and the adoption, I feel it probably isn’t a surprise that now we have gone first to our employees and we’ve gotten them up to the mark on the advantages of digital,” Rush told analysts, based on a transcript from SeekingAlpha. “The shoppers that we’ve gone to initially have been existing customers. While we provide you with that stat of orders through the system of $250 million, now we expect fully that existing customers push in orders through the system.”
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