Builders FirstSource Joins S&P MidCap 400 Listing
Originally Published by: HBS Dealer — December 18, 2023
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S&P Dow Jones Indices announced changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective before the open of trading on Dec. 18.
Among the latest moves is Builders FirstSource (BLDR) joining the MidCap 400. The announcement was officially made by S&P Dow Jones on Dec. 1.
Builders FirstSource expects full-year sales of about $17 billion for fiscal 2023.
Builders FirstSource told investors the news at a conference held earlier this month, which included a tour of Georgia-based truss plant.
Shares of Builders FirstSource (BLDR) closed at $162.51 on Dec. 15., more than a 140% increase from its price a year ago.
Companies added to the S&P MidCap 400 are representative of the mid-cap market space, according to S&P Dow Jones.
Other major home improvement and building material retailers on the S&P 500 include The Home Depot and Lowe’s.
In the third quarter of 2023, Builders FirstSource said it battled a weak housing market and sagging commodity prices. The Dallas, Texas-based prodealer and building solutions provider reported sales fell 21.3% to $4.5 billion.
Looking ahead, Builders First Source is now forecasting full-year 2023 sales from $16.8 billion to $17.1 billion. The prodealer expects its adjusted EBITDA to reach $2.7 billion to $2.8 billion.
Builders FirstSource operates more than 550 locations in 42 states.