BlueLinx Holdings Inc (NYSE:BXC) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET
Company Participants
Tom Morabito - Investor Relations
Shyam Reddy - President, CEO
Andy Wamser - SVP & CFO
Conference Call Participants
Greg Palm - Craig-Hallum Capital Group
Reuben Garner - Benchmark Company
Kurt Yinger - D.A. Davidson
Jeffrey Stevenson - Loop Capital Markets
Operator
Call has been recorded. We will begin with the opening remarks and introductions. At this time I would like to turn the conference over to your host, Investor Relations Officer, Tom Morabito. Please go ahead sir.
Tom Morabito
Thank you operator and welcome to the BlueLinx Third Quarter 2023 Earnings Call. Joining me on today's call is Shyam Reddy, our President and Chief Executive Officer and Andy Wamser, our Chief Financial Officer. At the end of today's prepared remarks we will take questions.
Our third quarter news release and Form 10-Q were issued yesterday after the close of the market, along with our webcast presentation. And these items are available in the Investors section of our website, bluelinxco.com. We encourage you to follow along with the detailed information on those slides during our webcast.
Today's discussion contains forward-looking statements. Actual results may differ significantly from those forward-looking statements due to various risks and uncertainties, including the risks described in our most recent SEC filings.
Today's presentation includes certain non-GAAP and adjusted financial measures that we believe provide helpful context for investors evaluating our business. Reconciliations to the closest GAAP financial measure can be found in the appendix of our presentation.
Now, I’ll turn it over to Shyam.
Shyam Reddy
Thanks, Tom, and good morning, everyone. We are pleased with our third quarter results given the higher interest rate environment that's impacting the housing and building product sector.
The BlueLinx team punctuated the quarter with strong margins and specialty products, which accounted for about 70% of our net sales. We continue to generate solid margins in our structural business, and when combined with our margins and specialty products, the team produced strong free cash flow.
We also demonstrated our clear commitment to returning capital to shareholders by completing our share repurchase program and by announcing a new $100 million share repurchases authorization. These results reflect our relentless commitment to the company's primary strategic priorities.
First, we remain focused on growing five key high-margin specialty product categories that are not only two-step distribution-friendly, they also support the long-term prospects of the housing industry and personal preferences of the American consumer.