BlueLinx Holdings Inc. (NYSE:BXC) Q4 2023 Earnings Conference Call February 21, 2024 10:00 AM ET

Company Participants

Tom Morabito - Investor Relations Officer

Shyam Reddy - President and CEO

Andy Wamser - CFO

Conference Call Participants

Greg Palm - Craig-Hallum Capital Group

Jeffrey Stevenson - Loop Capital

Reuben Garner - Benchmark Company

Kurt Yinger - D.A. Davidson

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the BlueLinx Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode, and today's call is being recorded. We will begin with 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.

Tom Morabito

Thank you, operator, and welcome to the BlueLinx fourth quarter and full year 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'll take questions.

Our fourth quarter and full year news release and Form 10-K 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 both our fourth quarter and full year of 2023 results, especially in a year when rising interest rates and macroeconomic uncertainty impacted demand in the housing and building product sector. Our margins remain strong in specialty products, which accounted for about 70% of our net sales for both the quarter and the full year and we continue to generate solid margins in our structural products business.

During the quarter, we also demonstrated our commitment to returning capital to shareholders by repurchasing shares under our new $100 million share repurchase authorization. For the year, we returned $42 million to shareholders, which includes repurchases under our previous $100 million share repurchase authorization.