Stock Building Supply today posted a net 1Q15 income of $1.9 million, swinging from its net loss of $3.3 million this time last year. That income was generated by net sales of $297.6 million, a 6.3% improvement over its 1Q14 net sales of $280 million.
Though the company turned a net profit in the quarter, it logged an operating loss of $1.6 million. The net profit, says the company, was in part driven by a tax benefit of $3 million from a “previously uncertain tax position.”
The ninth-largest ProSales 100 company also grew its 1Q gross margin percentage to 24%, up 70 basis points from its gross margin percentage of this time last year. Stock president and CEO Jeff Rea attributed his company’s recent gains to “growth in our value-added millwork and other interior and structural component product categories.”
“The combination of operating expense leverage and improved gross margins resulted in strong year over year pull-through of incremental net sales dollars to Adjusted EBITDA,” continued Rea.
Stock recorded total sales of $1.29 billion last year, a nearly one-third increase from its 2012 sales. At the start of 2014, the company reported 70 locations and more than 3,000 employees, according to the ProSales 100 survey.
