Stock Building Supply, which announced in June that it is merging with an Atlanta-based building materials company, reported second-quarter revenue that missed Wall Street analyst expectations.
Raleigh-based Stock had sales of $350.1 million in the quarter, up 1.6 percent from the same period a year ago. That was below the $367 million that was the consensus among analysts who cover the company, according to Bloomberg. Gross profit rose 5.1 percent to $86.4 million.
The company reported net income of $2.6 million, or 10 cents per diluted share, which included $3.3 million in costs related to Stock’s pending merger with Building Materials Holding Corp. Adjusted net income was $6.5 million, or 25 cents per share, which was in line with the 26 cents per share forecast by analysts.
Stock sells windows, doors and other housing materials in 14 states. Its core customers are both homebuilders and remodeling contractors.
Never miss a local story.
The company’s second-quarter earnings were hurt by unusually wet weather in several of Stock’s key markets and lower commodity prices for housing materials such as lumber.
Stock expects to close on its merger with privately-held MBC in the fourth quarter.
The combined company will have its headquarters in Atlanta, but keep its main operating center in Raleigh. The company will continue to operate under both the Stock Building Supply and BMC names in local markets where each has a presence.