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BlueLinx expects 2Q profit, 3Q charge

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By AP
16 July 2008 @ 08:59 am EST

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ATLANTA - BlueLinx Holdings Inc., which distributes building supplies, said Wednesday it expects a second-quarter profit, beating analyst predictions for a loss in the period, and anticipates a third-quarter charge to exit its custom millings operations in California.

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BlueLinx predicted earnings for the quarter ended June 28 between 18 cents and 24 cents per share on $835 million in revenue.

Analysts polled by Thomson Financial expect a loss of 23 cents per share on $806 million in revenue.

BlueLinx said its quarterly results benefited from higher product prices and efforts to improve margins.

"While we are pleased with the results of the current quarter, we continue to operate in one of the worst housing markets on record," Chairman and Interim Chief Executive Howard Cohen said in a statement.

BlueLinx is scheduled to report second-quarter results on July 30.

The company also said its board of directors approved a plan to exit its custom millings operations in California, resulting an a pretax charge of $4 million, or an after-tax charge of 8 cents per share, in the third quarter. Analysts expect a third-quarter loss of 20 cents per share, according to Thomson.

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