The San Francisco-based provider of construction materials says analysts' consensus estimate for the third quarter had been 68 cents per share, and commodity wood products made up about 43% of its year-to-date sales. The company delivered the news after the close of markets Monday. In early trading Tuesday, BMHC stock was trading at $7.75, off $1.25 from Monday's close. The stock's 52-week low is $7.125.
Robert Mellor, president and CEO of BMHC, says the company's diversification into value-added products and services, as well as the framing business, helped to soften the blow. "These anticipated price levels, should they persist, would be approximately 20% below the fourth quarter of 1999," said Mellor in a prepared statement.
BMHC, through its wholly wned subsidiaries BMC West and BMHC Framing, provides building materials and services to professional residential, commercial and industrial contractors and builders as well as professional repair and remodel contractors. The company currently operates 56 building materials centers in California, Colorado, Idaho, Montana, Nevada, North Carolina, Oregon, Texas, Utah, Washington and Wyoming.
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