Foundation Building Materials Inc. (NYSE: FBM), Tustin, CA, reported sales for the second quarter of $529.2 million, up 96 percent from the same period a year ago. Organically, sales increased 9 percent. Profit was $1.3 million, up from a loss of $3 million last year.
For the first six months sales were $1 billion, up 96 percent over the same period in 2016. Profit was $5.2 million, up from a loss of $4.2 million.
"These positive results were driven by the strength of our underlying markets, our continued growth via acquisitions, increased cross-selling of products throughout our organization, and our commitment to cost containment and procurement synergies," said Ruben Mendoza, president and CEO.
The company has also completed the acquisition of operating assets of American Wal-Board, LLC and related entities, an independent distributor of drywall, steel framing, insulation, roofing and fireplace products operating in Tennessee and Mississippi. Terms were not disclosed. This is Foundation Building Materials' eighth acquisition of the year.
