01:22 PM EDT, 05/07/2024 (MT Newswires) -- (Updates with stock movement in the headline and the first paragraph.)

Builders FirstSource ( BLDR ) shares declined more than 19% in recent trading Tuesday, after the company posted a drop in Q1 adjusted earnings earlier in the day.

The company reported Q1 adjusted earnings of $2.65 per diluted share, down from $2.96 a year earlier.

Analysts polled by Capital IQ expected $2.33.

Net sales for the quarter ended March 31 were $3.89 billion, up from $3.88 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.83 billion.

For 2024, the building supplies company reiterated its previous net sales guidance of $17.5 billion to $18.5 billion. Analysts surveyed by Capital IQ expect $17.98 billion.

Price: 162.00, Change: -38.88, Percent Change: -19.35