Building materials and products distributor US LBM Holdings reported sharply weaker first-quarter earnings as operating expenses ramped up and demand continued to soften in one of the starkest examples yet of the pain engulfing the industry.

The Bain Capital and Platinum Equity-backed company earlier this week reported earnings before interest, taxes, depreciation and amortization of $14 million, about 82% less than the same period in 2025, according to people familiar, who asked not to be identified discussing private information. Sales were at $1.38 billion, down almost 14% compared to the prior year.