Beacon Reports First Quarter 2024 Results

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Beacon's Q1 2024 financial results reflect a robust net sales growth of 10.4% year-over-year, hitting $1.91 billion. The organic growth across all business lines, coupled with strategic acquisitions, underscores the company's ability to expand despite the challenges in the market. The higher net sales were supported by a mix of organic volume growth, including greenfield expansions and acquisitions contributing over 3% to the net sales increase. However, there's a noted contraction in net income to $5.6 million from $24.8 million, which could be a red flag for investors seeking profitability. The shrinkage in gross margin from 25.5% to 24.7% suggests increased product costs and a higher mix of lower-margin non-residential products. This margin contraction, along with an uptick in operating expenses from 22% to 22.4% of net sales, may indicate scaling challenges. The long-term view seems cautiously optimistic, noting the non-discretionary nature of their end markets which should sustain demand. However, investor sentiment may be tempered by the efficiency of operational execution and the success of initiatives like Ambition 2025.

The expansion of Beacon's footprint, with the addition of 23 branches and 5 greenfield locations, strategically positions the company to capitalize on the upcoming construction season, which could enhance customer reach and service. The acquisition of Smalley & Company further entrenches Beacon into the specialty waterproofing distribution market, a niche that offers growth potential due to the consistent need for repair and restoration services. The focus on digital growth and an expanded private-label product offering may also yield dividends in capturing a more significant market share. However, investors should be vigilant about the cost of such expansions and the integration of new acquisitions, as these can impact profitability, as evidenced by the decreased net income and EBITDA. The market trends within the construction industry will be important to watch, especially the pricing power Beacon can leverage in a potentially inflationary environment for materials.

The reported increase in net sales in residential and non-residential roofing product sales by 9.1% and 17.6% respectively, indicates a positive trend in underlying market demand which is beneficial for investors in the construction sector. However, the modest decline in siding sales points to a potential area of concern that may require strategic adjustments. Given the company's focus on customer experience, pricing and efficiency, Beacon's management seems to be taking proactive steps to navigate the cost pressures and maintain service quality. However, stakeholders should monitor the balance between growth and profitability, particularly how acquired assets like Smalley & Company are integrated into the larger organization without diluting earnings.

05/02/2024 - 04:00 PM

Record first quarter net sales driven by growth across all three lines of business

Disciplined execution led to better-than-expected gross margin

Footprint expansion from acquired and newly opened branches enhancing customer reach and service

Added to our rapidly growing specialty waterproofing distribution platform with recent acquisition of Smalley & Co.

Continued execution on Ambition 2025 including strong growth in digital, expanded private label product offering, pricing model roll-out and customer experience initiative

HERNDON, Va.--(BUSINESS WIRE)-- Beacon (Nasdaq: BECN) (the “Company”, “we”, “our”) announced results today for the first quarter ended March 31, 2024.

“Our record first quarter sales demonstrates the resilience of our business model. We generated organic growth across all three lines of business while delivering better than expected margins,” said Julian Francis, Beacon’s President & CEO. “Our Ambition 2025 initiatives, including our investments in both organic and inorganic growth contributed to the top and bottom line. In April, we took an important step in pursuit of our goal to become the premier specialty waterproofing platform with the acquisition of Smalley & Company, an industry leader in both new construction and restoration markets. Since the end of the fourth quarter, we enhanced our customer reach by acquiring an additional 23 branches and opening 5 greenfield locations. As we enter a key part of the construction season, we stand ready with the products and team members to deliver the high caliber service our customers expect. Looking forward, we expect the fundamentals of our end markets to remain supportive, underpinned by non-discretionary repair and reroofing demand. Our focus will remain on the areas within our control, including enhancing our customer experience, pricing, and efficiency. I am pleased with our team’s achievements in the first quarter of the year and look forward to helping our customers build more.”

First Quarter Financial Highlights

	Three Months Ended March 31,
	2024			2023
(Unaudited; $ in millions, except per share amounts)
Net sales	$	1,912.4		$	1,732.3
Gross profit	$	473.2		$	441.9
Gross margin %		24.7	%		25.5	%

Operating expense	$	428.1		$	381.3
% of net sales		22.4	%		22.0	%
Adjusted Operating Expense¹	$	403.5		$	356.8
% of net sales¹		21.1	%		20.6	%

Net income (loss)	$	5.6		$	24.8
% of net sales		0.3	%		1.4	%
Adjusted Net Income (Loss)¹	$	26.6		$	43.8
% of net sales¹		1.4	%		2.5	%
Adjusted EBITDA¹	$	103.1		$	113.0
% of net sales¹		5.4	%		6.5	%

______________________
1.	Please see the included financial tables for a reconciliation of “Adjusted” non-GAAP financial measures to the most directly comparable GAAP financial measure, as well as further detail on the components driving the net changes over the comparative periods.

First Quarter

Net sales increased 10.4% compared to the prior year to $1.91 billion, a Company record for first quarter net sales. The increase in net sales was driven by organic volume growth including greenfields. Estimated organic volumes (including greenfields) and weighted-average selling price increased approximately 6-7% and 0-1%, respectively. Additionally, acquired branches contributed more than 3% to the increase in first quarter net sales.

Residential roofing product sales increased 9.1%, non-residential roofing product sales increased 17.6%, and complementary product sales increased 5.4% compared to the prior year. The increases in residential and non-residential roofing product sales were primarily due to higher volumes driven by strong underlying market demand. The increase in complementary product sales was largely due to growth in waterproofing volumes as well as the acquisition of additional waterproofing companies since March 31, 2023, partially offset by a modest decline in siding sales as a result of lower volumes. The three-month periods ended March 31, 2024 and 2023 each had 64 business days.

Gross margin decreased to 24.7%, from 25.5% in the prior year, as modestly higher product costs and a higher non-residential product mix offset higher average selling prices for our products. The increases in operating expense and Adjusted Operating Expense were attributable to acquired branches, as well as higher organic selling, general, and administrative (“SG&A”) expense. The increase in organic SG&A expense was primarily from payroll and employee benefit costs due to an increase in headcount to drive growth coupled with wage inflation. Both operating expense as a percent of sales and Adjusted Operating Expense as a percent of sales were higher in the first quarter of 2024, driven by the same factors.

Net income (loss) was $5.6 million, compared to $24.8 million in the prior year. Adjusted EBITDA was $103.1 million, compared to $113.0 million in the prior year. Net income (loss) per common share (“EPS”) on a diluted basis was $0.09, compared to $0.25 in the prior year.

To calculate approximate weighted average selling price and product cost changes, we review organic U.S. warehouse sales of the same items sold regionally period over period and normalize the data for non-representative outliers. To calculate estimated volumes, we subtract the change in weighted average selling price, as described above, from the total changes in sales, excluding acquisitions and dispositions. As a result, and especially in high inflationary periods, the weighted average selling price and estimated volume changes may not be directly comparable to changes reported in prior periods.

During the fourth quarter of 2023, we revised our definition of when a branch classification changes from acquired to existing. Previously, the results of operations of branches were designated as acquired until they had been under our ownership for at least four full fiscal quarters at the start of the fiscal reporting period, after which such branches were classified as existing. Under our new definition, the results of operations of branches will be designated as acquired until they have been under our ownership and have contributed to our results of operations for at least 12 calendar months (inclusive of partial month activity), after which such branches are classified as existing. The effect of this change in definition is that the prior year results of operations for branches will be reclassified to existing when the comparable current month’s financial results are also classified as existing.

Please see the included financial tables for a reconciliation of “Adjusted” non-GAAP financial measures to the most directly comparable GAAP financial measure, as well as further detail on the components driving the net changes over the comparative periods.

Earnings Call

The Company will host a conference call and webcast today at 5:00 p.m. ET to discuss these results. Details for the earnings release event are as follows:

What:	Beacon First Quarter 2024 Earnings Call
When:	Thursday, May 2, 2024
Time:	5:00 p.m. ET
Access:	Register for the conference call or webcast by visiting:
	Beacon Investor Relations – Events & Presentations

Upon registration, participants will receive an email containing event details and unique access codes. To ensure timely access, participants should register for the earnings call at least 10 minutes before the 5:00 p.m. ET start time. An archived copy of the webcast will be available on the Events & Presentations page shortly after the call.

Forward-Looking Statements

This release contains information about management’s view of the Company’s future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. In addition, oral statements made by our directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as “anticipate,” “estimate,” “expect,” “believe,” “will likely result,” “outlook,” “project” and other words and expressions of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended December 31, 2023 and subsequent filings with the U.S. Securities and Exchange Commission. The Company may not succeed in addressing these and other risks. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of building products, including roofing materials and complementary products, such as siding and waterproofing. The Company operates over 550 branches throughout all 50 states in the U.S. and 7 provinces in Canada. Beacon serves an extensive base of nearly 100,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT®, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com.

BEACON ROOFING SUPPLY, INC. Consolidated Statements of Operations (Unaudited; in millions, except per share amounts)

	Three Months Ended March 31,
	2024			% of Net Sales		2023			% of Net Sales
Net sales	$	1,912.4		100.0	%	$	1,732.3		100.0	%
Cost of products sold		1,439.2		75.3	%		1,290.4		74.5	%
Gross profit		473.2		24.7	%		441.9		25.5	%
Operating expense:
Selling, general and administrative		381.5		20.0	%		338.3		19.5	%
Depreciation		25.5		1.3	%		20.7		1.2	%
Amortization		21.1		1.1	%		22.3		1.3	%
Total operating expense		428.1		22.4	%		381.3		22.0	%
Income (loss) from operations		45.1		2.3	%		60.6		3.5	%
Interest expense, financing costs and other, net		38.6		2.0	%		27.8		1.6	%
Loss on debt extinguishment		2.4		0.1	%		—		—	%
Income (loss) before provision for income taxes		4.1		0.2	%		32.8		1.9	%
Provision for (benefit from) income taxes		(1.5	)	(0.1	)%		8.0		0.5	%
Net income (loss)	$	5.6		0.3	%	$	24.8		1.4	%

Reconciliation of net income (loss) to net income (loss) attributable to common stockholders:
Net income (loss)	$	5.6		0.3	%	$	24.8		1.4	%
Dividends on preferred stock		—		—	%		(6.0	)	(0.3	)%
Undistributed income allocated to participating securities		—		—	%		(2.5	)	(0.2	)%
Net income (loss) attributable to common stockholders	$	5.6		0.3	%	$	16.3		0.9	%

Weighted-average common shares outstanding:
Basic		63.6					64.3
Diluted		64.8					65.6

Net income (loss) per common share:
Basic	$	0.09				$	0.25
Diluted	$	0.09				$	0.25

BEACON ROOFING SUPPLY, INC. Consolidated Balance Sheets (Unaudited; in millions)

	March 31,			December 31,			March 31,
	2024			2023			2023
Assets
Current assets:
Cash and cash equivalents	$	134.6		$	84.0		$	74.2
Accounts receivable, net		1,188.5			1,140.2			1,003.7
Inventories, net		1,537.6			1,227.9			1,292.8
Prepaid expenses and other current assets		520.1			444.6			345.7
Total current assets		3,380.8			2,896.7			2,716.4
Property and equipment, net		457.0			436.4			350.8
Goodwill		2,011.1			1,952.6			1,921.1
Intangibles, net		434.0			403.5			437.2
Operating lease right-of-use assets, net		517.3			503.6			460.0
Deferred income taxes, net		2.1			2.1			9.5
Other assets, net		16.2			12.8			8.1
Total assets	$	6,818.5		$	6,207.7		$	5,903.1

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,247.2		$	942.8		$	879.9
Accrued expenses		423.1			498.6			306.4
Current portion of operating lease liabilities		92.0			89.7			95.8
Current portion of finance lease liabilities		29.1			26.2			18.0
Current portion of long-term debt		15.9			10.0			10.0
Total current liabilities		1,807.3			1,567.3			1,310.1
Borrowings under revolving lines of credit, net		111.5			80.0			234.8
Long-term debt, net		2,487.6			2,192.3			1,604.8
Deferred income taxes, net		24.0			20.1			0.3
Other long-term liabilities		1.3			0.5			—
Operating lease liabilities		436.5			423.7			374.6
Finance lease liabilities		109.8			100.3			72.7
Total liabilities		4,978.0			4,384.2			3,597.3

Convertible Preferred Stock		—			—			399.2

Stockholders' equity:
Common stock		0.6			0.6			0.6
Undesignated preferred stock		—			—			—
Additional paid-in capital		1,228.6			1,218.4			1,197.2
Retained earnings		624.4			618.8			724.5
Accumulated other comprehensive income (loss)		(13.1	)		(14.3	)		(15.7	)
Total stockholders' equity		1,840.5			1,823.5			1,906.6
Total liabilities and stockholders' equity	$	6,818.5		$	6,207.7		$	5,903.1

BEACON ROOFING SUPPLY, INC. Consolidated Statements of Cash Flows (Unaudited; in millions)

	Three Months Ended March 31,
	2024			2023
Operating Activities
Net income (loss)	$	5.6		$	24.8
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		46.6			43.0
Stock-based compensation		7.4			6.0
Certain interest expense and other financing costs		0.5			1.1
Loss on debt extinguishment		2.4			—
Gain on sale of fixed assets and other		(1.6	)		(4.2	)
Deferred income taxes		2.8			1.1
Changes in operating assets and liabilities:
Accounts receivable		(38.4	)		8.6
Inventories		(303.2	)		40.0
Prepaid expenses and other current assets		(69.2	)		68.7
Accounts payable and accrued expenses		207.0			(88.8	)
Other assets and liabilities		(0.7	)		0.9
Net cash provided by (used in) operating activities		(140.8	)		101.2

Investing Activities
Capital expenditures		(27.0	)		(22.2	)
Acquisition of business, net		(109.0	)		(27.4	)
Proceeds from sale of assets		1.7			5.1
Purchases of investments		(0.8	)		—
Net cash provided by (used in) investing activities		(135.1	)		(44.5	)

Financing Activities
Borrowings under revolving lines of credit		677.8			442.0
Payments under revolving lines of credit		(646.8	)		(462.5	)
Borrowings under term loan		300.0			—
Payments under term loan		—			(2.5	)
Payment of debt issuance costs		(0.2	)		—
Payments under equipment financing facilities and finance leases		(6.4	)		(4.3	)
Payment of fees for the repurchase of convertible Preferred Stock		(0.1	)		—
Repurchase and retirement of common stock, net		—			(20.9	)
Proceeds from employee stock purchase plan		4.1			—
Payment of dividends on Preferred Stock		—			(6.0	)
Proceeds from issuance of common stock related to equity awards		3.5			4.8
Payment of taxes related to net share settlement of equity awards		(4.8	)		(0.8	)
Net cash provided by (used in) financing activities		327.1			(50.2	)

Effect of exchange rate changes on cash and cash equivalents		(0.6	)		—

Net increase (decrease) in cash and cash equivalents		50.6			6.5
Cash and cash equivalents, beginning of period		84.0			67.7
Cash and cash equivalents, end of period	$	134.6		$	74.2

Supplemental Cash Flow Information
Cash paid during the period for:
Interest	$	40.6		$	20.8
Income taxes, net of refunds	$	3.6		$	5.9
Supplemental Disclosure of Non-Cash Activities
Amounts accrued for repurchases of common stock, inclusive of excise tax	$	—		$	2.2

BEACON ROOFING SUPPLY, INC. Consolidated Sales by Line of Business (Unaudited; in millions)

Sales by Line of Business
	Three Months Ended March 31,								Year-over-Year Change
	2024				2023				Year-over-Year Change
	Net Sales		Mix %		Net Sales		Mix %		$		%
Residential roofing products	$	927.4	48.5	%	$	849.8	49.0	%	$	77.6	9.1	%
Non-residential roofing products		528.6	27.6	%		449.6	26.0	%		79.0	17.6	%
Complementary building products		456.4	23.9	%		432.9	25.0	%		23.5	5.4	%
	$	1,912.4	100.0	%	$	1,732.3	100.0	%	$	180.1	10.4	%


Sales by Business Day^1,2
	Three Months Ended March 31,								Year-over-Year Change
	2024				2023				Year-over-Year Change
	Net Sales		Mix %		Net Sales		Mix %		$		%
Residential roofing products	$	14.5	48.5	%	$	13.3	49.0	%	$	1.2	9.1	%
Non-residential roofing products		8.3	27.6	%		7.0	26.0	%		1.3	17.6	%
Complementary building products		7.1	23.9	%		6.8	25.0	%		0.3	5.4	%
	$	29.9	100.0	%	$	27.1	100.0	%	$	2.8	10.4	%

______________________
1.	The three-month periods ended March 31, 2024 and 2023 each had 64 business days.
2.	Dollar and percentage changes may not recalculate due to rounding.

BEACON ROOFING SUPPLY, INC.
Non-GAAP Financial Measures
(Unaudited; in millions)

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we prepare certain financial measures that are not calculated in accordance with GAAP, specifically:

Adjusted Operating Expense. We define Adjusted Operating Expense as operating expense, excluding the impact of the adjusting items (as described below).
Adjusted Net Income (Loss). We define Adjusted Net Income (Loss) as net income (loss), excluding the impact of the adjusting items (as described below).
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss), excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and the adjusting items (as described below).

We use these supplemental non-GAAP measures to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute our non-GAAP financial measures consistently using the same methods each period.

We believe these non-GAAP measures are useful measures because they permit investors to better understand changes over comparative periods by providing financial results that are unaffected by certain items that are not indicative of ongoing operating performance.

While we believe that these non-GAAP measures are useful to investors when evaluating our business, they are not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. These non-GAAP measures should not be considered in isolation or as a substitute for other financial performance measures presented in accordance with GAAP. These non-GAAP financial measures may have material limitations including, but not limited to, the exclusion of certain costs without a corresponding reduction of net income for the income generated by the assets to which the excluded costs relate. In addition, these non-GAAP financial measures may differ from similarly titled measures presented by other companies.

BEACON ROOFING SUPPLY, INC.
Non-GAAP Financial Measures (continued)
(Unaudited; in millions)

Adjusting Items to Non-GAAP Financial Measures

The impact of the following expense (income) items is excluded from each of our non-GAAP measures (the “adjusting items”):

Acquisition costs. Represent certain direct and incremental costs related to acquisitions, including: amortization of intangible assets; professional fees, branch integration expenses, travel expenses, employee severance and retention costs, and other personnel expenses classified as selling, general and administrative; gains/losses related to changes in fair value of contingent consideration or holdback liabilities; and amortization of debt issuance costs. Acquisition costs are impacted by the timing and size of the acquisitions. We exclude acquisition costs from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts vary significantly based on the magnitude of the acquisition and do not reflect our core operations.

Restructuring costs. Represent costs stemming from headcount rationalization efforts and certain rebranding costs; impact of divestitures; amortization of debt issuance costs; debt refinancing and extinguishment costs; and abandoned lease costs. We exclude restructuring costs from our non-GAAP financial measures, as such items vary significantly based on the magnitude of the restructuring activity and also do not reflect expected future operating expenses. Additionally, these costs do not necessarily provide meaningful insight into the current or past core operations of our business.

The following table presents the pre-tax impact of the adjusting items on our consolidated statements of operations for each of the periods indicated:

	Operating Expense				Non-Operating Expense
	SG&A		Amortization		Interest Expense		Other (Income) Expense		Total
Three Months Ended March 31, 2024
Acquisition costs	$	3.0	$	21.1	$	1.0	$	—	$	25.1
Restructuring costs¹		0.5		—		0.5		2.4		3.4
Total adjusting items	$	3.5	$	21.1	$	1.5	$	2.4	$	28.5
Three Months Ended March 31, 2023
Acquisition costs	$	1.7	$	22.3	$	1.0	$	—	$	25.0
Restructuring costs		0.5		—		0.3		—		0.8
Total adjusting items	$	2.2	$	22.3	$	1.3	$	—	$	25.8

______________________
1.	Other (income) expense for the three months ended March 31, 2024 consists of a loss on debt extinguishment of $2.4 million as a result of the refinancing of our 2028 Term Loan.

BEACON ROOFING SUPPLY, INC.
Non-GAAP Financial Measures (continued)
(Unaudited; in millions)

Adjusted Operating Expense

The following table presents a reconciliation of operating expense, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted Operating Expense for each of the periods indicated:

	Three Months Ended March 31,
	2024			2023
Operating expense	$	428.1		$	381.3
Acquisition costs		(24.1	)		(24.0	)
Restructuring costs		(0.5	)		(0.5	)
Adjusted Operating Expense	$	403.5		$	356.8

Net sales	$	1,912.4		$	1,732.3
Operating expense as % of sales		22.4	%		22.0	%
Adjusted Operating Expense as % of sales		21.1	%		20.6	%

Adjusted Net Income (Loss)

The following table presents a reconciliation of net income (loss), the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted Net Income (Loss) for each of the periods indicated:

	Three Months Ended March 31,
	2024			2023
Net income (loss)	$	5.6		$	24.8
Adjusting items:
Acquisition costs		25.1			25.0
Restructuring costs		3.4			0.8
Total adjusting items		28.5			25.8
Less: tax impact of adjusting items¹		(7.5	)		(6.8	)
Total adjustments, net of tax		21.0			19.0
Adjusted Net Income (Loss)	$	26.6		$	43.8

Net sales	$	1,912.4		$	1,732.3
Net income (loss) as % of sales		0.3	%		1.4	%
Adjusted Net Income (Loss) as % of sales		1.4	%		2.5	%

______________________
1.	Amounts represent the tax impact of adjustments that are not included in our income tax provision (benefit) for the periods presented. The tax impact of adjustments for the three months ended March 31, 2024 and 2023 were calculated using a blended effective tax rate of 26.3% and 26.4%, respectively.

BEACON ROOFING SUPPLY, INC.
Non-GAAP Financial Measures (continued)
(Unaudited; in millions)

Adjusted EBITDA

The following table presents a reconciliation of net income (loss), the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA for each of the periods indicated:

	Three Months Ended March 31,
	2024			2023
Net income (loss)	$	5.6		$	24.8
Interest expense, net		39.1			29.0
Income taxes		(1.5	)		8.0
Depreciation and amortization		46.6			43.0
Stock-based compensation		7.4			6.0
Acquisition costs¹		3.0			1.7
Restructuring costs¹		2.9			0.5
Adjusted EBITDA	$	103.1		$	113.0

Net sales	$	1,912.4		$	1,732.3
Net income (loss) as % of sales		0.3	%		1.4	%
Adjusted EBITDA as % of sales		5.4	%		6.5	%

______________________
1.	Amounts represent adjusting items included in SG&A expense and other (income) expense; remaining adjusting item balances are embedded within the other line item balances reported in this table.

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INVESTOR CONTACT

Binit Sanghvi

VP, Capital Markets and Treasurer

Binit.Sanghvi@becn.com

972-369-8005

MEDIA CONTACT

Jennifer Lewis

VP, Communications and Corporate Social Responsibility

Jennifer.Lewis@becn.com

571-752-1048

Source: Beacon

FAQ

What was Beacon's first quarter net sales growth for 2024?

Beacon's first quarter net sales for 2024 increased by 10.4% to $1.91 billion.

What contributed to the increase in net sales for Beacon in the first quarter?

The increase in net sales was driven by organic volume growth, acquisitions, and higher selling prices.

What was the residential roofing product sales growth for Beacon in the first quarter?

Residential roofing product sales for Beacon increased by 9.1% compared to the prior year.

What factors led to the decrease in gross margin for Beacon in the first quarter?

Higher product costs and a shift in product mix led to the decrease in gross margin for Beacon in the first quarter.

What changes did Beacon make to its branch classification criteria in the fourth quarter of 2023?

Beacon revised its branch classification criteria to reflect operational changes, impacting financial reporting.

When will Beacon host its First Quarter 2024 Earnings Call?

Beacon will host its First Quarter 2024 Earnings Call on Thursday, May 2, 2024, at 5:00 p.m. ET.

Beacon Reports First Quarter 2024 Results

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FAQ

What was Beacon's first quarter net sales growth for 2024?

What contributed to the increase in net sales for Beacon in the first quarter?

What was the residential roofing product sales growth for Beacon in the first quarter?

What factors led to the decrease in gross margin for Beacon in the first quarter?

What changes did Beacon make to its branch classification criteria in the fourth quarter of 2023?

When will Beacon host its First Quarter 2024 Earnings Call?

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Beacon Reports First Quarter 2024 Results

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FAQ

What was Beacon's first quarter net sales growth for 2024?

What contributed to the increase in net sales for Beacon in the first quarter?

What was the residential roofing product sales growth for Beacon in the first quarter?

What factors led to the decrease in gross margin for Beacon in the first quarter?

What changes did Beacon make to its branch classification criteria in the fourth quarter of 2023?

When will Beacon host its First Quarter 2024 Earnings Call?

NASDAQ:BECN

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