Welcome to our dedicated page for Beacon Roofing Supply news (Ticker: BECN), a resource for investors and traders seeking the latest updates and insights on Beacon Roofing Supply stock.
Beacon Roofing Supply, Inc. (NASDAQ: BECN) stands as one of North America's largest distributors of residential and non-residential roofing and complementary building products. With a comprehensive network encompassing 359 locations across 45 states in the U.S. and 6 Canadian provinces, Beacon proudly employs over 4,000 dedicated professionals. Our reputation in the building supply industry is founded on the principles of quality people, quality service, and quality products.
Beacon primarily caters to contractors, home builders, lumberyards, retailers, wholesale distributors, and building materials suppliers. Our extensive product portfolio includes residential and non-residential roofing materials, siding, windows, and waterproofing systems, with the majority of our revenue generated from roofing products. A significant portion of our revenue emanates from the United States.
Founded in 1928, Beacon has grown to become a Fortune 500 company, and our stock is actively traded on the Nasdaq Global Select Market under the ticker symbol BECN. We are recognized for our robust branch network and diverse service offerings, which enable us to serve nearly 100,000 customers effectively. Our private label brand, TRI-BUILT®, and our proprietary digital account management suite, Beacon PRO+, allow customers to manage their businesses seamlessly online.
Beacon's continuous commitment to innovation and customer satisfaction is evident in our recent achievements. We have recently announced the commencement of an underwritten secondary public offering of 5,218,134 shares of our common stock by CD&R Boulder Holdings, L.P., with RBC Capital Markets acting as the sole underwriter. This offering, expected to close soon, showcases our dynamic and growth-oriented approach.
With regional brands like Alabama Roofing Supply, All Weather Products, Beacon Roofing Supply Canada Company, Beacon Sales, Best Distributing, Cassady Pierce, and Coastal Metal Service, we maintain a strong and diverse market presence. Beacon remains dedicated to expanding its footprint and enhancing its product and service offerings to better serve our extensive and varied customer base.
For those interested in joining our team, we invite you to explore career opportunities available on our corporate website. Our commitment to fostering a supportive and engaging work environment ensures that our employees can thrive and contribute to our ongoing success.
Beacon (Nasdaq: BECN) has opened a new branch in Rockford, IL, expanding its service offerings to the growing metro area. This location adds to Beacon’s network of 14 branches in Illinois, providing access to a wide range of residential and commercial roofing products, including its own TRI-BUILT® brand. Local contractors can also utilize the Beacon PRO+ app for on-the-go services. The move aligns with Beacon's Ambition 2025 growth strategy, aiming to enhance customer service and community involvement.
Beacon (NASDAQ: BECN) announced on November 11 the winners of its annual Beacon of Hope contest, which provides new roofs to U.S. and Canadian Veterans. Ten veterans, selected from nominations, will receive free roof replacements through partnerships with local roofing companies. This initiative, now in its fourth year, underscores Beacon's commitment to community support. In addition to the winners, Beacon will also replace the roof on an American Legion Post, further extending its impact in the Veteran community.
Beacon has opened a new greenfield location in Homestead, FL, strengthening its OTC® network in the southeastern Florida market, particularly in Miami-Dade County. This branch offers a variety of products, including roofing and waterproofing materials, enhancing service for local contractors. With ten new openings this year, Beacon aims to improve community support through partnerships, notably with Rebuilding Together. This expansion aligns with Beacon's Ambition 2025 growth goals and enhances its customer service capabilities.
Beacon reported record third quarter sales of $2.42 billion, a 28.8% increase from the previous year, driven by significant price increases and demand growth across all business lines. The acquisition of Coastal Construction Products positions Beacon as a national player in specialty waterproofing, enhancing its offering to commercial roofing contractors. Despite a slight decrease in gross margin to 26.1%, net income surged to $154.8 million, with adjusted EBITDA reaching $284.2 million. The company also repurchased $338 million in common stock, reducing shares outstanding significantly.
Beacon has opened new greenfield branches in Indianapolis, IN and Burnsville, MN, expanding its OTC network in the Midwest. These locations will offer leading roofing and complementary products, including Beacon's own TRI-BUILT brand. Contractors can access Beacon PRO+ through mobile platforms, enhancing operational efficiency. The openings align with Beacon's Ambition 2025 growth strategy. Community support initiatives were also highlighted, emphasizing Beacon's commitment to local engagement.
Beacon has acquired Coastal Construction Products, a top distributor of specialty waterproofing products based in Jacksonville, Florida. This acquisition, part of Beacon's strategic Ambition 2025 initiative, marks its fifth in the last year. Coastal’s operations enhance Beacon’s national presence with 18 locations in the Southeast and Midwest, complementing its existing waterproofing branches in the Western U.S..
The combined revenue of Coastal is projected at $250 million for 2022, contributing to Beacon’s growth potential in a crucial market.
Beacon (Nasdaq: BECN) announces the opening of two new branches in Kentucky and Virginia. The Hampton, VA location enhances service for customers in the Virginia Beach-Norfolk-Newport News-Williamsburg market, offering roofing and complementary products, including TRI-BUILT® brand items. The Leitchfield, KY branch is tailored for lumberyard and building supply customers in rural areas. These openings align with Beacon's Ambition 2025 growth strategy, aimed at serving diverse market needs and facilitating business efficiency.
Beacon (Nasdaq: BECN) has launched the new Beacon PRO+ mobile app, specifically designed for contractors operating on-the-go. This app enhances efficiency by providing quick access to product catalogs, order history, and delivery tracking. Chief Commercial Officer Jonathan Bennett emphasized the app's development based on customer insights to improve mobile capabilities. The app is available for download on both Apple App Store and Google Play Store, aligning with Beacon's Ambition 2025 strategy to enhance digital solutions.
Beacon (Nasdaq: BECN) will release its earnings results for Q3 2022 on November 3, 2022, after market close. A conference call is scheduled for 5:00 p.m. ET on the same day to discuss the results. Interested parties can register for the call via the company’s website. Established in 1928, Beacon is a leading distributor of building products across the U.S. and Canada, serving over 80,000 customers with a vast product range including roofing materials and proprietary digital tools. More information is available at www.becn.com.
Beacon (Nasdaq: BECN) has opened a new greenfield location in Lubbock, Texas, expanding its services to residential and non-residential customers in Crosby, Lubbock, and Lynn counties. The branch offers various roofing products, including the TRI-BUILT™ brand, along with access to Beacon PRO+, a digital platform for contractors. This opening aligns with Beacon's Ambition 2025 initiative, aiming to open approximately 15 locations this year and drive above-market growth.
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