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 partnered with SumoQuote to enhance its eCommerce platform, Beacon PRO+. This integration aims to streamline the quoting process for contractors, allowing them to quickly generate accurate quotes. Jonathan Bennett, Chief Commercial Officer, stated this technology investment is part of their growth strategy, Ambition 2025. SumoQuote's CEO, Ryan Shantz, emphasized the importance of accuracy and efficiency in proposals, highlighting the partnership's potential to improve the contractor-client interaction.
Beacon has opened new branches in College Station and Sherman, Texas, enhancing its service to both residential and non-residential customers in the Bryan-College Station and Sherman-Denison markets. The branches feature leading roofing brands and access to Beacon PRO+, a digital management platform. CEO Julian Francis highlighted the openings as part of their Ambition 2025 strategy, aiming to open around 15 locations this year, driving growth and efficiency. Beacon serves over 80,000 customers across North America.
Beacon (Nasdaq: BECN) announced a partnership with K9s For Warriors to support veterans by providing service dogs and roofing materials. This collaboration aims to enhance the lives of veterans suffering from PTSD and other challenges through trained service dogs, while also facilitating the rescue of high-kill shelter dogs. The initiative follows Beacon's ongoing commitment to veteran support, including its Beacon of Hope program which provides roofing for deserving veteran homeowners. The partnership underscores Beacon's corporate social responsibility values and commitment to community enhancement.
Beacon (Nasdaq: BECN) announced the appointment of Melanie M. Hart to its Board of Directors. Ms. Hart is a seasoned financial executive with over 25 years of experience, currently serving as CFO of Pool Corporation (Nasdaq: POOL). Her extensive background includes roles at PoolCorp and Ernst & Young, enhancing Beacon's leadership. The Board's Chairman, Phil Knisely, emphasized her expertise will support their Ambition 2025 growth strategy. Hart expressed enthusiasm about contributing to Beacon's goals in the building products industry.
Beacon (Nasdaq: BECN) is currently seeking nominations for its annual Beacon of Hope contest, which provides new roofs to deserving veterans across North America. Now in its fourth year, the program supports veterans by facilitating roof replacements at no cost, reaffirming Beacon's commitment to community service. Nomination submissions are open until
Beacon (Nasdaq: BECN) has appointed Birte von Schwarzenfeld as the new Senior Vice President of Commercial Solutions, a newly created role to enhance their focus on non-residential roofing customers. Previously, von Schwarzenfeld held leadership positions at Hilti Group and Flex Inc., bringing extensive experience in sales, corporate strategy, and management consulting. Her expertise aims to support Beacon's Ambition 2025 plan and strengthen customer relationships in the commercial market.
Beacon reported record sales and profitability for Q2 2022, achieving net sales of $2.36 billion, a 26% increase year-over-year. Net income rose to $174.5 million from $79.8 million, marking the highest profit margins in the company’s history. The gross margin remained steady at 27.6%. The company is advancing its Ambition 2025 growth targets, expanding its market presence, and launching a second stock repurchase program. Despite challenges from inflation, Beacon's commitment to shareholder value and operational efficiency remains strong.
Beacon (Nasdaq: BECN) will release its earnings results for the quarter ended June 30, 2022, on August 4, 2022, after market close. A conference call will follow at 5:00 p.m. ET that same day. Investors and analysts can register for the event via Beacon's Investor Relations page. Established in 1928, Beacon operates over 400 branches in the U.S. and Canada, serving over 80,000 customers. Notable products include the private label TRI-BUILT™ and the digital platform Beacon PRO+ for account management.
Beacon (Nasdaq: BECN) announced a two-year partnership with Rebuilding Together to provide essential home repairs in underserved communities. This initiative aims to support neighborhood projects and enhance Rebuilding Together’s operations. Beacon, a distributor of vital building products, highlights their commitment to community safety and housing stability. The partnership reflects a growing need for affordable housing solutions in the U.S.
Beacon (Nasdaq: BECN) has been named a National Preferred Partner for the fourth consecutive year by David Weekley Homes, a leading U.S. home builder. This recognition reflects Beacon's reliable service and products, which have supported David Weekley during challenging times in the homebuilding industry. Out of 138 companies evaluated, only 17% received this prestigious designation, highlighting Beacon's excellence among trade partners. Founded in 1928, Beacon operates over 400 branches across North America and serves over 80,000 customers.
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