Beacon Roofing Supply, Inc. - BECN STOCK NEWS

Beacon (Nasdaq: BECN) has entered into a $250 million accelerated share repurchase (ASR) agreement with Citibank N.A, complementing a previous $125 million ASR announced in March. This move aims to enhance shareholder value, with expectations to complete 75% of a total $500 million share repurchase authorization in 2022. The ASR will involve an upfront payment to Citibank and a final settlement anticipated in Q4 2022. Beacon's strategic plan, Ambition 2025, supports this initiative, bolstered by the company's growth potential and operational resilience.

Beacon's Acquisition of Complete Supply strengthens its position in the Chicago market. The acquisition allows Beacon to enhance service offerings to contractors and homebuilders in the area. Complete Supply, a respected distributor with a 37-year legacy, aligns with Beacon's values and will integrate digital solutions and a proprietary product line.

This move aims to further propel Beacon toward its growth targets while expanding its customer base and service capabilities across the metropolitan market.

Beacon (Nasdaq: BECN) reported a record first quarter for the period ending March 31, 2022, with net sales of $1.69 billion, a 28% increase from the prior year. The company also achieved a net income of $55.8 million, compared to a loss of $10.5 million in 2021. Adjusted EBITDA rose to $139.5 million from $74.4 million. All three business lines saw growth, primarily driven by price increases and strong demand, particularly in non-residential roofing. The gross margin improved to 26.1%. The company repurchased $113 million in common stock as part of a $500 million buyback plan.

Beacon (Nasdaq: BECN) has launched a digital integration with AccuLynx, enabling roofing contractors to manage jobs and place material orders seamlessly on a single platform. This real-time e-commerce feature allows users to order from their local Beacon branch while utilizing AccuLynx's business management software, enhancing efficiency and accuracy. The partnership is aligned with Beacon's 'Ambition 2025' plan to accelerate growth by meeting customer needs. Beacon operates over 400 branches in North America, catering to over 80,000 customers.

Beacon (Nasdaq: BECN) has acquired Wichita Falls Builders Wholesale, Inc., enhancing its market presence in North Texas. Builders Wholesale is known for distributing residential exterior building supplies, including windows, doors, and siding, and has a strong reputation in the Wichita Falls area. This acquisition aims to leverage Builders Wholesale's established customer base and expertise to drive growth and expand Beacon's footprint, aligning with its 'Ambition 2025' goals.

Beacon (Nasdaq: BECN) is set to release its earnings results for the quarter ending March 31, 2022, after market close on May 5, 2022. A conference call will follow at 5:00 p.m. ET to discuss the financial outcomes. Participants are encouraged to register early for access to the call. Beacon, established in 1928, is a top distributor of roofing materials and services in North America, with over 400 branches across the U.S. and Canada, serving over 80,000 customers.

Beacon (Nasdaq: BECN) has entered into an accelerated share repurchase (ASR) agreement with Citibank N.A to buy back $125 million of its common stock, advancing its $500 million share repurchase program initiated on February 24, 2022. The move aims to enhance shareholder value through disciplined capital allocation, reflecting the company’s confidence in its strategic plan, Ambition 2025. The initial repurchase will occur on March 15, 2022, with final share counts based on the stock’s volume-weighted average price.

Beacon (Nasdaq: BECN) announced the opening of a new OTC hub in Pico Rivera, California, and a greenfield branch in Little Chute, Wisconsin. These locations aim to enhance service in the Los Angeles and Green Bay-Appleton areas. The Pico Rivera hub features 120,000 square feet of inventory, while the Little Chute branch has 10,000 square feet. CEO Julian Francis highlighted that these expansions align with the company's Ambition 2025 strategy, focusing on organic growth, margin enhancement, and lower emissions through optimized delivery routes.

Beacon announced the launch of its second annual North American Female Roofing Professional of the Year contest on International Women’s Day to honor women in the roofing industry across the U.S. and Canada. Nominations are open until April 11, with five finalists to be selected in May and the winner announced in June. The winner will receive prize money for professional development. Last year’s winner, Stephanie Pouse, was recognized for her leadership and community contributions.