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. (BECN) is a leading North American distributor of roofing materials and complementary building products, serving contractors and construction professionals through its extensive network. This dedicated news hub provides investors and industry stakeholders with comprehensive access to corporate developments shaping the building materials sector.
Track official announcements including quarterly earnings, strategic acquisitions, and product line expansions. Our curated collection features press releases on leadership updates, operational milestones, and market positioning moves within the competitive construction supply industry.
All content is sourced directly from verified corporate communications, ensuring reliable insights into BECN's initiatives across residential and commercial markets. Bookmark this page for streamlined monitoring of material developments affecting Beacon Roofing Supply's role in the evolving building materials landscape.
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.
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.
