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 acquired Midway Sales & Distributing, Inc., a key distributor of building and roofing supplies in the Midwest. This acquisition, valued at approximately $130 million in annual sales, aims to strengthen Beacon's market presence across Kansas, Missouri, and Nebraska. By integrating Midway's operations, Beacon expects to enhance customer service and leverage its digital solutions, thereby driving further growth in the region.
Beacon (Nasdaq: BECN) will release its fourth quarter and fiscal year 2021 earnings results after market close on November 18, 2021. A conference call to discuss the results is scheduled for 5:00 p.m. ET on the same day. Interested parties can register for the call via Beacon's investor relations website. Founded in 1928, Beacon is a leading distributor of roofing materials in North America, operating over 400 branches and serving more than 90,000 customers.
Beacon has opened two new branches in Houston, TX and North Port, FL, expanding its service capacity in key markets. The Houston facility serves as a hub for the OTC Network, featuring 125,000 square feet of inventory, while the North Port branch has 30,000 square feet. These expansions aim to enhance customer service and create dozens of new jobs, reflecting the company's commitment to organic growth. The new locations will cater to both residential and non-residential clients, promoting Beacon's own TRI-BUILT brand alongside other leading products.
Beacon (Nasdaq: BECN) has announced updates to its Nominating and Governance Committee (NGC) Charter, enhancing its focus on corporate social responsibility, safety, and environmental practices. The Board also approved a change of the Company’s fiscal year end from September 30 to December 31, effective January 1, 2022. This adjustment aims to align financial reporting with industry peers and improve internal processes. CEO Julian Francis emphasized the Board's commitment to governance principles, including ESG initiatives, as part of the Company's growth strategy.
Beacon (Nasdaq: BECN) has launched its annual Beacon of Hope contest, aimed at providing new roofs to deserving military Veterans. Qualifying Veterans, who have received an honorable or general discharge, can be nominated from August 16 to September 17, 2021. Six winners will receive free roofing services, while six second-place winners will get $2,500 for repairs. The initiative reflects Beacon's commitment to support Veterans and enhance their home safety. The public will vote on finalists announced in October, determining the six winners.
Beacon (Nasdaq: BECN) reported record third-quarter results for the period ended June 30, 2021, with net sales of $1.87 billion, marking a 20.8% increase from the previous year. Gross profit rose to $517.4 million, enhancing the gross margin to 27.6%. Net income from continuing operations was $79.8 million, a significant turnaround from a loss of $4.1 million a year earlier. Adjusted EBITDA reached $229.5 million, up from $130.6 million. Notably, residential roofing product sales grew by 19.2%. The company also emphasized its commitment to sustainability and operational improvement.
Beacon (Nasdaq: BECN) is set to release its third quarter 2021 earnings after market close on August 5, 2021. A conference call will follow at 5:00 p.m. ET to discuss the financial results. Founded in 1928, Beacon is a leading distributor of roofing materials in North America with over 400 branches. They serve over 90,000 customers and offer private label products and digital management tools. Investors can register for the call through the company’s investor relations website.
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