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 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.
Beacon (Nasdaq: BECN) reported second-quarter results for the period ended March 31, 2021, showcasing increased net sales of $1,318.0 million, a 10.1% rise from the previous year. Gross profit improved to $332.8 million with a gross margin of 25.3%. Notably, net income from continuing operations improved to a loss of $10.5 million, a significant gain compared to a loss of $121.3 million in Q2 2020. Adjusted EBITDA reached $74.4 million, up from $22.1 million. The company emphasized strong residential demand and effective cost management as key drivers for performance improvement.
Beacon (Nasdaq: BECN) has appointed Jonathan S. Bennett as Executive Vice President and Chief Commercial Officer, effective June 1, 2021. In this newly created role, Bennett will lead the company's integrated go-to-market strategy, which includes sales, marketing, and supply chain management. Previously, he served at Total Wine & More, where he contributed to significant sales growth. CEO Julian Francis emphasized Bennett's extensive experience and innovative mindset as vital assets for Beacon's future growth and digital platform development.
Beacon (Nasdaq: BECN) announced the appointment of Sean M. McDevitt as Executive Vice President and Chief Human Resources Officer, effective May 3, 2021. He will work alongside current CHRO Christopher Harrison during the transition. McDevitt has a robust background, previously serving as CHRO at Apple Leisure Group and holding various leadership positions at PepsiCo for over 22 years. His experience includes HR integration during acquisitions and promoting diversity. Beacon aims to leverage his expertise to enhance employee engagement and drive growth in its diversity, equity, and inclusion initiatives.
Beacon (Nasdaq: BECN) will release its second quarter 2021 earnings after market close on May 6, 2021. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss the financial results. Beacon is a leading distributor of roofing materials with over 400 branches across North America, serving more than 90,000 customers. The company offers a proprietary digital account management tool, Beacon PRO+, and a private label brand, TRI-BUILT. For more details, visit www.becn.com.
Beacon Roofing Supply, Inc. (Nasdaq: BECN) has priced its private offering of $350 million in 4.125% senior unsecured notes due 2029. The offering is expected to close on May 10, 2021. Proceeds will be used to redeem all of its $1.3 billion 4.875% senior unsecured notes due 2025, repay existing borrowings under its senior secured term loan, and cover related costs. The notes are offered only to qualified institutional buyers and certain non-U.S. persons. Forward-looking statements indicate potential changes in expectations regarding offering closure and financial strategies.
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