Beacon Roofing Supply, Inc. - BECN STOCK NEWS

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.

Beacon (Nasdaq: BECN) announced the departure of Executive Vice President & Chief Human Resources Officer Christopher A. Harrison later this fiscal year. A nationwide search for his successor is underway, and Harrison will assist in the transition. Under his leadership, Beacon's revenue grew from $2.2 billion in 2014 to $6 billion today. CEO Julian Francis noted Harrison's significant contributions to the company's culture and strategies. Founded in 1928, Beacon is a distributor of roofing materials and operates over 400 branches across the U.S. and Canada.

Beacon (Nasdaq: BECN) has appointed Binit Sanghvi as the new Head of Investor Relations. Sanghvi previously led investor relations at Builders FirstSource, managing communications with shareholders and analysts. He brings extensive experience from roles in multinational firms ABB Group and Holcim Group, along with a background in financial management. CFO Frank Lonegro expressed confidence that Sanghvi's expertise will enhance Beacon's communication with the financial community, facilitating the execution of strategic initiatives to create shareholder value.

Beacon (Nasdaq: BECN) has appointed Christine Stroh Reddy as the new Executive Vice President, General Counsel, and Corporate Secretary, effective later this month. Reddy previously served at Fannie Mae, managing corporate governance and legal services, and driving strategic priorities like digital transformation. CEO Julian Francis expressed confidence that Reddy's expertise will enhance Beacon's growth and operational performance, critical for delivering shareholder value. The company, established in 1928, distributes roofing materials across North America and is publicly traded on the Nasdaq.

Beacon (Nasdaq: BECN) has rebranded its five Waterproofing brands across the western U.S. as Beacon Waterproofing Products. This move unifies their offerings under the Beacon Building Products umbrella, enhancing customer service for both residential and commercial markets. The rebranding includes over 20 branches and the introduction of a new Waterproofing branch in Las Vegas. Customers can access all Waterproofing products through Beacon's e-commerce platform, Beacon PRO+, improving efficiency and time savings.