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 announced a strategic partnership with Estimating Edge to integrate advanced estimating and project management tools into its Beacon PRO+ platform. This collaboration aims to enhance customer efficiency by offering seamless access to The EDGE™ estimating software and EDGE On Site™ mobile app. These tools promise accurate project cost estimates and real-time production tracking, providing contractors with improved bidding capabilities. The partnership is expected to significantly support Beacon's customer base, consisting of over 90,000 clients across North America.
Beacon (Nasdaq: BECN) has launched its inaugural North American Female Roofing Professional of the Year competition, aiming to recognize women in the roofing industry. Nominations are open until April 19, 2021, with finalists announced in May and the winner revealed in June. The initiative emphasizes women's contributions and seeks to attract more females to the roofing field. Winners will receive prize money for professional development. Julian Francis, President and CEO, highlighted the importance of women's roles in the industry.
Beacon (Nasdaq: BECN) has appointed Earl Newsome, Jr. to its Board of Directors. Mr. Newsome has over 30 years of leadership experience in IT with notable companies, including Linde PLC and Praxair. His role will enhance Beacon's strategic initiatives aimed at driving organic growth and operational improvements. Newsome emphasizes the importance of digital solutions for customer loyalty and stakeholder value. Beacon, founded in 1928, is a premier distributor of roofing materials, operating over 400 branches across North America.
Beacon (Nasdaq: BECN) announced that its President & CEO Julian Francis, CFO Frank Lonegro, and VP Finance & Treasurer Jim Wilson will present at the Raymond James 42nd Annual Institutional Investors Conference on March 1, 2021, at 8:20 a.m. ET. Beacon is a leading distributor of roofing materials and building products in North America, with over 400 branches across the U.S. and Canada, catering to over 90,000 customers. The company's investor presentation can be accessed via its Investor Relations webpage.
Beacon (Nasdaq: BECN) has launched the Robert R. Buck Scholarship Program in memory of former CEO Robert Buck, who concluded his Board term at the recent Annual Meeting of Shareholders. The program will provide $25,000 annually in scholarships for the dependents of Beacon employees pursuing post-secondary education, with ten awards of $2,500 each starting in June 2021. President and CEO Julian Francis highlighted the initiative as a fitting tribute to Buck's commitment to employees and their families.
Beacon (Nasdaq: BECN) has finalized the sale of its interior products and insulation businesses to Foundation Building Materials for $850 million, with expected after-tax proceeds of approximately $750 million. This divestiture aims to enhance Beacon's financial flexibility and focus on its core exteriors business, allowing for strategic growth investments. The sale is viewed as a transformational event by Beacon's management, emphasizing improved profitability in the remaining operations while expanding FBM's market presence in the U.S.
Beacon (Nasdaq: BECN) reported first-quarter results for fiscal 2021, revealing a net sales increase of 11.4% to $1,576.5 million compared to $1,415.3 million in Q1 2020. Gross profit rose to $399.7 million, with a gross margin of 25.4%. Net income from continuing operations reached $47.4 million, a recovery from a loss of $24 million in the previous year. Adjusted EBITDA was $142.9 million, reflecting strong performance in residential roofing products. The company also announced the planned divestiture of its Interior Products division to strengthen its financial position.
Beacon (Nasdaq: BECN) will announce its first quarter 2021 earnings results on February 8, 2021, after market close. A conference call to discuss the results is scheduled for the same day at 5:00 p.m. ET. Interested participants must register beforehand, and an archived version of the webcast will be available post-call. Founded in 1928, Beacon is a Fortune 500 distributor of roofing materials in North America, boasting over 500 branches and over 100,000 customers. For more details, visit www.becn.com.
Beacon (Nasdaq: BECN) announced the early termination of the waiting period under the Hart-Scott-Rodino Act, allowing the sale of its Interior Products business to American Securities LLC for $850 million. This transaction, expected to finalize in the second quarter of fiscal 2021, aims to enhance Beacon's focus on its exteriors business and improve its balance sheet. CEO Julian Francis expressed optimism regarding the deal, highlighting the strategic benefits and customer service priorities of American Securities.
Beacon (Nasdaq: BECN) announced that Chief Operating Officer C. Eric Swank will leave the company at the end of February. Swank has been with Beacon for 16 years, leading the $6 billion Exterior Products business for the last two years. His leadership was pivotal in transforming Beacon from a $600 million firm into a $7 billion Fortune 500 company. President and CEO Julian Francis praised Swank's contributions, emphasizing operational excellence and shareholder value. Swank expressed gratitude for his time at Beacon, highlighting the company's focus on customer service and community development.
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