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 (BECN) reported record Q3 2024 quarterly sales of $2.77 billion, up 7.3% year-over-year. Net income was $145.3 million, down from $161.3 million in Q3 2023. The company achieved record Adjusted EBITDA of $325.2 million. Gross margin improved to 26.3% from 26.0%. The company implemented cost reduction initiatives expected to result in annual savings of approximately $45 million. During the quarter, Beacon opened four new greenfield locations and completed acquisitions expected to contribute about $247 million in annual sales. The company also executed a $225 million accelerated share repurchase agreement.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has partnered with GAF to integrate GAF QuickMeasure™ reports into Beacon PRO+®, their digital platform. This integration allows contractors to order accurate roof measurements directly through Beacon PRO+, streamlining the estimation process.
Key features of GAF QuickMeasure reports include:
- Guaranteed delivery in under an hour for single-family homes
- Less than 24-hour turnaround for multifamily or commercial buildings
- Editable 3D rendering
- Historical property views
- Bill of materials at no extra cost
This partnership aligns with Beacon's Ambition 2025 strategy, aiming to enhance customer loyalty and profit margins through digital platform investments.
Beacon (Nasdaq: BECN) has announced the release date for its third quarter 2024 earnings. The company will disclose its financial results for the quarter ended September 30, 2024, after market close on Wednesday, October 30, 2024. Following this, Beacon will host a conference call and webcast to discuss these results on Thursday, October 31, 2024, at 8:30 a.m. Eastern Time.
Interested parties, including analysts and investors, are invited to register for the event through the Beacon Investor Relations website. Participants are advised to register at least 10 minutes before the start time to ensure timely access. An archived copy of the webcast will be made available on the Events & Presentations page shortly after the call concludes.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing, waterproofing, and exterior products, has expanded its service with four new locations in Alabama, Arizona, Florida, and Washington. The new branches are located in:
- Pelham, Alabama (serving Birmingham metro area)
- Queen Creek, Arizona (serving east Phoenix corridor)
- Port St. Lucie, Florida (serving Treasure Coast's residential contractors)
- Bellingham, Washington (serving residential and commercial markets)
These expansions are part of Beacon's Ambition 2025 plan, which aims to enhance customer service through additional locations. The company exceeded its Ambition 2025 revenue and shareholder return targets in 2023 and continues to progress towards achieving its full potential.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has launched its digital platform, Beacon PRO+®, in Canada. This expansion provides Canadian roofing contractors with online capabilities to enhance efficiency in real-time. The platform, available in both English and French, offers features such as customized pricing, quotes, order history, templates, and online bill payment.
Charles Michaud, Regional VP for Canada, emphasized the platform's ability to help contractors stand out with improved responsiveness and planning. Jonathan Bennett, Chief Commercial Officer, highlighted the platform's 24/7 availability. During Q2 2024, digital sales reached approximately 26% of residential sales, reflecting growing demand for digital tools. This expansion aligns with Beacon's Ambition 2025 plan to drive above-market growth.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has acquired Chicago Metal Supply & Fabrication, a family-owned business specializing in custom architectural sheet metal fabrication. Founded in 2011, Chicago Metal Supply serves commercial, residential, and historical restoration projects with a skilled team of artists, design experts, and technicians.
The acquisition aims to enhance Beacon's metal solutions capabilities and expand its commercial and residential metal offerings in the Chicago region. This move aligns with Beacon's strategy of driving above-market growth through footprint expansion and acquisitions. Notably, Beacon exceeded its Ambition 2025 revenue and shareholder return targets in 2023 and continues to progress towards achieving its full Ambition 2025 plan.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has partnered with the U.S. Army Partnership for Your Success (PaYS) Program. This collaboration aims to provide career opportunities for Veterans in the roofing industry after their military service. As a PaYS Partner, Beacon will actively recruit Veterans for roles across the company, leveraging their skills, discipline, and leadership.
The partnership aligns with Beacon's existing commitment to Veterans, which includes the Beacon of Hope program that awards free roofs to Veterans and sponsorship of K9s for Warriors. The PaYS Program guarantees Soldiers an interview and possible employment after their Army service, supporting their transition to civilian life.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has launched its 6th Annual Beacon of Hope program. This year's initiative expands support for veterans by offering new roofs at no cost to 12 veteran-owned homes and two community buildings serving veterans. For the first time, Gold Star Families are also eligible for nominations.
The program, open to all military veterans in the U.S. and Canada, will deliver and fully fund safe, durable roofs featuring TRI-BUILT® and CertainTeed products. Nominations can be submitted from August 15 to October 4, 2024, with winners announced on Veteran's Day, November 11th. Since its inception in 2018, Beacon of Hope has installed over 50 roofs for veterans.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has acquired Passaic Metal and Building Supplies Co. (PAMPCO). This acquisition expands Beacon's service for contractors in New Jersey and New York, adding six branches to its network. PAMPCO, with roots dating back to 1911, brings four generations of expertise in metal, roofing, and siding.
The acquisition aligns with Beacon's growth strategy, marking its 9th acquisition in 2024. It enhances Beacon's metal solutions capabilities and adds skilled craftspeople trained in fabrication. This move supports Beacon's progress towards its Ambition 2025 plan, following the company's success in exceeding its 2023 revenue and shareholder return targets.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has acquired SSR Roof Supply in Vancouver, British Columbia. This acquisition adds two branches to Beacon's network, expanding its presence in the fast-growing Vancouver market. SSR, a family-owned company with over 30 years of experience, serves residential and commercial contractors.
The acquisition brings Beacon's total branch count in British Columbia to three, enabling it to reach nearly 80% of the province's population. This move aligns with Beacon's strategy of above-market growth through footprint expansion, marking its 8th acquisition in 2024. Beacon has already surpassed its Ambition 2025 revenue and shareholder return targets in 2023 and continues to progress towards achieving its full Ambition 2025 plan.
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