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), 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.
Beacon (BECN) reported record quarterly sales for Q2 2024, driven by Ambition 2025 initiatives. Key highlights include:
- Net sales increased 6.8% to $2.67 billion
- Gross margin improved to 25.6% from 25.4% in the prior year
- Net income was $127.2 million, down from $153.8 million
- Adjusted EBITDA was $279.4 million, compared to $290.3 million
- Diluted EPS was $1.99, up from $1.97
The company experienced organic sales growth across all three business lines, with non-residential roofing demand being particularly strong. Beacon also acquired Smalley & Co., expanding its waterproofing distribution in the West, and entered into a $225 million accelerated share repurchase agreement.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has announced an enhanced alliance with EagleView, integrating detailed roof measurements into Beacon PRO+®, their ecommerce platform. The collaboration introduces Smart Order, a digital tool exclusive to Beacon PRO+ that allows contractors to create complete materials lists and place customized orders based on EagleView's aerial imagery measurements in under a minute.
This integration aims to increase efficiency and profitability for contractors, aligning with Beacon's Ambition 2025 strategy. The enhanced platform is expected to drive customer loyalty and improve profit margins. Contractors can access the new Beacon PRO+ Smart Order experience by logging in at becn.com/beacon-pro-plus.
Beacon (Nasdaq: BECN), a leading wholesale distributor of roofing and exterior products, has expanded its service with new locations in Athens, Georgia and Midlothian, Texas. The Athens branch serves residential and commercial markets, including the University of Georgia, offering a complete product catalog and access to the Beacon PRO+ app. The Midlothian branch is the tenth location in the Dallas-Fort Worth metroplex, enhancing convenience for contractors.
Beacon has opened 12 new locations and completed seven acquisitions, adding 28 branches year-to-date in 2024. This expansion aligns with the company's Ambition 2025 plan, which aims to drive above-market growth and improve customer service. Notably, Beacon has already exceeded its Ambition 2025 revenue and shareholder return targets two years ahead of schedule.
Beacon (Nasdaq: BECN) has announced that it will release its second quarter 2024 earnings results after market close on Thursday, August 1, 2024. The company will host a conference call and webcast to discuss the financial results at 5:00 p.m. Eastern Time on the same day.
Analysts, investors, and interested parties are invited to register and participate in the earnings call, which will include accompanying slides. 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 available on the company's Investor Relations page shortly after the call concludes.
Beacon (Nasdaq: BECN) announced the acquisition of Roofers Mart of Southern California, based in Walnut, California. Roofers Mart, a company with a 40-year history, specializes in serving roofing contractors in the Los Angeles area. The acquisition aims to enhance Beacon's commercial roofing services in Los Angeles, providing a more extensive catalog including Beacon's TRI-BUILT® branded products and additional resources like Beacon PRO+. This move aligns with Beacon's strategy to grow its commercial roofing sector, marking its seventh acquisition in 2024. The company is progressing toward its goal of becoming North America's leading commercial roofing distributor, having already exceeded its 2023 revenue and shareholder return targets as part of its Ambition 2025 plan.
Beacon (Nasdaq: BECN) has been honored as a National Preferred Partner by David Weekley Homes for the fifth time. This accolade recognizes Beacon's ability to provide reliable service, efficiency, and digital integration, essential for seamless home construction. Out of 122 evaluated companies, only 20% received this designation, underscoring Beacon's exceptional performance. Greg Bloom, Beacon's VP of National Accounts, highlighted the company's commitment to enhancing customer experience through consistent service excellence. John Schiegg, VP of Supply Chain Services at David Weekley Homes, praised Beacon's high-quality products and extraordinary service.
Beacon (Nasdaq: BECN), a leading distributor of specialty roofing and complementary products, has announced the acquisition of Extreme Metal Fabricators and Integrity Metals. Extreme Metal operates in Key Largo and Palm City, while Integrity Metals operates in Gainesville and Vero Beach, Florida. The acquisitions aim to enhance Beacon's service offerings for metal roofing contractors in Florida. These additions will expand Beacon's product catalog to include specialized metal roofing solutions, addressing the increasing demand for resilient and durable roofing in coastal environments. The integration is expected to benefit employees, customers, and suppliers.
Beacon (Nasdaq: BECN) announced Brooke Laizure, Owner of Whirlwind Roofing & Construction in Bixby, Oklahoma, as the winner of the 2024 North American Female Roofing Professional of the Year.
Whirlwind specializes in residential roofing replacement, repair, and restoration. Brooke is a founding member of the National Women in Roofing (NWIR) and chairs its Oklahoma Council. She is also involved in initiatives like Build My Future, Women Accessing Non-Traditional Trades, and holds an Xactimate Level 3 Certification.
This year's campaign received nearly 3,000 entries, highlighting women in roofing across the US and Canada. The other top finalists were Millie Hindes, Sarah Lechowich, Tomie Kay Morse, and Melanie Knox.
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