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 specialty roofing distributor, announced the opening of new locations in Terrell, Texas; Everett, Washington; and Spokane, Washington. The Terrell branch will serve the eastern Dallas-Fort Worth market, while the Washington state branches will support specialty waterproofing contractors. This expansion aims to enhance service efficiency through Beacon's OTC network and PRO+ app, enabling better inventory and fleet management. Beacon has opened ten new locations and completed four acquisitions adding 23 branches in 2024, advancing its Ambition 2025 plan to drive above-market growth.
Beacon (Nasdaq: BECN) has released its 2023 Corporate Social Responsibility (CSR) Report, highlighting significant progress in environmental and social initiatives. The report details Beacon's efforts to halve emissions intensity by 2030, reduce Scope 1 and 2 greenhouse gas emissions through investments in renewable energy, and disclose metrics on waste, energy usage, and fuel consumption.
Additionally, the report includes policies and investments aimed at fostering a respectful and safe workplace, improving safety performance over the past four years, and maintaining governance that ensures integrity and transparency. Beacon's President and CEO Julian Francis emphasized the importance of these values in achieving the company's Ambition 2025 strategy.
Beacon (Nasdaq: BECN), a publicly-traded specialty roofing distributor, has launched new branches in Attleboro, Massachusetts and Mississauga, Ontario. These expansions are designed to better serve residential and commercial roofing contractors in the Providence, Rhode Island metro area, southeastern Massachusetts, and the Greater Toronto Area (GTA). The Attleboro branch offers enhanced service capabilities and access to Beacon's PRO+ app for online services. Meanwhile, the Mississauga branch provides a wide range of roofing products to support the GTA's growing population. Year-to-date in 2024, Beacon has opened seven new locations and completed four acquisitions, aligning with its Ambition 2025 plan which aims for above-market growth.
Beacon (Nasdaq: BECN) announced an additional $225 million Accelerated Share Repurchase Program with Citibank N.A. The program aims to repurchase Beacon's common stock, emphasizing shareholder value and capital allocation. The ASR highlights confidence in the business model, execution, and long-term growth strategy under the Ambition 2025 plan.
Beacon (Nasdaq: BECN) reported record first quarter net sales with growth in all three lines of business. The company achieved better-than-expected gross margins and expanded customer reach through acquisitions and new branch openings. The recent acquisition of Smalley & Co. strengthened their specialty waterproofing platform. Beacon continues to execute on its Ambition 2025 initiatives, driving growth in digital, private label products, pricing models, and customer experience. The company remains optimistic about the supportive end markets and focuses on enhancing customer experience, pricing, and efficiency.
Financially, first quarter net sales increased by 10.4% to $1.91 billion, driven by organic growth and acquired branches. Gross margin decreased to 24.7% due to higher product costs and a shift in product mix. Operating expenses increased primarily due to acquired branches and organic SG&A expenses. Net income and Adjusted EBITDA declined compared to the prior year. Beacon revised its branch classification criteria during the fourth quarter of 2023 to better reflect operational changes.
Beacon (Nasdaq: BECN) has completed the acquisition of Smalley & Company, a regional specialty waterproofing distributor based in Denver, CO. Smalley operates in six states and is known for providing tailored sealant and waterproofing solutions since 1967. The acquisition aims to enhance Beacon's Waterproofing Division with Smalley's technical expertise and industry-leading status, expanding service offerings for customers.
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