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 announced record results for the fourth quarter and full year 2022, achieving net sales of $1.97 billion and $8.43 billion respectively. Net income from continuing operations reached $73.3 million in Q4 and $458.4 million for the year, both up from last year. Adjusted EBITDA also hit an all-time high of $178.5 million in Q4 and $910 million for the year. Key drivers included successful price increases, with weighted-average selling prices up 20-21%. The company completed 22 acquisitions in 2022, enhancing its product offering, particularly in waterproofing. With strong cash generation, Beacon enters 2023 poised for growth and shareholder returns.
Beacon (Nasdaq: BECN) announced the appointment of Racquel Harris Mason to its Board of Directors, effective March 16, 2023.
Ms. Mason, 53, brings extensive management and marketing expertise, having served as EVP and CMO at Elanco Animal Health and held senior positions at the Coca-Cola Company. Her experience includes a focus on digital transformation and strategic marketing, which may enhance Beacon’s Ambition 2025 plan. Beacon operates over 480 branches in the U.S. and Canada, providing building products to nearly 100,000 customers.
Beacon (Nasdaq: BECN) will report its fourth quarter and full year 2022 earnings on February 23, 2023, after market close. A conference call is scheduled for 5:00 p.m. ET the same day, open to analysts and interested parties. Participants can register online to access the call, which includes a presentation. Beacon, founded in 1928, is a leading distributor of building products, operating over 480 branches across the U.S. and Canada, serving nearly 100,000 customers.
Beacon (Nasdaq: BECN) has appointed Dan Worley as the new Vice President of Environment, Health & Safety (EHS). Worley, who has dedicated 32 years to Beacon, previously served as Regional Vice President for the Mid-Atlantic region. His leadership experience includes overseeing 30 branches and 540 employees, emphasizing a commitment to workplace positivity and safety. CEO Julian Francis expressed confidence that Worley's operational excellence will enhance Beacon's culture and alignment with its Ambition 2025 strategy, which prioritizes employee health and safety.
Beacon (Nasdaq: BECN) has opened two new branches in Texas - one in Baytown and another in Fort Worth. These locations enhance service in the Houston market and extend coverage in Harris and Chambers counties. Both branches are well-stocked with leading roofing products, including Beacon’s TRI-BUILT® line. This expansion is part of Beacon’s ongoing growth strategy, having added five locations in January 2023 alone. With a total of 34 branches in Texas, Beacon aims to enhance customer experiences through its digital platform, Beacon PRO+.
Beacon (Nasdaq: BECN) has launched a greenfield location in Augusta, Georgia. This expansion aims to serve the Augusta market and neighboring counties in South Carolina. The new branch is equipped with leading brands, including Beacon’s TRI-BUILT® products, enhancing support for local contractors. This opening is part of Beacon's growth strategy for 2023, following two acquisitions. The company has 13 branches in Georgia, contributing to its goal of optimizing customer experience through its Ambition 2025 strategy.
Beacon has completed the acquisition of First Coastal Exteriors, LLC, located in Alabama and Mississippi. This acquisition will enhance Beacon's product offerings, including siding and gutter products, bolstering its presence in the Southeast. Beacon aims to leverage First Coastal’s experienced team to serve construction industry customers and expand market opportunities. The move aligns with Beacon’s 'Ambition 2025' growth strategy, focusing on increased scale and service efficiency.
Beacon (Nasdaq: BECN) has completed the acquisition of Whitney Building Products, LLC, a distributor of waterproofing products based in
Beacon has expanded its operations by opening two new greenfield branches in Durham, NC and La Vergne, TN. The Durham location enhances services in the growing Raleigh-Durham market, featuring a stocked inventory of roofing and complementary products, including the company's own TRI-BUILT® brand. The La Vergne branch aims to serve the Nashville metro area and rural markets more effectively. In 2022, Beacon has surpassed its goal by opening 15 new locations, aligning with its Ambition 2025 growth strategy.
Beacon has opened new branches in Brownsville and Georgetown, Texas, expanding its service network to 32 locations across the state. This move aims to support both commercial and residential contractors, providing access to essential building products and enhancing service delivery through the Beacon OTC® network. The company's growth reflects its Ambition 2025 goals, having launched 13 new greenfield branches in 2022. Beacon continues to serve over 80,000 customers with quality products and an extensive branch network.
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