Beacon appoints interim CFO

Beacon has appointed Carmelo Carrubba as interim chief financial officer.

Carrubba is currently the building product distributor’s vice president of strategy and transformation. The executive will take over as interim CFO on Jan. 20 as the company conducts an external search.

Previously, Beacon reported that executive vice president and CFO Frank Lonegro is leaving the company, effective Feb. 1. Landstar, the transportation solutions provider, has named Lonegro as its new president and CEO, effective Feb. 2. 

"I'm delighted that Carmelo has accepted this interim responsibility and look forward to working with him in this expanded role until a permanent CFO has been appointed," said Julian Francis, Beacon president and CEO. 

Carrubba joined the Herndon, Virginia-based company in his current position in April 2022. He is also a member of Beacon's Executive Committee. 

Financial expectations
Beacon has also provided updated financial projections for the quarter ended Dec. 31, 2023. Sales are expected to be approximately $3.2 billion along with a net income in the range of $92 to $96 million.

For the fourth quarter of 2022, Beacon reported net sales increased 12.2% to $1.97 billion while its net income rose 7.6% to $73.3 million.

Net sales for the full year 2023 are expected to be approximately $9.1 billion with a net income in the range of $432 million and $436 million. This compares to full-year 2022 sales of $8.43 billion and a net income of $458.4 million.

The latest projections for the quarter and full year are at “the high end” of the company's previously issued guidance, primarily due to higher revenue, Beacon said. 

"This performance demonstrates the team's continued high level of execution on Ambition 2025 in a dynamic macroenvironment," Francis said.

Beacon said it will report its financial results for the fourth quarter and full year at the end of February.

Last year, Beacon opened 26 new branches and completed 9 acquisitions.