Beacon nails down big Q2 profits

Beacon reported net sales for the second quarter 2022 increased 26% to $2.36 billion from second quarter 2021 sales of $1.87 billion.

The Herndon, Va.-based roofing and building products distributor said the sales mark set a quarterly company record for sales from continuing operations.

Residential roofing product sales increased 22%, non-residential roofing product sales increased 40.3%, and complementary product sales increased 18.7% compared to the prior year. 

The distributor posted a net income from continuing operations of $174.5 million for the quarter, more than doubling a net income of $79.8 million for the same period a year ago.

Beacon operates more than 400 branches throughout the United States and Canada.

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The Bottom Line: Beacon turns in big proifts strong roofing sales pushes its net income from continuing operations to 119% above the second quarter a year ago.

What the CEO said: “Beacon’s second quarter results are outstanding, with record setting top-line and bottom-line performance,” said Julian Francis, Beacon president and CEO. “Our team’s commitment to best-in-class service combined with solid end market demand and margin enhancing initiatives delivered the 10th straight quarter of year-over-year increases in Adjusted EBITDA.”

“Looking forward, the fundamentals of residential and commercial re-roofing demand remain supportive. And while we have yet to be meaningfully impacted by higher interest rates, the Beacon Team has demonstrated agility in responding to changing market conditions and will continue to take advantage of any market changes.”

Company info: Click here to read the full second quarter 2022 financial report from Beacon.