Beacon narrows losses in Q2

Beacon reported that second quarter 2021 sales increased 10.1% to $1.318 billion from sales of $1.197 billion in the second quarter 2020.

The second quarter sales increase was driven by strong residential roofing and complementary products growth as well as the successful implementation of price increases, partially offset by softer demand for non-residential products. 

Residential roofing product sales increased 18.7%, complementary product sales increased 9.4%, and non-residential roofing product sales decreased 4.1% compared to the prior year. 

The second quarter of fiscal 2021 and 2020 had 63 and 64 business days, respectively.

Beacon also reported a net loss of $6.3 million for the second quarter compared to a net loss of $122.6 million in the prior second quarter. The Herndon, Va.-building products distributor reported a net loss from continuing operations of $10.5 million compared to a net loss from continuing operations of $121.3 million for the same period a year ago.

Beacon operates more than 400 locations in the United States and Canada.

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The Bottom Line: Sales rise more than 10% as Beacon narrows its losses in the second quarter.

What the CEO said: “Continued execution by our team resulted in impressive second quarter performance,” said Julian Francis, Beacon president and CEO. “Strong residential demand and effective sales and pricing performance drove record second quarter net sales.”

“We are excited about our progress and look forward to a very successful 2021 as we continue to help our customers build more,” he added.

Company info: Click here to read Beacon’s full second quarter 2021 financial report.