Beacon profits surge in Q4

Roofing materials and building products distributor Beacon reported fourth quarter sales increased 6.9% to $1.88 billion from fourth quarter 2020 sales of $1.75 billion.

Residential roofing product sales increased 3.1%, complementary product sales increased 17.0%, and non-residential roofing product sales increased 7.0% compared to the prior year. 

Full-year sales increased 12.3% to $6.64 billion compared to full-year 2020 sales of $5.91 billion. Residential roofing product sales increased 14.2%, complementary product sales increased 17.7%, and non-residential roofing product sales increased 4.5% compared to the prior year. 

Beacon posted a net income from continuing operations of $104.5 million, a 53% increase compared to an income of $68.2 million in 2020. 

For the full year, Beacon reported a net income from continuing operations of $221.2 million compared to a loss of $81.3 million in 2020.

During the fourth quarter, Beacon acquired Midway Sales & Distributing, Inc., a Midwest distributor of residential and commercial exterior building and roofing supplies with 10 branches across Kansas, Missouri, and Nebraska. Midway has annual sales of about $130 million and expands Beacon’s presence in the Midwest. 

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The Bottom Line: Profits at Beacon jump 53% to $104.5 million as the company posts a full-year net income of $221.2 million compared to last year’s loss of $81.3 million.

What the CEO said: “In fiscal 2021, we demonstrated the strength of our platform by generating record top line and bottom line results, building a solid foundation for our future ambitions,” said Julian Francis, Beacon president and CEO.

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