Beacon reaches record Q4 sales
Beacon reported fourth quarter 2023 net sales increased 16.8% to $2.3 billion compared to fourth quarter 2022 net sales of nearly $2 billion.
The fourth quarter sales results are a new company record for the period. The increase in net sales was driven by organic volume growth including greenfields over the last four quarters.
Residential roofing product sales increased 20.2%, non-residential roofing product sales increased 11.4%, and complementary product sales increased 16.0% compared to the prior year. The increase in residential roofing product sales was primarily due to higher volumes, Beacon said.
For the full year, sales increased 8.2% to $9.12 billion, also a new company record. Beacon attributed the rise to contributions of acquired branches and greenfields over the last four quarters.
Residential roofing product sales increased 10.3%, non-residential roofing product sales decreased 2.7%, and complementary product sales increased 18.6% compared to the prior year.
Beacon posted a net income of $95.1 million for the fourth quarter, nearly a 30% increase from a net income of $73.3 million for fourth quarter 2022. For the full year, Beacon’s net income fell to 5% $435 million from a 2022 net income of $458.4 million.
In 2023, Beacon opened more than 25 new branches and completed 9 acquisitions.
Based in Herndon, Virginia, Beacon operates more than 530 branches in the United States and Canada.
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The Bottom Line: Beacon’s net income for the fourth quarter jumped ahead by almost 30% as sales hit a new company record for the period.
What the CEO said: “Our 2023 results demonstrate that our Ambition 2025 strategy has multiple paths to growth and can deliver results in a variety of conditions,” said Julian Francis, Beacon president and CEO. “We delivered record fourth quarter and full-year sales, strong net income, and our highest Adjusted EBITDA in history. We have reported year-over-year net sales growth for the last 12 quarters highlighting the resiliency of our business model and the necessity of our products.”
Company info: Click here to read the full fourth quarter and full-year 2023 financial report from Beacon.
