Beacon releases Q2 2024 results
Beacon, a wholesale distributor specializing in roofing, waterproofing and exterior products, has announced results for the second quarter ended June 30, 2024.
According to the company, net sales increased to $2.67 billion, which is 6.8% growth compared to the prior year and a company record for Q2 net sales. Beacon attributes the net sales boost to "price execution and the contributions of acquired and newly opened branches."
Elsewhere, the company's residential roofing product sales increased 2.4%, non-residential roofing product sales increased 11.1%, and complementary product sales increased 12.3% compared to the prior year. Meanwhile, net income (loss) was $127.2 million, compared to $153.8 million in the prior year.
“Our Ambition 2025 initiatives drove record quarterly net sales, solid net income margin, and double-digit adjusted EBITDA margin,” said Julian Francis, Beacon’s president & CEO.
“Our team’s strong execution delivered organic sales growth across all three business lines despite disruptive weather events that reduced the number of roofing days in the quarter. As a result, we experienced lower-than-expected residential volumes and decreased operating leverage as we maintained staffing to meet a higher level of activity. We also continued to invest in growth initiatives during the quarter expanding our footprint in key markets. Since the end of the first quarter, we have acquired 21 branches and opened 10 greenfield locations. As previously announced in May, we entered into a $225M accelerated share repurchase agreement."
Click here for a more comprehensive view of Beacon's financial picture, including year-to-date results and consolidated balance sheets.
