Beacon swings to a profit in Q1

Beacon reported first quarter 2022 net sales increased 28% to $1.69 billion, a company record for the first quarter, compared to sales of $1.32 billion in the first quarter a year ago.

Sales increased across all three lines of Beacon’s business in the quarter driven by the implementation of price increases. Higher demand, particularly within non-residential roofing products also contributed to the growth, Beacon said.

During the quarter, residential roofing product sales increased 21.8%, non-residential roofing product sales increased 47.9%, and complementary product sales increased 20.3% compared to the prior year. 

Beacon also posted a net income from continuing operations of $55.8 million compared to a $10.5 million loss in the first quarter last year. 

Based in Herndon, Va., Beacon distributes roofing materials and complementary building products in North America, operating over 400 branches the United States and Canada. 

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The Bottom Line: Beacon swings to a net income of $55.8 million in the first quarter as the company implements price increases and sees sales rise 28%.

What the CEO said: “Strong demand for our products, disciplined execution and productivity gains led to impressive top-line and bottom-line performance,” said Julina Francis, Beacon president and CEO. “This quarter also marked the beginning of our journey to achieve our Ambition 2025 financial targets detailed at our investor day in February. During the first quarter, we invested in capacity to drive growth, enhance customer service and expand our footprint in key markets. In addition, we executed an accelerated stock repurchase program to demonstrate both our commitment to delivering value to stockholders and our confidence in our strategic plan.”

Company info: Click here to read Beacon’s full first quarte 2022 financial report.