Sales at Beacon rise in Q2

Roofing products and building materials distributor Beacon reported second quarter 2023 sales increased 6.2% to $2.5 billion from second quarter 2022 net sales of $2.4 billion.

The sales results are a new quarterly record for Beacon, the company said.

Second quarter sales increased compared to the prior year period driven by higher prices and the contributions of acquired and newly opened branches over the last four quarters.

Residential roofing product sales increased 8.5%, non-residential roofing product sales decreased 1.7%, and complementary product sales increased 11.6% compared to the second quarter last year.

The increase in complementary product sales was largely due to the November 2022 acquisition of Coastal Construction Products, Beacon noted.

The Herndon, Virginia-based company also posted a net income of net income of $153.8 million for the period,  falling nearly 12% compared to a net income of $174.5 million in the prior second quarter. Beacon said second quarter results compared to the prior year period were impacted by the lower gross margin and higher operating expenses.

As of the start of August, Beacon has opened 14 greenfield locations while closing on 6 acquisitions in 2023.

Beacon distributes building products, including roofing materials and complementary products, such as siding and waterproofing. 

The company operates over 500 branches throughout the United States and Canada.