Beacon Roofing Company, Inc. (NASDAQ: BECN) reported its second-quarter sales for 2022 were $2.35 billion, up from the same prior-year period’s sales of $1.87 billion. Net income was $174.5 million.
Don’t miss any content from Distribution Strategy Group. Join our list.
Residential roofing product sales increased 21.9%, nonresidential roofing product sales increased 40.3%, and complementary product sales increased 18.7% compared with the prior year. The three-month periods ending June 30, 2022, and 2021 each had 64 business days.
“Beacon’s second-quarter results are outstanding, with record-setting top-line and bottom-line performance. Our team’s commitment to best-in-class service combined with solid end-market demand and margin-enhancing initiatives delivered the 10th straight quarter of year-over-year increases in Adjusted EBITDA. In a challenging inflationary environment, we achieved the highest profits and margin in our history,” Beacon’s President and CEO Julian Francis said.
Year-to-date, sales were up 26.8% to $4.05 billion, in large part due to the successful implementation of price increases. Weighted-average selling price increased about 23%-24% and estimated volumes increased approximately 2%-3%.
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at iheller@distributionstrategy.com.