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.
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%.