Beacon (Nasdaq: BECN), Herndon, Va., roofing and building products distributor, reported sales for the first quarter ended March 31, 2024, were a record $1.91 billion, up 10.4% from the prior-year period.
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Beacon credits footprint expansion, recent acquisition of Smalley & Co., continued digital growth and enhanced customer reach for the sales gains.
“Our record first quarter sales demonstrate the resilience of our business model. We generated organic growth across all three lines of business while delivering better than expected margins,” said Julian Francis, Beacon’s president & CEO. “
Residential roofing product sales increased 9.1%, nonresidential roofing product sales increased 17.6% and complementary product sales increased 5.4% compared with the prior year.
The increases in residential and non-residential roofing product sales were primarily due to higher volumes. The increase in complementary product sales was largely due to growth in waterproofing volumes and the acquisition of additional waterproofing companies since March 31, 2023.
Profit was $473.2 million.
