Beacon (NASDAQ: BECN), Herndon, Va., a distributor of building products, including roofing materials and complementary products, reported sales for its fiscal 2023 first quarter were $1.73 billion, up 2.7% from the prior-year period.
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Net income for the quarter was $24.8 million, down 55.6% from the prior-year period.
Residential roofing product sales increased by 0.4%, nonresidential roofing product sales decreased by 7.8%, and complementary product sales increased by 22.7% from the prior-year period.
“Record first-quarter net sales demonstrated the strength of our business model and the multiple levers of growth we laid out at our Investor Day last year,” said Julian Francis, Beacon’s president and CEO. “Our growth and customer experience initiatives helped drive the 13th straight quarter of year-over-year sales improvement. We made strategic investments, both organic and inorganic, expanding our branch footprint and customer reach.”
