Beacon (Nasdaq: BECN) fourth-quarter 2022 sales increased 12.2% compared to the prior year to $1.97 billion. Weighted-average selling price increased approximately 17%-18% and estimated volumes decreased approximately 6%-7%.
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Residential roofing product sales in the fourth quarter increased 5.1%, non-residential roofing product sales increased 25.2%, and complementary product sales increased 14% compared with the prior year.
Net income from continuing operations was $73.3 million.
For the full year 2022, sales were up 23.6% from 2021 to $8.43 billion. Sales increased across all three lines of business, driven largely by the successful implementation of price increases and higher demand for products. Residential roofing product sales were up 17.5%, non-residential roofing product sales up 41.6%, and complementary product sales up 17.3%.
Net income from continuing operations was $458.4 million.
During the year, Beacon ramped up growth investments, with 22 acquired branches including its fourth-quarter acquisition of Coastal, which substantially expanded its waterproofing and restoration offerings. Beacon also added 16 locations during the year in key markets creating capacity and expanding its footprint.
