Beacon ends the year with big profits

Roofing materials and building products distributor Beacon reported sales increased 11.3% to $1.75 billion for its final quarter of 2021.

The Herndon, Va.-based company also announced that it has transitioned its financial calendar to now end on Dec. 31 of the year. 

For the three-month period ended Dec. 31, 2021, residential roofing product sales increased 8.9%, complementary product sales increased 15.7%, and non-residential roofing product sales increased 12.8% compared to the prior year. 

Net sales for the full year increased 12.2% to $6.82 billion compared to sales of $6.07 billion in the prior year.  

Residential roofing product sales increased 11.3%, complementary product sales increased 19.4%, and non-residential roofing product sales increased 8.5% compared to the prior year. 

Beacon also posted a net income from continuing operations of $68.1 million, a 44% increase from a net income of $47.4 million for the same period a year ago.

The company reported a net income of $241.9 million for the full year, marking a big swing from a net loss of $9.9 million in the prior 12-month period.

The distributor operates more than 400 locations in the United States and Canada.

Earlier this week, Beacon announced it was putting more emphasis on its private-label brand of building products: TRI-BUILT.

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The Bottom Line: Beacon posts big profits as the company’s net income grows 44% to $68.1 million in the fourth quarter.

What the CEO said: “Our calendar fourth quarter results are a demonstration of our positive momentum entering 2022, as we again generated record top-line and bottom-line results. Our renewed financial flexibility provided us the capacity to reinvest in the growth of our business,” said Julian Francis, president and CEO of Beacon. “We successfully closed on two acquisitions in recent months, expanding our presence in key markets. In addition, we divested our solar products business, further focusing our team on delivering high-caliber service to our core exteriors customer.”

Francis also noted that Beacon will soon announce a new long-term strategic plan called “Ambition 2025.”

Company info: Click here to read Beacon’s full year-end financial report.