Beacon Roofing sales soar in Q4
Beacon Roofing Supply reported fourth quarter 2018 sales increased 50.1% to a fourth quarter record of $1.94 billion, up from $1.29 billion in 2017.
Residential roofing product sales increased 17.8%, non-residential roofing product sales increased 33.8%, and complementary product sales increased 170.6% over the prior year, the Herndon, Va.-based company reported.
For the full year, total sales increased 46.6% to an annual record of $6.42 billion, up from $4.38 billion in 2017.
Residential roofing product sales increased 17.6% for the year, non-residential roofing product sales increased 28.5%, and complementary product sales increased 174.3% over the prior year. Existing markets sales, excluding acquisitions, increased 0.5% year to date.
Beacon also posted a net income of $48.3 million for the fourth quarter, up 7.1%, from a fourth quarter 2017 net income of $45.1 million. For the full year Beacon reported a net income of $98.6 million, down about 2.3% from a net income of $100.9 million in 2017.
At the start of 2018, Beacon completed its acquisition of Allied Building Products Corp. in a $2.62 billion cash deal.
“Despite significant weather impacted top-line challenges, we are encouraged by our fourth quarter and Fiscal 2018 progress,” said Paul Isabella, president and CEO of Beacon Roofing Supply. “Our acquisition of Allied Building Products propelled Beacon to record net sales and Adjusted EBITDA in 2018, and our combined footprint now reaches all 50 U.S. states and six Canadian provinces.”
Looking ahead, Isabella said, “Synergies from the Allied acquisition are exceeding expectations. We will build upon these successes in 2019 by leveraging our 2,000 person salesforce and vast network of over 500 branches to drive top-line growth, supported by the ongoing expansion of our robust digital platform.”
Residential roofing product sales increased 17.8%, non-residential roofing product sales increased 33.8%, and complementary product sales increased 170.6% over the prior year, the Herndon, Va.-based company reported.
For the full year, total sales increased 46.6% to an annual record of $6.42 billion, up from $4.38 billion in 2017.
Residential roofing product sales increased 17.6% for the year, non-residential roofing product sales increased 28.5%, and complementary product sales increased 174.3% over the prior year. Existing markets sales, excluding acquisitions, increased 0.5% year to date.
Beacon also posted a net income of $48.3 million for the fourth quarter, up 7.1%, from a fourth quarter 2017 net income of $45.1 million. For the full year Beacon reported a net income of $98.6 million, down about 2.3% from a net income of $100.9 million in 2017.
At the start of 2018, Beacon completed its acquisition of Allied Building Products Corp. in a $2.62 billion cash deal.
“Despite significant weather impacted top-line challenges, we are encouraged by our fourth quarter and Fiscal 2018 progress,” said Paul Isabella, president and CEO of Beacon Roofing Supply. “Our acquisition of Allied Building Products propelled Beacon to record net sales and Adjusted EBITDA in 2018, and our combined footprint now reaches all 50 U.S. states and six Canadian provinces.”
Looking ahead, Isabella said, “Synergies from the Allied acquisition are exceeding expectations. We will build upon these successes in 2019 by leveraging our 2,000 person salesforce and vast network of over 500 branches to drive top-line growth, supported by the ongoing expansion of our robust digital platform.”