Building products distributor Beacon reported net sales increased 12.2% to $1.97 billion in the fourth quarter 2022 compared fourth quarter 2021 sales of $1.75 billion.
The Herdon, Virginia-based company attributed some of its sales success to the implementation of product price increases. Sales in the fourth quarter were a new company record.
Residential roofing product sales increased 5.1% in the fourth quarter basis, non-residential roofing product sales increased 25.2%, and complementary product sales increased 14%.
For the full year, Beacon’s net sales increased 23.6% compared to the prior year to $8.43 billion.
In fiscal 2022, residential roofing product sales increased 17.5%, non-residential roofing product sales increased 41.6%, and complementary product sales increased 17.3% compared to the prior year.
The distributor posted a fourth quarter net income from continuing operations of $73.3 million, a 7.6% gain, compared to $68.1 million in the prior fourth quarter. Net income from continuing operations for fiscal 2022 saw a massive increase to $458.4 million
compared to $241.9 million in fiscal 2021.
The Bottom Line: Beacon profits rise 7.6% in the fourth quarter as sales increase 12.2%
What the CEO said: “In 2022, our 7,000+ team members set financial records by executing against our plan, delivering high caliber service to our customers and progressing on our Ambition 2025 strategy to fully unlock Beacon’s potential,” said Julian Francis, Beacon president and CEO.
Francis noted that Beacon ramped up growth investments with 22 acquired branches during the year including its fourth quarter acquisition of First Coastal Exteriors, which substantially expanded our waterproofing and restoration offerings to our customers.
“We also accelerated greenfield investments, adding 16 locations during the year in key markets creating capacity and expanding our branch footprint,” Francis said.
Company info: Click here to read the full fourth quarter and fiscal 2022 financial report from Beacon.