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Beacon (Nasdaq: BECN) reported record first quarter net sales with growth in all three lines of business. The company achieved better-than-expected gross margins and expanded customer reach through acquisitions and new branch openings. The recent acquisition of Smalley & Co. strengthened their specialty waterproofing platform. Beacon continues to execute on its Ambition 2025 initiatives, driving growth in digital, private label products, pricing models, and customer experience. The company remains optimistic about the supportive end markets and focuses on enhancing customer experience, pricing, and efficiency.
Financially, first quarter net sales increased by 10.4% to $1.91 billion, driven by organic growth and acquired branches. Gross margin decreased to 24.7% due to higher product costs and a shift in product mix. Operating expenses increased primarily due to acquired branches and organic SG&A expenses. Net income and Adjusted EBITDA declined compared to the prior year. Beacon revised its branch classification criteria during the fourth quarter of 2023 to better reflect operational changes.
Beacon (Nasdaq: BECN) has completed the acquisition of Smalley & Company, a regional specialty waterproofing distributor based in Denver, CO. Smalley operates in six states and is known for providing tailored sealant and waterproofing solutions since 1967. The acquisition aims to enhance Beacon's Waterproofing Division with Smalley's technical expertise and industry-leading status, expanding service offerings for customers.
