Beacon Roofing Supply Inc Stock Price, News & Analysis

Beacon (Nasdaq: BECN) has appointed Earl Newsome, Jr. to its Board of Directors. Mr. Newsome has over 30 years of leadership experience in IT with notable companies, including Linde PLC and Praxair. His role will enhance Beacon's strategic initiatives aimed at driving organic growth and operational improvements. Newsome emphasizes the importance of digital solutions for customer loyalty and stakeholder value. Beacon, founded in 1928, is a premier distributor of roofing materials, operating over 400 branches across North America.

Beacon (Nasdaq: BECN) announced that its President & CEO Julian Francis, CFO Frank Lonegro, and VP Finance & Treasurer Jim Wilson will present at the Raymond James 42nd Annual Institutional Investors Conference on March 1, 2021, at 8:20 a.m. ET. Beacon is a leading distributor of roofing materials and building products in North America, with over 400 branches across the U.S. and Canada, catering to over 90,000 customers. The company's investor presentation can be accessed via its Investor Relations webpage.

Beacon (Nasdaq: BECN) has launched the Robert R. Buck Scholarship Program in memory of former CEO Robert Buck, who concluded his Board term at the recent Annual Meeting of Shareholders. The program will provide $25,000 annually in scholarships for the dependents of Beacon employees pursuing post-secondary education, with ten awards of $2,500 each starting in June 2021. President and CEO Julian Francis highlighted the initiative as a fitting tribute to Buck's commitment to employees and their families.

Beacon (Nasdaq: BECN) has finalized the sale of its interior products and insulation businesses to Foundation Building Materials for $850 million, with expected after-tax proceeds of approximately $750 million. This divestiture aims to enhance Beacon's financial flexibility and focus on its core exteriors business, allowing for strategic growth investments. The sale is viewed as a transformational event by Beacon's management, emphasizing improved profitability in the remaining operations while expanding FBM's market presence in the U.S.

Beacon (Nasdaq: BECN) reported first-quarter results for fiscal 2021, revealing a net sales increase of 11.4% to $1,576.5 million compared to $1,415.3 million in Q1 2020. Gross profit rose to $399.7 million, with a gross margin of 25.4%. Net income from continuing operations reached $47.4 million, a recovery from a loss of $24 million in the previous year. Adjusted EBITDA was $142.9 million, reflecting strong performance in residential roofing products. The company also announced the planned divestiture of its Interior Products division to strengthen its financial position.

Beacon (Nasdaq: BECN) will announce its first quarter 2021 earnings results on February 8, 2021, after market close. A conference call to discuss the results is scheduled for the same day at 5:00 p.m. ET. Interested participants must register beforehand, and an archived version of the webcast will be available post-call. Founded in 1928, Beacon is a Fortune 500 distributor of roofing materials in North America, boasting over 500 branches and over 100,000 customers. For more details, visit www.becn.com.

Beacon (Nasdaq: BECN) announced the early termination of the waiting period under the Hart-Scott-Rodino Act, allowing the sale of its Interior Products business to American Securities LLC for $850 million. This transaction, expected to finalize in the second quarter of fiscal 2021, aims to enhance Beacon's focus on its exteriors business and improve its balance sheet. CEO Julian Francis expressed optimism regarding the deal, highlighting the strategic benefits and customer service priorities of American Securities.

Beacon (Nasdaq: BECN) announced that Chief Operating Officer C. Eric Swank will leave the company at the end of February. Swank has been with Beacon for 16 years, leading the $6 billion Exterior Products business for the last two years. His leadership was pivotal in transforming Beacon from a $600 million firm into a $7 billion Fortune 500 company. President and CEO Julian Francis praised Swank's contributions, emphasizing operational excellence and shareholder value. Swank expressed gratitude for his time at Beacon, highlighting the company's focus on customer service and community development.

Beacon (Nasdaq: BECN) announced that Ross D. Cooper will transition from Executive Vice President and General Counsel to a Special Advisor role in 2023, focusing on business strategy and growth initiatives. Joining Beacon in 2006, Cooper's leadership contributed to the company’s rise from $1.5 billion in sales to $7 billion, overseeing 35 acquisitions. He will assist in finding his successor while expanding his role at the Kogod School of Business. The press release emphasizes Cooper’s importance in fostering Beacon’s growth and strategic direction.