Beacon Q1 net sales record $1,912M but net income falls to $5.6M from $24.8M YoY

BEACON ROOFING SUPPLY INC

2024-Q1 EPS reported $0.09 revenue$1,912,400,000

Record Q1 net sales of $1,912.4M, up 10.4% from $1,732.3M YoY; organic growth across all three lines.
Net income dropped to $5.6M from $24.8M; adjusted EBITDA down to $103.1M from $113.0M.
Gross margin contracted to 24.7% from 25.5% as operating expenses rose (22.4% of sales vs 22.0%).
Acquired Smalley & Co. in April to expand specialty waterproofing; added 23 branches and 5 greenfields since Q4.
CEO cites record sales and resilient model; Ambition 2025 initiatives ongoing (digital, private label, pricing).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BEACON ROOFING SUPPLY INC reported first quarter ended March 31, 2024 results: revenue $ 1,912.4, net income $ 5.6.

Period: first quarter ended March 31, 2024
Revenue: $ 1,912.4
Net income: $ 5.6
Result: reported results

Exact text from the filing

First Quarter Financial Highlights Three Months Ended March 31, 2024 2023 (Unaudited; $ in millions, except per share amounts) Net sales $ 1,912.4 $ 1,732.3 Gross profit $ 473.2 $ 441.9 Gross margin % 24.7 % 25.5 % Operating expense $ 428.1 $ 381.3 % of net sales 22.4 % 22.0 % Adjusted Operating Expense 1 $ 403.5 $ 356.8 % of net sales 1 21.1 % 20.6 % Net income (loss) $ 5.6 $ 24.8 % of net sales 0.3 % 1.4 %

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Source: SEC EDGAR

accession 0001124941-24-000045

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