The 2020 Mid-Year Economic Update_long

Beacon’s 2Q Sales Up 10%

Beacon swings to a profit of $22.1 million in 1Q after a loss of $22.4 million the year prior.
Beacon

Driven in part by the demand for its residential roofing materials, Herndon, Virginia-based Beacon (NASDAQ: BECN) posted revenues of $1.3 billion for the second quarter, which was a 10.1% increase from the same quarter a year ago. The company reported a profit of $22.1 million after a loss of $22.4 million the year prior.

For the first six months of fiscal 2021, sales grew 10.8% to $2.9 billion. The company reported a profit of $39 million, up from a loss of $145 million in the same period a year ago.

“Continued execution by our team resulted in impressive second quarter performance,” said Julian Francis, Beacon’s President and Chief Executive Officer. “Strong residential demand and effective sales and pricing performance drove record second quarter net sales.

“Our quarterly results, coupled with the successful divestiture of our interior products business, have allowed us to significantly reduce leverage, strengthen our balance sheet and sharpen our focus on the growth and profitability of our exteriors business. We are excited about our progress and look forward to a very successful 2021 as we continue to help our customers build more.”

Beacon announced in February it had wrapped up the $850 million sale of its interior products and insulation businesses to Foundation Building Materials.

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