Beacon Appoints Interim CFO, Posts Prelim 4Q Results - Modern Distribution Management

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Beacon Appoints Interim CFO, Posts Prelim 4Q Results

The company's VP of Strategy and Transformation takes on interim CFO duties while Beacon conducts an external search for a permanent CFO.

Roofing and other building supplies distributor Beacon appointed Carmelo Carruba, the company’s current Vice President of Strategy and Transformation, as Interim Chief Financial Officer, effective Jan. 20, while the company conducts an external search for a permanent CFO.

The company also reported preliminary results for its 2023 fourth quarter and a preliminary 2024 outlook.

Carruba joined Beacon in April 2022 as VP of Strategy and Transformation and as a member of Beacon’s Executive Committee. The company noted that, in these positions, Carruba shares responsibility for creating and supporting the successful execution of Beacon’s ‘Ambition 2025’ value creation framework. 

“I’m delighted that Carmelo has accepted this interim responsibility and look forward to working with him in this expanded role until a permanent CFO has been appointed,” Beacon President and CEO Julian Francis said in a Jan. 10 news release.

Carrubba has extensive executive, functional and operational experience, having joined Beacon from Glatfelter, a U.S. publicly-traded manufacturer of engineered materials, where he served as VP of Strategy and Sustainability, after serving in a similar role at Jacob Holm, a privately-held engineered material manufacturer, where he served as Corporate VP of Strategy and Sustainability. Prior to Jacob Holm, Carrubba spent 14 years within the exteriors industry at publicly-traded Owens Corning, serving in various roles of increasing responsibility including strategic planning, general management with full P&L responsibilities, global commercial excellence director and VP of Strategic Marketing. 

Carruba’s appointment follows Beacon’s Dec. 4 announcement that current CFO Frank Lonegro would leave the company on Feb. 1 to become the CEO of a publicly-traded company outside of the building products industry. Integrated transportation management solutions provider Landstar announced that same day that it named Lonegro as its next CEO.

Beacon was No. 6 on MDM’s 2023 Top Distributors List for Building Materials/Construction.

Preliminary 4Q/full year 2023 results

In reporting its preliminary 4Q results, Beacon posted the following:

  • Net sales of approximately $2.3 billion ($1.97B in 4Q23)
  • Gross margin of approximately 25.7% (26.2% in 4Q23)
  • Net profit of approximately $92 million to $96 million ($73.3M in 4Q23)
  • Adjusted EBITDA of between $212 million and $217 million ($178.5M in 4Q23)

In reporting its preliminary 2023 full year results, Beacon posted the following

  • Net sales of approximately $9.1 billion ($8.43B in 2022)
  • Gross margin of approximately 25.6% (26.5% in 2022)
  • Net profit of approximately $432 million to $436 million ($458M in 2022)
  • Adjusted EBITDA of between $925 million and $930 million ($910M in 2022)

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