Beacon Roofing Supply Inc. (NASDAQ: BECN), Herndon, VA, reported sales of $1.6 billion for the first quarter of its fiscal 2021, up 11.4% compared to the year-ago period. The company reported a profit of $71 million, up significantly from a profit of $18.2 million the same quarter a year ago.
The 1Q earnings report comes soon after Beacon said it was divesting its interior products business to private equity-backed Foundation Building Materials for $850 million.
“Leveraging a robust residential demand environment, we produced the strongest quarterly organic sales growth in nearly five years, and our focus on sales effectiveness, pricing execution, productivity initiatives and expense management drove Adjusted EBITDA margins to the highest Q1 level in over a decade,” said Julian Francis, Beacon’s president and CEO. “Seven weeks ago, we announced the divestiture of our Interior Products business, which remains on schedule to close later this month. The transaction will strengthen our balance sheet, enhance financial flexibility and sharpen our focus on the core exteriors business.”