On Aug. 3, Beacon reported net sales of $2.50 billion in the second quarter of 2023, a 6.2% growth year-over-year.

The increase in sales was driven by higher prices and the contributions of acquired and newly opened branches over the last four quarters, company officials said in a news release.

Gross margin decreased to 25.4%, from 27.6% in the prior year, as higher product costs related to the inventory profit roll-off more than offset higher average selling prices for our products.

Beacon delivered net income of $153.8 million and adjusted EBITDA of $290.3 million, both at the high end of our previously announced preliminary results.

Compared to the year prior:

• residential roofing product sales increased 8.5%,
• non-residential roofing product sales decreased 1.7%, and;
• complementary product sales increased 11.6%.

The increase in complementary product sales was largely due to the November 2022 acquisition of Coastal Construction Products, officials said.

Beacon — which ranks No. 6 among Building Materials/Construction distributors on MDM’s 2023 Top Distributors Lists — made its seventh acquisition of the year earlier this week.