Roofing materials and building products distributor Beacon reported its 2022 second quarter financial results on Aug. 4, which featured company quarterly records for total sales, profit and margin.
The Herndon, Virginia-based company posted total 2Q sales of $2.36 billion, up 35.6% year-over-year. It was a considerable acceleration from 1Q’s growth of 28.0%. 2Q gross profit of $650 million likewise jumped 25.6%, while gross margin of 27.6% was identical to a year earlier. Operating profit of $254 million (10.8% margin) topped the $181 million (9.6% margin) of a year earlier, while total profit of $175 million more than doubled the $80 million of a year earlier.
“In a challenging inflationary environment, we achieved the highest profits and margin in our history,” said Julian Francis, Beacon’s president and CEO. “We made strategic investments in key markets, expanding both our branch footprint and our delivery capacity towards achieving our Ambition 2025 growth targets.
Beacon said 2Q sales increased year-over-year across all three lines of business — residential roofing, non-residential roofing and complementary building products — driven by strategic price increases, while higher demand in residential roofing and complementary building products also contributed.