Beacon Roofing Q1 2023 Earnings Report
Key Takeaways
Beacon Roofing Supply reported record first-quarter net sales of $1.73 billion, a 2.7% increase year-over-year. However, net income decreased to $24.8 million, and EPS was $0.25, impacted by higher operating expenses. The company repurchased $23.1 million of its common stock during the quarter.
Record first quarter net sales driven by execution on Ambition 2025 growth initiatives, including acquisitions and greenfields.
Stable pricing environment, combined with higher product costs reflective of inventory profit roll-off, yielded forecasted gross margin.
Strong operating cash flow generation from substantial cash collections and continued inventory rightsizing.
Continued emphasis on shareholder returns through execution of our recently expanded share buyback program.
Beacon Roofing
Beacon Roofing
Beacon Roofing Revenue by Segment
Forward Guidance
The fundamentals of residential and commercial re-roofing demand remain supportive, while headwinds related to new single-family residential construction and commercial contractor destocking are expected to persist near-term. More importantly, we remain focused on driving the initiatives that are within our control to deliver value for our shareholders and customers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income