Beacon Roofing Q2 2020 Earnings Report
Key Takeaways
Beacon Roofing reported a 2.1% increase in net sales to $1.46 billion for the second quarter of 2020, driven by sales initiatives and the digital platform, but partially offset by decreased hurricane-related demand. The company's net loss was $(122.6) million, impacted by a $142.6 million non-cash rebranding charge. Adjusted EBITDA reached a record $38.9 million, despite the COVID-19 pandemic forcing swift cost-cutting measures.
Record second quarter net sales of $1.46 billion.
10.8% daily organic sales growth in non-residential roofing.
Consolidated gross margins of 23.5% compared to 23.4% in the prior year.
Adjusted EBITDA of $38.9 million, a record for the second quarter.
Beacon Roofing
Beacon Roofing
Beacon Roofing Revenue by Segment
Forward Guidance
The company expects productivity improvements and the use of its digital platform to drive sustainable benefits once COVID-19 headwinds have passed.
Positive Outlook
- Strong operating model
- Financial flexibility
- Appropriate cost actions
- Opportunities to improve productivity
- Industry-leading digital platform
Challenges Ahead
- Impact of the COVID-19 pandemic on the construction sector
- State and local government restrictions
- Uncertainty in demand scenarios
- April sales decline
- Considerable divergence in state-by-state performance
Revenue & Expenses
Visualization of income flow from segment revenue to net income