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Mar 31, 2020
Beacon Roofing Q2 2020 Earnings Report
Beacon Roofing reported record second quarter net sales and adjusted EBITDA, but the COVID-19 pandemic forced the company to adapt to a changing environment.
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.
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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