Beacon Roofing Q2 2023 Earnings Report
Key Takeaways
Beacon Roofing Supply reported record quarterly net sales of $2.50 billion, a 6.2% increase compared to the prior year, driven by higher prices, acquisitions, and greenfield investments. Net income was $153.8 million, and Adjusted EBITDA reached $290.3 million. The company repurchased all outstanding convertible preferred stock in July 2023, reducing the common share base by 9.7 million shares.
Record quarterly net sales were achieved, driven by Ambition 2025 growth initiatives, including acquisitions and greenfields, and strong residential demand.
Net income of $153.8 million and Adjusted EBITDA of $290.3 million were delivered, both at the high end of previously announced preliminary results.
Substantial operating cash flow generation benefited from seasonally strong collections and continued inventory right-sizing.
All outstanding convertible preferred stock was repurchased in July 2023, reducing the underlying common share base by 9.7 million shares.
Beacon Roofing
Beacon Roofing
Beacon Roofing Revenue by Segment
Forward Guidance
This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.
Revenue & Expenses
Visualization of income flow from segment revenue to net income