Beacon Roofing Supply (BECN) Misses Q1 EPS by 1c, Revenues Miss
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Beacon Roofing Supply (NASDAQ: BECN) reported Q1 EPS of $0.59, $0.01 worse than the analyst estimate of $0.60. Revenue for the quarter came in at $1.58 billion versus the consensus estimate of $1.7 billion.
- Robust demand combined with strong operational execution drove significant year-over-year improvement in Q1 net income and Adjusted EBITDA
- Double-digit first quarter net sales growth driven by residential strength, while operating cost improvements reflect productivity gains and focus on delivering operating cost leverage
- Increasing confidence in 2021 demand, pricing execution and operating expense leverage
- Transformational divestiture of Interior Products business will sharpen focus on growth in core exteriors business, strengthen balance sheet and enhance financial flexibility
“First quarter results represent an impressive example of the underlying potential of our company,” said Julian Francis, Beacon’s President and Chief Executive Officer. “Leveraging a robust residential demand environment, we produced the strongest quarterly organic sales growth in nearly five years, and our focus on sales effectiveness, pricing execution, productivity initiatives and expense management drove Adjusted EBITDA margins to the highest Q1 level in over a decade. Seven weeks ago, we announced the divestiture of our Interior Products business, which remains on schedule to close later this month. The transaction will strengthen our balance sheet, enhance financial flexibility and sharpen our focus on the core exteriors business. Driven by its high concentration of non-discretionary repair and remodel demand, exteriors offers a unique platform for us to build around in the future. We remain firmly committed to our four key strategic initiatives – organic growth, digital, OTC and branch operating performance – which have boosted company sales growth and helped improve operating profitability. Our strong first quarter operating improvement is a testament to the hard work and dedication of our valued employees and the loyalty of our customers. We look forward to a strong 2021, and will continue to follow a disciplined approach towards realizing the full potential of our company.”
For earnings history and earnings-related data on Beacon Roofing Supply (BECN) click here.
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