Bullish indicating open at $55-$60, IPO prices at $37
HERNDON, Va. -On Thursday, Beacon Roofing Supply (NASDAQ:BECN) reported fourth quarter earnings that missed analyst expectations.
Beacon shares were up 0.55% in premarket trading following the earnings release.
The roofing materials distributor posted adjusted earnings per share of $1.32, falling short of the $1.65 consensus estimate. Revenue grew 4.5% YoY to $2.4 billion, also below the $2.43 billion analysts were expecting.
Despite the earnings miss, Beacon’s Q4 sales hit a company record for the quarter. Residential roofing product sales increased 0.8%, while non-residential roofing and complementary product sales rose 5.5% and 11.7% respectively compared to the prior year.
"Despite the challenging economic environment in 2024, we delivered record fourth quarter and full year sales and our highest fourth quarter Adjusted EBITDA in history," said CEO Julian Francis.
Gross margin held steady at 25.7% compared to Q4 2023. Adjusted EBITDA increased 2.7% to $222.5 million.
For the full year 2024, Beacon reported net sales growth of 7.1% to $9.76 billion, also a company record. Annual net income declined to $361.7 million from $435 million in 2023.
The company highlighted strong Q4 cash flow generation and said it has "ample ability to deploy capital to both profitable growth and shareholder returns" going forward.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.