Beacon Provides Preliminary Earnings Guidance for the Fourth Quarter and Full Year Ended December 31, 2023 and Year 2024
January 10, 2024 at 08:00 am
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Beacon provided preliminary earnings guidance for the fourth quarter and full year ended December 31, 2023 and year 2024. For the quarter, the company expects net sales to be approximately $2.3 billion. Net income for the quarter ended December 31, 2023 is estimated to range between $92 million and $96 million. Diluted net income per share is expected to range between $1.42 to $1.48 per share.
Net sales for the full year ended December 31, 2023 are expected to be approximately $9.1 billion. Net income for the full year ended December 31, 2023 is estimated to range between $432 million and $436 million. Diluted net income per share is expected to range between $(0.48) to $(0.42) per share.
For the year 2024, the company expects that sales growth in 2024 will be driven primarily by Ambition 2025 initiatives, including greenfields and previously announced acquisitions, price carryover, and the benefit of two additional selling days in 2024, partially offset by expectations of weather-related demand resetting to the 10-year average and a slowdown in new multi-family and non-residential starts.
Beacon Roofing Supply, Inc. is a distributor of roofing materials and complementary building products, such as siding and waterproofing in North America. Its product lines are designed to meet the requirements of its residential, non-residential, and complementary building products customers. It maintains a fleet of 1,667 straight trucks, 742 tractors and 985 trailers. Its various delivery vehicles are equipped with specialized equipment, including 2,380 truck-mounted forklifts, cranes, hydraulic booms, and conveyors. It offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online. In the residential market, its main product is asphalt shingles. In the non-residential market, single-ply membranes, insulation, and accessories are its product offerings. It serves professional contractors, home builders, building owners, lumberyards and retailers in the United States and Canada.