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Beacon Roofing Supply Inc (BECN) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Beacon Roofing Supply Inc

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CIK: 1124941 Ticker: BECN

Exhibit 99.1

 

BEACON REPORTS FIRST QUARTER 2021 RESULTS

•

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

 

HERNDON, Va.—(BUSINESS WIRE)—February 8, 2021—

Beacon (Nasdaq: BECN) (the “Company”) announced results today for its first quarter ended December 31, 2020 (“2021”).

First Quarter Financial Highlights

 

CONTINUING OPERATIONS

 

Q1 2021

 

Q1 2020

(Unaudited; $ in millions, except per share amounts)

 

 

 

 

 

 

 

Net sales

$

1,576.5

 

 

$

1,415.3

 

Gross profit

$

399.7

 

 

$

340.1

 

Gross margin %

 

25.4

%

 

 

24.0

%

 

 

 

 

 

 

 

 

Operating expense

$

304.6

 

 

$

321.1

 

% of net sales

 

19.3

%

 

 

22.7

%

Adjusted Operating Expense1

$

275.8

 

 

$

285.1

 

% of net sales1

 

17.5

%

 

 

20.1

%

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

$

47.4

 

 

$

(24.0

)

% of net sales

 

3.0

%

 

 

(1.7

%)

Adjusted Net Income (Loss)1

$

71.0

 

 

$

18.2

 

Adjusted EBITDA1

$

142.9

 

 

$

76.9

 

% of net sales1

 

9.1

%

 

 

5.4

%

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations per share - diluted

$

0.59

 

 

$

(0.44

)

______________________

 

1

See Non-GAAP Financial Measures for a reconciliation of Adjusted non-GAAP financial measures to the most directly comparable GAAP financial measure.

 

“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.”

The following information was filed by Beacon Roofing Supply Inc (BECN) on Monday, February 8, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Beacon Roofing Supply Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Reclassification Out Of Accumulated Other Comprehensive Income (Detail)
Commitments And Contingencies
Company Overview
Company Overview - Additional Information (Detail)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Detail)
Discontinued Operations - Schedule Of Reconciliation Of Carrying Amounts Of Major Classes Of Assets And Liabilities Of Discontinued Operations To Total Assets (Detail)
Discontinued Operations - Schedule Of Reconciliation Of Major Line Items Constituting Pretax Income (Loss) From Discontinued Operations To Net Income (Loss) From Discontinued Operations (Detail)
Fair Value Measurement
Fair Value Measurement - Additional Information (Detail)
Financial Derivatives
Financial Derivatives (Tables)
Financial Derivatives - Additional Information (Detail)
Financial Derivatives - Summary Of Amounts Of Gain (Loss) On Interest Rate Derivative Instruments Recognized In Other Comprehensive Income (Detail)
Financial Derivatives - Summary Of Combined Fair Values, Net Of Tax Of Interest Rate Derivative Instruments (Details)
Financing Arrangements
Financing Arrangements (Tables)
Financing Arrangements - 2023 Abl - Additional Information (Detail)
Financing Arrangements - 2023 Senior Notes - Additional Information (Detail)
Financing Arrangements - 2025 Senior Notes - Additional Information (Detail)
Financing Arrangements - 2025 Term Loan - Additional Information (Detail)
Financing Arrangements - 2026 Senior Notes - Additional Information (Detail)
Financing Arrangements - Equipment Financing Facilities - Additional Information (Detail)
Financing Arrangements - Financing - Allied Acquisition - Additional Information (Detail)
Financing Arrangements - Outstanding Debt Presented Net Of Unamortized Debt Issuance Costs And Other Financing Arrangements (Detail)
Financing Arrangements - Outstanding Debt Presented Net Of Unamortized Debt Issuance Costs And Other Financing Arrangements (Parenthetical) (Detail)
Geographic Data
Geographic Data (Tables)
Geographic Data - Schedule Of Geographic Information (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Summary Of Changes In Goodwill (Detail)
Goodwill And Intangible Assets - Summary Of Estimated Future Amortization (Detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Components Of Operating Lease Costs Recognized Within Selling, General And Administrative Expenses (Detail)
Leases - Summary Of Future Lease Payments Under Operating Leases (Detail)
Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Additional Information (Detail)
Net Income (Loss) Per Share - Components And Calculation Of Basic And Diluted Net Income (Loss) Per Share (Detail)
Net Income (Loss) Per Share - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Detail)
Net Sales
Net Sales (Tables)
Net Sales - Summary Of Net Sales By Product Line And Geography (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Fair Values Of Options, Black-Scholes Option-Pricing Model, Weighted-Average Assumptions (Detail)
Stock-Based Compensation - Restricted Shares And Units Outstanding And Activity During The Period (Detail)
Stock-Based Compensation - Schedule Of Restricted Stock Units Additional Information (Detail)
Stock-Based Compensation - Stock Option Grants, Vesting, And Exercises (Detail)
Stock-Based Compensation - Stock Options Outstanding And Activity During The Period (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: BECN
CIK: 1124941
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-004735
Submitted to the SEC: Mon Feb 08 2021 6:00:45 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Wholesale Lumber And Other Construction Materials

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