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  • 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)–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.”

First Quarter (Continuing Operations)

Net sales increased 11.4% compared to the prior year. The first quarter sales increase reflects strong residential roofing and complementary products growth as well as the benefit of recent price increases, partially offset by softer demand from non-residential categories. Residential roofing product sales increased 21.2%, non-residential roofing product sales decreased 3.3%, and complementary product sales increased 8.8% compared to the prior year. The first quarter of fiscal years 2021 and 2020 each had 62 business days.

Gross margin improved 140 basis points from 24.0% in the prior year to 25.4%, primarily reflecting pricing execution and price-cost improvement. Operating expense and Adjusted operating expense both decreased compared to the prior year, reflecting the positive impact of productivity initiatives and cost focus amid an increasing demand environment.

Net income (loss) from continuing operations was $47.4 million, compared to $(24.0) million in 2020. Net income (loss) from continuing operations attributable to common shareholders was $41.4 million, compared to $(30.0) million in 2020. Adjusted Net Income (Loss) was $71.0 million, compared to $18.2 million in 2020. EPS was $0.59, compared to $(0.44) in 2020. Comparative improvements in first quarter results were driven by increased net sales, particularly within residential end markets, higher gross margins and reduced operating expenses resulting from successful cost actions. These impacts were partially offset by sales declines within non-residential roofing.

First Quarter (Combined)

In this earnings release, the Company provides “Combined” financial results (continuing operations and discontinued operations) for certain key metrics in order to enhance comparability with the Company’s most recent fiscal year and first quarter results.

The following table presents first quarter Combined financial highlights for each of the periods indicated:

 

COMBINED

 

Q1 2021

 

Q1 2020

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

 

 

 

 

 

 

 

Net sales

$

1,825.3

 

 

$

1,675.1

 

Gross profit

$

464.7

 

 

$

410.7

 

Gross margin %

 

25.5

%

 

 

24.5

%

 

 

 

 

 

 

 

 

Operating expense

$

374.4

 

 

$

390.8

 

% of net sales

 

20.5

%

 

 

23.3

%

Adjusted Operating Expense1

$

329.1

 

 

$

342.1

 

% of net sales1

 

18.0

%

 

 

20.4

%

 

 

 

 

 

 

 

 

Net income (loss)2

$

(220.5

)

 

$

(23.4

)

% of net sales

 

(12.1

%)

 

 

(1.4

%)

Adjusted Net Income (Loss)1

$

79.8

 

 

$

28.4

 

Adjusted EBITDA1

$

157.7

 

 

$

94.4

 

% of net sales1

 

8.6

%

 

 

5.6

%

 

 

 

 

 

 

 

 

Net income (loss) per share – diluted

$

(3.24

)

 

$

(0.43

)

______________________
1 See Non-GAAP Financial Measures for a reconciliation of Adjusted non-GAAP financial measures to the most directly comparable GAAP financial measure.
2 See Consolidated Statements of Operations for additional information.

The first quarter sales increase of 9.0% compared to the prior year reflects strong residential roofing growth and a positive contribution from residential demand within our complementary products category, partially offset by softer demand from non-residential categories. Residential roofing product sales increased 21.0%, non-residential roofing product sales decreased 4.4%, and complementary product sales increased 3.9% compared to the prior year. The first quarter of fiscal years 2021 and 2020 each had 62 business days.

Gross margin improved 100 basis points from 24.5% in the prior year to 25.5%, primarily reflecting pricing execution and price-cost improvement. Operating expense and Adjusted operating expense both decreased compared to the prior year, reflecting the positive impact of productivity initiatives and cost focus amid an increasing demand environment.

Net income (loss) was $(220.5) million, compared to $(23.4) million in 2020. Net income (loss) attributable to common shareholders was $(226.5) million, compared to $(29.4) million in 2020. Adjusted Net Income (Loss) was $79.8 million, compared to $28.4 million in 2020. EPS was $(3.24), compared to $(0.43) in 2020. The first quarter net loss was driven by a non-cash charge of $355 million ($264 million net of tax) related to the planned sale of Interior Products (see Consolidated Statements of Operations for additional information). Comparative improvements in first quarter results were driven by increased net sales, particularly within residential end markets, higher gross margins and reduced operating expenses resulting from successful cost actions. These impacts were partially offset by sales declines within non-residential end markets.

Earnings Call

The Company will host a conference call and webcast today at 5:00 p.m. ET to discuss these results. Details for the earnings release event are as follows:

What: Beacon First Quarter 2021 Earnings Call
When: Monday, February 8, 2021
Time: 5:00 p.m. ET
Access: Register for the conference call or webcast by visiting:

Beacon Investor Relations – Events & Presentations

Upon registration, participants will receive an email containing event details and unique access codes. To ensure timely access, participants should register for the earnings call at least 10 minutes before the 5:00 p.m. ET start time. An archived copy of the webcast will be available on the Events & Presentations page shortly after the call.

Forward-Looking Statements

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. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2020. In addition, certain factors with respect to the proposed disposition of Interior Products could cause actual results to differ materially from those indicated by such forward-looking statements, including without limitation, the possibility that the expected cost savings, debt leverage reduction and other financial and operational impacts from the proposed transaction will not be realized, or will not be realized within the expected time period; the risk that costs of restructuring transactions and other costs incurred in connection with the proposed transaction will exceed our estimates or otherwise adversely affect our business or operations; the risk that consummating the proposed transaction may be more difficult, time-consuming or costly than expected, with adverse impacts on our resources, systems, procedures and controls; the risk of diversion of management’s attention; the risk of adverse impacts on relationships with customers, suppliers, employees and other business counterparties; and the possibility that the proposed transaction does not close, including, but not limited to, as a result of a failure to satisfy the closing conditions. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of roofing materials and complementary building products in North America, operating over 500 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 100,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon 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. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com

BEACON ROOFING SUPPLY, INC.

Consolidated Statements of Operations

(Unaudited; in millions, except per share amounts)

 

 

Three Months Ended December 31,

 

 

2020

 

% of

Net Sales

 

2019

 

% of

Net Sales

Net sales

$

1,576.5

 

 

 

100.0

%

 

$

1,415.3

 

 

 

100.0

%

Cost of products sold

 

1,176.8

 

 

 

74.6

%

 

 

1,075.2

 

 

 

76.0

%

Gross profit

 

399.7

 

 

 

25.4

%

 

 

340.1

 

 

 

24.0

%

Operating expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

265.2

 

 

 

16.8

%

 

 

273.2

 

 

 

19.3

%

Depreciation

 

13.9

 

 

 

0.9

%

 

 

15.8

 

 

 

1.1

%

Amortization

 

25.5

 

 

 

1.6

%

 

 

32.1

 

 

 

2.3

%

Total operating expense

 

304.6

 

 

 

19.3

%

 

 

321.1

 

 

 

22.7

%

Income (loss) from operations

 

95.1

 

 

 

6.1

%

 

 

19.0

 

 

 

1.3

%

Interest expense, financing costs, and other

 

30.0

 

 

 

2.0

%

 

 

38.4

 

 

 

2.7

%

Loss on debt extinguishment

 

 

 

 

0.0

%

 

 

14.7

 

 

 

1.0

%

Income (loss) from continuing operations before income taxes

 

65.1

 

 

 

4.1

%

 

 

(34.1

)

 

 

(2.4

%)

Provision for (benefit from) income taxes

 

17.7

 

 

 

1.1

%

 

 

(10.1

)

 

 

(0.7

%)

Net income (loss) from continuing operations

 

47.4

 

 

 

3.0

%

 

 

(24.0

)

 

 

(1.7

%)

Net income (loss) from discontinued operations1

 

(267.9

)

 

 

(17.0

%)

 

 

0.6

 

 

 

0.0

%

Net income (loss)

 

(220.5

)

 

 

(14.0

%)

 

 

(23.4

)

 

 

(1.7

%)

Dividends on Preferred Stock

 

6.0

 

 

 

0.4

%

 

 

6.0

 

 

 

0.4

%

Net income (loss) attributable to common shareholders

$

(226.5

)

 

 

(14.4

%)

 

$

(29.4

)

 

 

(2.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

69.2

 

 

 

 

 

 

 

68.7

 

 

 

 

 

Diluted

 

70.0

 

 

 

 

 

 

 

68.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic – Continuing operations

$

0.60

 

 

 

 

 

 

$

(0.44

)

 

 

 

 

Basic – Discontinued operations

 

(3.87

)

 

 

 

 

 

 

0.01

 

 

 

 

 

Basic net income (loss) per share

$

(3.27

)

 

 

 

 

 

$

(0.43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted – Continuing operations

$

0.59

 

 

 

 

 

 

$

(0.44

)

 

 

 

 

Diluted – Discontinued operations

 

(3.83

)

 

 

 

 

 

 

0.01

 

 

 

 

 

Diluted net income (loss) per share

$

(3.24

)

 

 

 

 

 

$

(0.43

)

 

 

 

 

____________________________________
1 The following table presents the components of the Company’s net income (loss) from discontinued operations:

 

Three Months Ended

December 31,

 

 

2020

 

 

2019

 

Net sales

$

248.8

 

 

$

259.8

 

Cost of products sold

 

(183.8

)

 

 

(189.2

)

Selling, general and administrative

 

(56.9

)

 

 

(53.7

)

Depreciation and amortization

 

(12.9

)

 

 

(16.0

)

Other income (loss)

 

0.1

 

 

 

0.2

 

Loss on classification as held for sale

 

(355.4

)

 

 

 

Pretax income (loss) from discontinued operations

 

(360.1

)

 

 

1.1

 

Provision for (benefit from) income taxes

 

(92.2

)

 

 

0.5

 

Net income (loss) from discontinued operations

$

(267.9

)

 

$

0.6

 

The estimated loss on classification as held for sale of $355.4 million for the three months ended December 31, 2020 is calculated by comparing the purchase price (as adjusted) to the carrying value of the net assets of Interior Products. As Interior Products represents a component of the Company’s single reporting unit, the carrying value of the net assets of Interior Products includes an allocation of $734.3 million of the Company’s consolidated goodwill balance. The Company allocated consolidated goodwill based on the relative fair value of the component, which was determined using the estimated purchase price (as adjusted) of Interior Products and the market capitalization of the Company as of December 31, 2020. The net result of this allocation attributed a higher amount of goodwill than that which was directly associated with the Interior Products portion of the acquisition of Allied Building Products Corp., thereby having a significant influence on the estimated loss on the Interior Products divestiture transaction. Upon closing of the transaction, the estimated loss will be adjusted accordingly to reflect the final purchase price and carrying value of the net assets of Interior Products as of the close date, which will include an updated allocation of the Company’s goodwill to Interior Products.

BEACON ROOFING SUPPLY, INC.

Consolidated Balance Sheets

(Unaudited; in millions)

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

2020

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

461.4

 

 

$

624.6

 

 

$

43.7

 

Accounts receivable, net

 

746.4

 

 

 

885.2

 

 

 

716.5

 

Inventories, net

 

952.9

 

 

 

871.4

 

 

 

946.7

 

Prepaid expenses and other current assets

 

330.0

 

 

 

351.8

 

 

 

279.1

 

Current assets held for sale

 

997.0

 

 

 

243.8

 

 

 

267.7

 

Total current assets

 

3,487.7

 

 

 

2,976.8

 

 

 

2,253.7

 

Property and equipment, net

 

209.5

 

 

 

207.8

 

 

 

210.4

 

Goodwill

 

1,757.5

 

 

 

1,756.1

 

 

 

1,756.9

 

Intangibles, net

 

492.6

 

 

 

518.0

 

 

 

747.9

 

Operating lease assets

 

371.8

 

 

 

376.2

 

 

 

395.9

 

Deferred income taxes, net

 

12.4

 

 

 

 

 

 

 

Other assets, net

 

2.1

 

 

 

2.1

 

 

 

 

Non-current assets held for sale

 

 

 

 

1,120.5

 

 

 

1,173.7

 

Total assets

$

6,333.6

 

 

$

6,957.5

 

 

$

6,538.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

738.3

 

 

$

885.8

 

 

$

542.2

 

Accrued expenses

 

442.2

 

 

 

509.7

 

 

 

356.4

 

Current operating lease liabilities

 

84.0

 

 

 

84.0

 

 

 

83.1

 

Current portions of long-term debt/obligations

 

11.3

 

 

 

12.3

 

 

 

13.9

 

Current liabilities held for sale

 

175.1

 

 

 

139.4

 

 

 

123.1

 

Total current liabilities

 

1,450.9

 

 

 

1,631.2

 

 

 

1,118.7

 

Borrowings under revolving lines of credit, net

 

151.7

 

 

 

251.1

 

 

 

215.6

 

Long-term debt, net

 

2,494.1

 

 

 

2,494.2

 

 

 

2,495.1

 

Deferred income taxes, net

 

 

 

 

71.8

 

 

 

99.7

 

Non-current operating lease liabilities

 

286.6

 

 

 

290.5

 

 

 

308.5

 

Long-term obligations under equipment financing, net

 

 

 

 

 

 

 

1.6

 

Other long-term liabilities

 

6.3

 

 

 

5.2

 

 

 

0.4

 

Non-current liabilities held for sale

 

 

 

 

53.4

 

 

 

59.0

 

Total liabilities

 

4,389.6

 

 

 

4,797.4

 

 

 

4,298.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Preferred Stock

 

399.2

 

 

 

399.2

 

 

 

399.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

0.7

 

 

 

0.7

 

 

 

0.7

 

Undesignated preferred stock

 

 

 

 

 

 

 

 

Additional paid-in capital

 

1,109.8

 

 

 

1,100.6

 

 

 

1,087.0

 

Retained earnings

 

463.5

 

 

 

694.3

 

 

 

769.8

 

Accumulated other comprehensive income (loss)

 

(29.2

)

 

 

(34.7

)

 

 

(16.8

)

Total stockholders’ equity

 

1,544.8

 

 

 

1,760.9

 

 

 

1,840.7

 

Total liabilities and stockholders’ equity

$

6,333.6

 

 

$

6,957.5

 

 

$

6,538.5

 

BEACON ROOFING SUPPLY, INC.

Consolidated Statements of Cash Flows

(Unaudited; in millions)

 

 

Three Months Ended

December 31,

 

 

2020

 

 

2019

 

Operating Activities

 

 

 

 

 

 

 

Net income (loss)

$

(220.5

)

 

$

(23.4

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

52.3

 

 

 

63.9

 

Stock-based compensation

 

4.9

 

 

 

5.2

 

Certain interest expense and other financing costs

 

2.9

 

 

 

2.8

 

Loss on debt extinguishment

 

 

 

 

14.7

 

Gain on sale of fixed assets and other

 

(0.6

)

 

 

(0.3

)

Deferred income taxes

 

(85.9

)

 

 

2.4

 

Loss on classification as held for sale

 

355.4

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

149.6

 

 

 

247.6

 

Inventories

 

(89.3

)

 

 

(19.2

)

Prepaid expenses and other current assets

 

18.0

 

 

 

(3.4

)

Accounts payable and accrued expenses

 

(227.5

)

 

 

(417.5

)

Other assets and liabilities

 

1.6

 

 

 

1.9

 

Net cash provided by (used in) operating activities

 

(39.1

)

 

 

(125.3

)

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

Purchases of property and equipment

 

(18.0

)

 

 

(12.2

)

Proceeds from the sale of assets

 

0.7

 

 

 

0.4

 

Net cash provided by (used in) investing activities

 

(17.3

)

 

 

(11.8

)

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

Borrowings under revolving lines of credit

 

2.3

 

 

 

750.7

 

Payments under revolving lines of credit

 

(102.3

)

 

 

(616.8

)

Payments under term loan

 

(2.4

)

 

 

(2.4

)

Borrowings under senior notes

 

 

 

 

300.0

 

Payment under senior notes

 

 

 

 

(309.6

)

Payment of debt issuance costs

 

 

 

 

(3.6

)

Payments under equipment financing facilities and finance leases

 

(1.7

)

 

 

(2.3

)

Payment of dividends on Preferred Stock

 

(6.0

)

 

 

(6.0

)

Proceeds from issuance of common stock related to equity awards

 

7.1

 

 

 

0.9

 

Payment of taxes related to net share settlement of equity awards

 

(2.8

)

 

 

(2.1

)

Net cash provided by (used in) financing activities

 

(105.8

)

 

 

108.8

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(1.0

)

 

 

(0.3

)

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(163.2

)

 

 

(28.6

)

Cash and cash equivalents, beginning of period

 

624.6

 

 

 

72.3

 

Cash and cash equivalents, end of period

$

461.4

 

 

$

43.7

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

Operating cash flows provided by (used in) discontinued operations

$

(6.4

)

 

$

12.4

 

Investing cash flows provided by (used in) discontinued operations

$

(2.5

)

 

$

(6.9

)

BEACON ROOFING SUPPLY, INC.

Sales by Product Line

(Unaudited; in millions)

 

Sales by Product Line – Continuing Operations

 

Sales by Product Line

 

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

Net Sales

 

 

Mix %

 

 

Net Sales

 

 

Mix %

 

 

$

 

 

%

 

Residential roofing products

$

844.8

 

 

 

53.6

%

 

$

696.8

 

 

 

49.2

%

 

$

148.0

 

 

 

21.2

%

Non-residential roofing products

 

398.3

 

 

 

25.3

%

 

 

412.0

 

 

 

29.1

%

 

 

(13.7

)

 

 

(3.3

%)

Complementary building products

 

333.4

 

 

 

21.1

%

 

 

306.5

 

 

 

21.7

%

 

 

26.9

 

 

 

8.8

%

 

$

1,576.5

 

 

 

100.0

%

 

$

1,415.3

 

 

 

100.0

%

 

$

161.2

 

 

 

11.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales by Business Day1,2

 

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

Net Sales

 

 

Mix %

 

 

Net Sales

 

 

Mix %

 

 

$

 

 

%

 

Residential roofing products

$

13.6

 

 

 

53.6

%

 

$

11.2

 

 

 

49.2

%

 

$

2.4

 

 

 

21.2

%

Non-residential roofing products

 

6.4

 

 

 

25.3

%

 

 

6.7

 

 

 

29.1

%

 

 

(0.3

)

 

 

(3.3

%)

Complementary building products

 

5.4

 

 

 

21.1

%

 

 

4.9

 

 

 

21.7

%

 

 

0.5

 

 

 

8.8

%

 

$

25.4

 

 

 

100.0

%

 

$

22.8

 

 

 

100.0

%

 

$

2.6

 

 

 

11.4

%

__________________________________________________
1 The first quarter of fiscal years 2021 and 2020 each had 62 business days.
2 Dollar and percentage changes may not recalculate due to rounding.

Sales by Product Line – Combined

 

Sales by Product Line

 

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

Net Sales

 

 

Mix %

 

 

Net Sales

 

 

Mix %

 

 

$

 

 

%

 

Residential roofing products

$

849.5

 

 

 

46.6

%

 

$

702.2

 

 

 

41.9

%

 

$

147.3

 

 

 

21.0

%

Non-residential roofing products

 

402.3

 

 

 

22.0

%

 

 

420.9

 

 

 

25.1

%

 

 

(18.6

)

 

 

(4.4

%)

Complementary building products

 

573.5

 

 

 

31.4

%

 

 

552.0

 

 

 

33.0

%

 

 

21.5

 

 

 

3.9

%

 

$

1,825.3

 

 

 

100.0

%

 

$

1,675.1

 

 

 

100.0

%

 

$

150.2

 

 

 

9.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales by Business Day1,2

 

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

Change

 

 

Net Sales

 

 

Mix %

 

 

Net Sales

 

 

Mix %

 

 

$

 

 

%

 

Residential roofing products

$

13.7

 

 

 

46.6

%

 

$

11.3

 

 

 

41.9

%

 

$

2.4

 

 

 

21.0

%

Non-residential roofing products

 

6.5

 

 

 

22.0

%

 

 

6.8

 

 

 

25.1

%

 

 

(0.3

)

 

 

(4.4

%)

Complementary building products

 

9.2

 

 

 

31.4

%

 

 

8.9

 

 

 

33.0

%

 

 

0.3

 

 

 

3.9

%

 

$

29.4

 

 

 

100.0

%

 

$

27.0

 

 

 

100.0

%

 

$

2.4

 

 

 

9.0

%

__________________________________________________
1 The first quarter of fiscal years 2021 and 2020 each had 62 business days.
2 Dollar and percentage changes may not recalculate due to rounding.

BEACON ROOFING SUPPLY, INC.

Non-GAAP Financial Measures

(Unaudited; in millions)

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we prepare certain financial measures that are not calculated in accordance with GAAP, specifically:

  • Adjusted Operating Expense. We define Adjusted Operating Expense as operating expense excluding the impact of the adjusting items (as described below).
  • Adjusted Net Income (Loss). We define Adjusted Net Income (Loss) as net income (loss) excluding the impact of the adjusting items (as described below).
  • Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and the adjusting items (as described below).

We use these supplemental non-GAAP measures to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources.

Contacts

INVESTOR CONTACTS:

Brent Rakers

Director, Investor Relations

[email protected]
901-232-2737

James Wilson

VP Finance & Treasurer

[email protected]
571-306-7501

MEDIA CONTACT:
Jennifer Lewis

VP, Communications and Corporate Social Responsibility

[email protected]
571-752-1048

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