Beacon reports Q3 EPS ($4.16), consensus $2.61

Reports Q3 revenue $2.58B, consensus $2.59B. “Beacon’s third quarter results were outstanding, reflecting our team’s high caliber execution on our Ambition 2025 strategic plan and the power of our business model,” said Julian Francis, Beacon’s President & CEO. “We demonstrated that we have multiple levers of growth and can achieve results in any environment. The vast majority of our market demand is from non-discretionary repair and reroofing and in the third quarter we demonstrated our ability to capitalize on that non-discretionary demand. In addition, we stayed focused on those items within our control including disciplined pricing, labor productivity and working capital management. As a result, we delivered record quarterly net sales, strong net income, our highest Adjusted EBITDA in history and solid cash flow generation. We have deployed a substantial amount of capital on growth projects and returns to shareholders so far in 2023, while remaining well within our target debt leverage range. We built on our track record of value-creating M&A, including a meaningful expansion to our Waterproofing footprint. We’ve continued to add greenfield branch locations to enhance our organic growth potential. And, during the quarter, we repurchased all the outstanding preferred shares as well as approximately $25M worth of common shares, reducing the as-converted share count by more than 13%. As we enter the fourth quarter, our team is well-positioned to build on our momentum to deliver superior value to our customers, shareholders, employees and communities and deliver on Ambition 2025.”