Beacon sees FY23 adjusted EBITDA $840M-$870M

The company said, “The Company now expects full year 2023 Adjusted EBITDA results to range between $840 and $870 million, which represents the upper half of our previously announced guidance range. A reconciliation of the Company’s Adjusted EBITDA guidance to the most directly comparable GAAP financial measure may be found attached to this press release. The Company expects to further refine this guidance in connection with its second quarter earnings release, reflecting, among other things, the completion of quarter-end close procedures, the Company’s performance in July 2023, expectations with respect to recently announced shingle price increases, the Company’s assessment of macroeconomic conditions and interest rates, as well as the forecast for the second half of the year. The Company expects its total gross debt less cash and cash equivalents to be approximately $1.7 billion at June 30, 2023, with net debt leverage on a trailing four quarter basis estimated to be approximately 1.9x. A reconciliation of net debt leverage may be found attached to this press release. Giving pro forma effect to the repurchase of the Series A Preferred Stock and the expected debt funding related to the repurchase, the Company expects its total gross debt less cash and cash equivalents to be approximately $2.5 billion at June 30, 2023, yielding estimated net debt leverage of approximately 2.9x on a trailing four quarter basis. Pro forma liquidity continues to support Beacon’s Ambition 2025 growth objectives, including continued investment in greenfields and tuck-in acquisitions as outlined at our February 2022 Investor Day. “