Strong Roofing Growth Impacts Beacon Sales

Beacon had net sales of $1,825.3 million for the first quarter of 2021, an increase of 11.4 per cent compared to net sales of $1,675.1 million for the first quarter of 2020. The 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 per cent, non-residential roofing product sales decreased 3.3 per cent, and complementary product sales increased 8.8 per cent compared to the prior year. Gross margin improved 140 basis points from 24 per cent in the prior year to 25.4 per cent and operating expense and adjusted operating expense both decreased compared to the prior year. Net income from continuing operations was $47.4 million, compared to a loss of $24 million in 2020.