Beacon Roofing Supply, Inc. reported a net sales increase of 7.1% for the fiscal year ending December 31, 2024, reaching $9.76 billion compared to $9.12 billion in 2023. The company's gross profit also rose to $2.50 billion, up from $2.34 billion the previous year, maintaining a consistent gross margin of 25.7%. However, net income decreased to $361.7 million from $435.0 million in 2023, reflecting higher operating expenses, which increased by 12.6% to $1.64 billion, primarily due to acquisitions and inflationary pressures on payroll and benefits.
In terms of strategic developments, Beacon has actively pursued growth through acquisitions and new branch openings. Since January 1, 2022, the company has completed 26 acquisitions, adding 85 branches that contributed approximately $834.5 million to net sales in 2024. Additionally, 64 new branches were opened, contributing $558.0 million to net sales. As of December 31, 2024, Beacon operated 586 branches across the U.S. and Canada, serving around 110,000 customers.
Operationally, Beacon's digital sales increased by 24.1% year-over-year, highlighting the effectiveness of its Beacon PRO+® digital suite, which enhances customer engagement and operational efficiency. The company also reported a total employee headcount of 8,068, with a focus on improving productivity through enhanced training and support for its sales teams. The company’s geographic expansion included operations in all 50 U.S. states and seven Canadian provinces, with Canadian sales accounting for approximately 3% of total net sales.
Looking ahead, Beacon's management expressed confidence in its Ambition 2025 Value Creation Framework, which aims to drive growth and enhance customer service. The company anticipates continued organic growth and further acquisitions to solidify its market position in the roofing and complementary building products sector. However, the company also acknowledged potential risks, including market volatility and supply chain disruptions, which could impact future performance.
About BEACON ROOFING SUPPLY INC
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