Roofing material and building products distributor Beacon (Nasdaq: BECN) reported 2021 fiscal fourth-quarter sales of $1.88 billion, a quarterly record for continuing operations.
The fiscal 4Q net sales totals were 6.9% above the same quarter a year ago.
Net income from continuing operations was $104.5 million, compared to $68.2 million in 2020 4Q.
Residential roofing product sales increased 3.1%, complementary product sales increased 17%, and non-residential roofing product sales increased 7% compared to the prior year.
For the entire fiscal year, net sales increased 12.3% compared to the prior year. Net sales in FY 2021 were $6.64 billion compared with $5.9 billion a year ago.
“In fiscal 2021, we demonstrated the strength of our platform by generating record top line and bottom line results, building a solid foundation for our future ambitions,” said Julian Francis, Beacon’s president and CEO. “Focused market and price execution also drove the highest fourth quarter sales and Adjusted EBITDA in our history. Our team continued to deliver high-value solutions to our customers’ critical building material needs in a supply-challenged environment. Furthermore, the progress on our strategic initiatives and operational improvements has been transformational throughout fiscal 2021. We have focused our business on our core exteriors customer and strengthened our balance sheet. Today, we have ample capacity to make strategic investments and drive enhanced growth. Looking forward, we have the right leadership team to execute on a multi-year runway of market opportunities that will create value for all of our stakeholders.”
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