Roofing material and building products distributor Beacon (Nasdaq: BECN) reported that 2021 net sales increased 12.2% compared to the prior year despite one fewer business day, an annual record for net sales from continuing operations.
Residential roofing product sales increased 11.3%, complementary product sales increased 19.4%, and non-residential roofing product sales increased 8.5% compared to the prior year, Beacon said.
Four the fourth quarter of 2021, net sales increased 11.3% compared to the prior year to $1.75 billion, a record for net sales from continuing operations for the calendar fourth quarter.
“Transition period” net sales increased across all three lines of business, largely driven by a weighted-average selling price increase of approximately 15-16%, Beacon said.
This was partially offset by an implied average sales volume decrease of approximately 4-5%, due to supply chain challenges in the current year and a strong prior year comparable.
“2021 was nothing short of transformational. I’m extremely proud of the Beacon team’s ability to successfully execute in a supply-challenged environment to finish the year in record fashion,” said Julian Francis, Beacon’s president and CEO. “We eclipsed a meaningful profitability threshold, delivering double-digit Adjusted EBITDA margin for the first time in our history. Our calendar fourth quarter results are a demonstration of our positive momentum entering 2022, as we again generated record top-line and bottom-line results. Our renewed financial flexibility provided us the capacity to reinvest in the growth of our business. We successfully closed on two acquisitions in recent months, expanding our presence in key markets. In addition, we divested our solar products business, further focusing our team on delivering high-caliber service to our core exteriors customer. The strategic achievements that we have accomplished in 2020 and 2021 give us great confidence in our future, and we look forward to sharing our longer-term strategic plan called Ambition 2025 with the investment community later this month.”
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