BEACON ROOFING SUPPLY INC [BECN] reports annual net loss of $68.0 million
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Company Reports Revenue of $1.8 billion
BEACON ROOFING SUPPLY INC [BECN] has reported a net loss of $68.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.8 billion
Based in HERNDON, Virginia, BEACON ROOFING SUPPLY INC operates in the WHOLESALE sector.
In the quarterly period ending December 31, 2023, the company reported net sales of $9.12 billion, showcasing an increase from the previous year's $8.43 billion in the same period. This represents a growth of 8% year-over-year.
Cost of products sold for the same quarter was $6.78 billion, compared to $6.19 billion in the previous year, indicating a slight increase of 9.5% in costs.
The gross profit for the current quarter stood at $2.34 billion, which was slightly higher than the previous year's $2.24 billion, showing a growth of 4.5%.
Operating expenses, including selling, general and administrative costs, depreciation, and amortization, amounted to $1.63 billion in the current quarter, compared to $1.53 billion in the previous year. This showcases a 6.5% increase in operating expenses.
Net income for the quarter was reported at $435 million, a slight increment from $458 million in the same period last year. This represents a decrease of approximately 5% in net income year-over-year.
Earnings per share for the current quarter were $(0.43) for both basic and diluted amounts, showcasing a decline from the previous year's $5.66 in basic earnings per share and $5.55 in diluted earnings per share. This significant drop in earnings per share reflects the challenges faced by the company in the current reporting period compared to the previous year.
Overall, the company experienced a mixed financial performance in the quarterly period, with revenue and gross profit showing growth, while net income and earnings per share witnessed a decline compared to the same period in the previous year.
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