The following is a summary of the Beacon Roofing Supply, Inc. (BECN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Beacon Roofing reported a more than 10% increase in Q1 sales, primarily driven by demand for repair and re-roofing services and contributions from newly-acquired and greenfield branch locations.

• Gross margin for the quarter stood at 24.7%, which is approximately 80 basis points below last year's Q1 figures, but it surpassed the company's forecast of 24.5%.

• Operating expenses also saw a rise by 50 basis points compared to the previous year due to costs incurred from the opening of new branches and M&A activities.

• In view of its recent performances, Beacon has raised its full-year EBITDA guidance by $10 million though it still trails behind the top-line outlook due to greenfield investments and recent acquisitions costs.

Business Progress:

• Beacon continued to expand its reach by opening five greenfields and making four acquisitions in the year so far. These new additions are set to elevate customer service and reach.

• More advancements were made with the acquisition of Smalley & Company and the launch of TRI-BUILT ISO, a professional-grade roof insulation product.

• The company's focus on developing its digital platform resulted in a 28% YoY growth in digital sales, particularly with residential customers.

• Beacon has begun to incorporate sustainability measures, installing AI-enabled dashcams to promote road safety.

• By strengthening their financial position, Beacon was able to reduce its loan pricing by more than 65 basis points, saving over $25 million in cash interest.

• Beacon is laying out plans for greenfield and acquisition opportunities to further growth and investing in people and capabilities within the commercial market. They anticipate continued strong sales performance into Q2, supported by favourable industry sentiment.

• Finally, the company announced a change in its financial leadership with Prithvi Gandhi assuming the role of CFO.

More details: Beacon Roofing Supply IR

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