Q1 2024 Beacon Roofing Supply Inc Earnings Call Transcript
Key Points
- Beacon Roofing Supply Inc (BECN) reported record first quarter sales, demonstrating strong execution and growth across all three lines of business.
- The company's Ambition 2025 plan is effectively driving growth, with sales increasing by more than 10% year-over-year.
- Beacon Roofing Supply Inc (BECN) has achieved 15 consecutive quarters of year-over-year sales growth, highlighting consistent performance and market resilience.
- The company continues to expand its footprint through strategic acquisitions and the opening of new greenfield locations, enhancing customer service and reach.
- Investments in digital sales platforms and private label offerings are enhancing customer loyalty, increasing basket sizes, and improving margins.
- Gross margin for the first quarter was 24.7%, approximately 80 basis points below the same period last year, impacted by recent greenfield additions and M&A activities.
- The integration of newly acquired branches and greenfield locations is still in progress, causing some dilution in gross margin as a percentage of sales.
- Adjusted operating expenses increased due to costs associated with acquired and greenfield branches, as well as inflationary pressures on wages and benefits.
- The company's non-residential sales face challenges with a mid-single digit decline in prices year-over-year, although they remained stable sequentially.
- While digital sales are growing, the full potential of these initiatives in contributing significantly to the bottom line is still developing.
Ladies and gentlemen, thank you for your patience. Again. Welcome to today's Beacon First Quarter 2024 earnings call.
I would now like to hand the call over to Bennett on V. With Beacon. You may proceed.
Thank you, Joe, and good evening, everybody. And as always, we thank you for taking the time to join our call today. I'm joined by Julian Francis, our Chief Executive Officer, Carmelo CorNova beacons, Interim Chief Financial Officer. Julian and Carmelo will begin today's call with prepared remarks that will follow the slide deck posted to the Investor Relations section of eGain's website. After that, we will open the call for questions.
Before we begin, please reference slide 2 for a couple of brief reminders. First, this call will contain forward-looking statements about the Company's plans and objectives and future performance are forward-looking statements can be identified because they do not always relate strictly to historical or current facts and
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