HERNDON, Va. - Beacon (NASDAQ:BECN), a specialty distributor of roofing materials, has recently opened new branches in Attleboro, Massachusetts, and Mississauga, Ontario, as part of its ongoing expansion strategy. The company, which operates over 550 branches across the U.S. and Canada, aims to enhance its service offerings to residential and commercial roofing contractors in these regions.
The Attleboro branch is set to provide a range of roofing products and services to the southeastern Massachusetts and Providence, Rhode Island metro areas. "Contractors will appreciate connecting to our industry-leading Beacon PRO+ app for online ordering, delivery tracking and our loyalty program," said Gerard Hill, Regional Vice President, New England.
In Canada, the Mississauga branch will cater to the Greater Toronto Area, offering a robust catalog of roofing products and complementary items such as waterproofing and insulation. "This team's knowledge and service commitment will help contractors save time and grow their businesses," commented Charles Michaud, Regional Vice President, Canada.
The opening of these branches is part of Beacon's Ambition 2025 plan, which focuses on footprint expansion to drive above-market growth and better serve customers. The company has opened seven new locations and completed four acquisitions adding 23 branches in 2024 alone. Beacon has also surpassed its Ambition 2025 revenue and shareholder return targets two years ahead of schedule.
Founded in 1928, Beacon is a Fortune 500 company that serves nearly 100,000 customers. It offers products such as siding and waterproofing, in addition to roofing materials, and provides services throughout the business lifecycle. Beacon's proprietary digital account management suite, Beacon PRO+, facilitates online business management for its clients.
This expansion news is based on a press release statement from Beacon.
InvestingPro Insights
Beacon's strategic expansion with new branches in North America is underscored by optimistic financial indicators and market expectations. According to InvestingPro data, Beacon's market capitalization stands at a solid $6.07 billion. This reflects the company's substantial presence in the industry and investor confidence in its growth trajectory. The company's revenue has grown by 9.73% over the last twelve months as of Q1 2024, indicating that Beacon's expansion efforts may be paying off.
Moreover, InvestingPro Tips highlight that Beacon's net income is expected to grow this year, with nine analysts revising their earnings upwards for the upcoming period. This consensus suggests that the financial community anticipates Beacon's expansion strategy, including the opening of new branches and acquisitions, to positively impact its profitability. It's worth noting that while the company's stock price movements have been quite volatile, Beacon's liquid assets exceed its short-term obligations, providing financial stability as it pursues further growth.
Investors looking to delve deeper into Beacon's financial performance and future outlook can find a wealth of additional tips on InvestingPro. In fact, there are currently six more tips available that could provide valuable insights into the company's operations and market positioning. For those interested in accessing these insights, remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
As Beacon continues to implement its Ambition 2025 plan, aiming for above-market growth and enhanced customer service, these financial metrics and expert analyses will be crucial for investors monitoring the company's progress.
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