Higher prices increase Beacon sales

Beacon had net sales of $1.73 billion for the first quarter of 2023, an increase of 2.7% compared to net sales of $1.69 billion in the first quarter of 2022. The increase reflects higher prices and the contributions of acquired and newly opened branches over the last four quarters. Residential roofing product sales increased 0.4% year over year; non-residential roofing product sales decreased 7.8%, and complementary product sales increased 22.7%. Overall gross margin decreased to 25.5% from 26.1% in the prior year, as higher product costs related to the inventory profit roll-off in a stable price environment more than offset higher average selling prices for products. The company had a net income of $24.8 million for the first quarter, down from $55.8 million in the year-ago period.