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Beacon Roofing (BECN) Expands Its Waterproofing Division
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Following the solid buyouts in the fourth quarter of 2022, Beacon Roofing Supply, Inc. (BECN - Free Report) continues to expand its specialty waterproofing division. To this end, the company announced the opening of two new branches in Florida.
Situated in Largo and North Orlando, FL, these new branches are co-located with the Beacon’s exterior building products branches serving sealants, coatings, air and vapor barriers and other waterproofing products for construction. These new greenfield locations boost BECN's domestic footprint and further advance its Ambition 2025 goals.
Focus on Expansion
The company is focused on its Ambition 2025 targets (announced on Feb 24, 2022), which emphasize operational excellence, above-market growth trajectory and accelerated stockholder value creation. The financial targets of Ambition 2025 project that sales will reach $9 billion (8% CAGR) and $1 billion of EBITDA (10% CAGR), which would translate into 11% EBITDA margins (up 100 basis points from 2021 levels).
As part of this initiative, Beacon focuses on business expansion through bolt-on acquisitions and divestitures. During fourth-quarter fiscal 2022, BECN acquired Whitney Building Products, LLC and Coastal Construction Products, expanding its specialty waterproofing division. In 2023 to date, Beacon opened seven new locations.
Image Source: Zacks Investment Research
Shares of Beacon — the largest distributor of residential and non-residential roofing materials in the United States and Canada — have surged 50.4% year to date compared with the industry’s 2.8% rise. The company is benefiting from solid expansion plans and digital initiatives.
Zacks Rank & Key Picks
Beacon Roofing Supply currently sports a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for BJRI’s 2023 sales and EPS indicates a rise of 5.5% and 311.8%, respectively, from the year-ago period’s levels.
Abercrombie & Fitch Co. (ANF - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 480.6%, on average. Shares of ANF have increased 90.3% in the past year.
The Zacks Consensus Estimate for ANF’s 2023 sales and EPS indicates a rise of 3.4% and 732%, respectively, from the year-ago period’s levels.
Chipotle Mexican Grill, Inc. (CMG - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 4.7%, on average. Shares of CMG have increased 63.2% in the past year.
The Zacks Consensus Estimate for CMG’s 2023 sales and EPS indicates a rise of 14.1% and 33.8%, respectively, from the year-ago period’s levels.
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Beacon Roofing (BECN) Expands Its Waterproofing Division
Following the solid buyouts in the fourth quarter of 2022, Beacon Roofing Supply, Inc. (BECN - Free Report) continues to expand its specialty waterproofing division. To this end, the company announced the opening of two new branches in Florida.
Situated in Largo and North Orlando, FL, these new branches are co-located with the Beacon’s exterior building products branches serving sealants, coatings, air and vapor barriers and other waterproofing products for construction. These new greenfield locations boost BECN's domestic footprint and further advance its Ambition 2025 goals.
Focus on Expansion
The company is focused on its Ambition 2025 targets (announced on Feb 24, 2022), which emphasize operational excellence, above-market growth trajectory and accelerated stockholder value creation. The financial targets of Ambition 2025 project that sales will reach $9 billion (8% CAGR) and $1 billion of EBITDA (10% CAGR), which would translate into 11% EBITDA margins (up 100 basis points from 2021 levels).
As part of this initiative, Beacon focuses on business expansion through bolt-on acquisitions and divestitures. During fourth-quarter fiscal 2022, BECN acquired Whitney Building Products, LLC and Coastal Construction Products, expanding its specialty waterproofing division. In 2023 to date, Beacon opened seven new locations.
Image Source: Zacks Investment Research
Shares of Beacon — the largest distributor of residential and non-residential roofing materials in the United States and Canada — have surged 50.4% year to date compared with the industry’s 2.8% rise. The company is benefiting from solid expansion plans and digital initiatives.
Zacks Rank & Key Picks
Beacon Roofing Supply currently sports a Zacks Rank #3 (Hold).
Some top-ranked stocks from the Zacks Retail and Wholesale sector are:
BJ's Restaurants, Inc. (BJRI - Free Report) carries a Zacks Rank #1 (Strong Buy). BJRI has a trailing four-quarter earnings surprise of 93%, on average. Shares of BJRI have gained 32.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BJRI’s 2023 sales and EPS indicates a rise of 5.5% and 311.8%, respectively, from the year-ago period’s levels.
Abercrombie & Fitch Co. (ANF - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 480.6%, on average. Shares of ANF have increased 90.3% in the past year.
The Zacks Consensus Estimate for ANF’s 2023 sales and EPS indicates a rise of 3.4% and 732%, respectively, from the year-ago period’s levels.
Chipotle Mexican Grill, Inc. (CMG - Free Report) carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 4.7%, on average. Shares of CMG have increased 63.2% in the past year.
The Zacks Consensus Estimate for CMG’s 2023 sales and EPS indicates a rise of 14.1% and 33.8%, respectively, from the year-ago period’s levels.