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Beacon (BECN) Boost Presence with Three New Branch Openings
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Beacon Roofing Supply, Inc. (BECN - Free Report) unveiled its branches in three new locations in Fort Myers, FL, Milton, FL and Saginaw, MI, to cater to residential and commercial roofing contractors.
Situated on the southern edge of Fort Myers, BECN's new branch expands its presence with three branches serving the Cape Coral-Fort Myers metro area. BECN operates a specialized location offering waterproofing products, catering to demands of this rapidly growing market. The coastal location underscores the importance of resilient weather solutions, making BECN's offerings particularly relevant.
Meanwhile, the new Milton branch introduces both residential and commercial roofing products and services to the Pensacola metro area. The growing demand for building materials underscores the strategic significance of this expansion. Contractors in the region can benefit from BECN's customer service and product range, aiding in the growth of their businesses.
BECN’s new Saginaw branch expands its presence in Michigan to 12 locations. BECN is ready to serve roofing contractors in the area, offering its product range and the opportunity to use Beacon PRO+.
This strategic expansion initiative aligns with its Ambition 2025 plan as well as its goal of driving above-market growth to serve customers better. The company expanded its footprint by opening three new locations and completing two acquisitions in the first three months of 2024. BECN has surpassed its Ambition 2025 revenues and shareholder return targets two years ahead of schedule and continues to progress toward achieving its entire plan.
Focus on Expansion
Beacon has undertaken several strategic initiatives to drive its long-term ambition of growing and enhancing customer experience. One of the primary initiatives includes footprint expansion and increasing its market reach. The company has been focusing on this initiative since the launch of its Ambition 2025 targets, which include operational excellence, above-market growth trajectory and accelerated stockholder value creation.
Beacon is targeting business expansion through bolt-on acquisitions, divestitures and new branch openings. In 2023, it acquired 21 branches and opened 28 greenfield locations in key markets, enhancing customer reach and service.
Image Source: Zacks Investment Research
Shares of this distributor of residential and non-residential roofing materials have increased 66.4% in the past year, outperforming the Zacks Building Products - Retail industry’s 37% growth. The robust demand environment of the non-discretionary repair and re-roofing market has most likely backed the uptrend. Also, its inclination toward disciplined pricing, labor productivity and working capital management is encouraging.
As its footprint expansion initiatives bode well for growth momentum, Beacon intends to continue its focus on expansion to drive growth through acquisitions and the addition of greenfield locations. The company plans to open 25 new locations in 2024.
Zacks Rank & Key Picks
Beacon currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Retail-Wholesale sector have been discussed below.
Brinker International, Inc. (EAT - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 212.7% on average. Shares of EAT have surged 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 EAT’s 2024 sales and EPS indicates 4.9% and 30.7% growth, respectively, from the year-ago period’s levels.
Texas Roadhouse, Inc. (TXRH - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter negative earnings surprise of 3.9%, on average. The stock has gained 45.5% in the past year.
The Zacks Consensus Estimate for TXRH’s 2024 sales and EPS suggests rises of 14% and 25.1%, respectively, from the year-ago period’s levels.
Shake Shack Inc. (SHAK - Free Report) carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 92.6%, on average. SHAK’s shares have surged 94.3% in the past year.
The Zacks Consensus Estimate for SHAK’s 2024 sales and EPS indicates 14.6% and 91.9% growth, respectively, from the year-ago period’s levels.
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Beacon (BECN) Boost Presence with Three New Branch Openings
Beacon Roofing Supply, Inc. (BECN - Free Report) unveiled its branches in three new locations in Fort Myers, FL, Milton, FL and Saginaw, MI, to cater to residential and commercial roofing contractors.
Situated on the southern edge of Fort Myers, BECN's new branch expands its presence with three branches serving the Cape Coral-Fort Myers metro area. BECN operates a specialized location offering waterproofing products, catering to demands of this rapidly growing market. The coastal location underscores the importance of resilient weather solutions, making BECN's offerings particularly relevant.
Meanwhile, the new Milton branch introduces both residential and commercial roofing products and services to the Pensacola metro area. The growing demand for building materials underscores the strategic significance of this expansion. Contractors in the region can benefit from BECN's customer service and product range, aiding in the growth of their businesses.
BECN’s new Saginaw branch expands its presence in Michigan to 12 locations. BECN is ready to serve roofing contractors in the area, offering its product range and the opportunity to use Beacon PRO+.
This strategic expansion initiative aligns with its Ambition 2025 plan as well as its goal of driving above-market growth to serve customers better. The company expanded its footprint by opening three new locations and completing two acquisitions in the first three months of 2024. BECN has surpassed its Ambition 2025 revenues and shareholder return targets two years ahead of schedule and continues to progress toward achieving its entire plan.
Focus on Expansion
Beacon has undertaken several strategic initiatives to drive its long-term ambition of growing and enhancing customer experience. One of the primary initiatives includes footprint expansion and increasing its market reach. The company has been focusing on this initiative since the launch of its Ambition 2025 targets, which include operational excellence, above-market growth trajectory and accelerated stockholder value creation.
Beacon is targeting business expansion through bolt-on acquisitions, divestitures and new branch openings. In 2023, it acquired 21 branches and opened 28 greenfield locations in key markets, enhancing customer reach and service.
Image Source: Zacks Investment Research
Shares of this distributor of residential and non-residential roofing materials have increased 66.4% in the past year, outperforming the Zacks Building Products - Retail industry’s 37% growth. The robust demand environment of the non-discretionary repair and re-roofing market has most likely backed the uptrend. Also, its inclination toward disciplined pricing, labor productivity and working capital management is encouraging.
As its footprint expansion initiatives bode well for growth momentum, Beacon intends to continue its focus on expansion to drive growth through acquisitions and the addition of greenfield locations. The company plans to open 25 new locations in 2024.
Zacks Rank & Key Picks
Beacon currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Retail-Wholesale sector have been discussed below.
Brinker International, Inc. (EAT - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 212.7% on average. Shares of EAT have surged 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 EAT’s 2024 sales and EPS indicates 4.9% and 30.7% growth, respectively, from the year-ago period’s levels.
Texas Roadhouse, Inc. (TXRH - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter negative earnings surprise of 3.9%, on average. The stock has gained 45.5% in the past year.
The Zacks Consensus Estimate for TXRH’s 2024 sales and EPS suggests rises of 14% and 25.1%, respectively, from the year-ago period’s levels.
Shake Shack Inc. (SHAK - Free Report) carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 92.6%, on average. SHAK’s shares have surged 94.3% in the past year.
The Zacks Consensus Estimate for SHAK’s 2024 sales and EPS indicates 14.6% and 91.9% growth, respectively, from the year-ago period’s levels.