Roofing and construction materials distributor Beacon on Thursday announced record annual sales as its leaders attempt to fend off a hostile takeover bid.
But the company also noted a “challenging" environment as its fourth-quarter results fell short of Wall Street estimates — despite also setting a new record for the period.
The company posted just more than $2.4 billion in fourth-quarter net sales and nearly $9.8 billion in 2024 as a whole. Analysts had reportedly anticipated $2.43 billion in quarterly sales.
“Despite the challenging economic environment in 2024, we delivered record fourth-quarter and full-year sales and our highest fourth-quarter adjusted EBITDA in history,” Beacon President and CEO Julian Francis said in a statement.
Beacon officials have defended the company’s performance and strategy in recent months amid a buyout bid from newly formed distributor QXO. Francis said Thursday that the company has consistently met its targets and returned $225 million to shareholders during the year through share repurchases.
QXO made a tender offer for Beacon after Beacon’s board of directors twice rejected an $11 billion acquisition offer in recent months. QXO has also nominated a slate of candidates to replace Beacon’s current board.
