
Building materials distributor QXO reported net sales of more than $1.9 billion in its latest fiscal quarter â the first results that reflected its acquisition of Beacon Roofing Supply.
The company also posted $401.7 million in gross profit, but recorded a net loss of $58.5 million for the April-June period. QXO completed its buyout of Beacon for some $10.6 billion in late April.
Both the revenue total and its adjusted earnings â at $0.11 per diluted share â reportedly exceeded analystsâ expectations for the quarter.
âThe integration of Beacon is progressing well, and weâve identified opportunities that exceed our initial expectations,â QXO Chairman and CEO Brad Jacobs said in a statement. âWeâve made key strategic hires and launched a broad transformation initiative, focusing on pricing, procurement, sales, organizational structure, logistics and other core drivers of performance.â
QXO has also indicated that it intends to pursue additional acquisitions. The company made a bid for GMS in June before it was ultimately acquired by the Home Depot.