Beacon to Present at William Blair Conference; Provides Business Update
June 08 2020 - 5:20PM
Business Wire
Beacon (Nasdaq: BECN) (the “Company”) announced today that
Julian Francis, President & Chief Executive Officer, and Frank
Lonegro, Executive Vice President & Chief Financial Officer,
will participate in the virtual William Blair 40th Annual Growth
Stock Conference on June 9, 2020.
A link to the most recent Beacon investor presentation is
available on the Investor Relations page of the Company's
website.
In conjunction with its participation in the conference, the
Company is providing the following business updates to offer
continued visibility into the Company's performance during the
COVID-19 pandemic:
- May 2020 consolidated daily sales improved significantly
compared to the approximately 20% year-over-year decline
experienced in April, with May’s daily sales decreasing only
low-single digits compared to the prior year.
- The Company’s average daily sales in May 2020 improved
sequentially each week, as economies are re-opening and we are
beginning to experience a return to more normal seasonality for our
business.
- In May 2020, the Company produced low-single digit
year-over-year daily sales improvement in geographies that have
seen less restrictions throughout the pandemic. In the other 10
jurisdictions where our business was most heavily impacted by the
virus, daily sales improved materially in May on a sequential basis
as states began to loosen restrictions. In those 10 areas, on a
year-over-year basis, May’s daily sales finished down approximately
11% compared to the roughly 45% year-over-year decline experienced
in April.
- Operating in the COVID-19 environment, quarter-to-date
performance has exceeded our expectations and is benefitting from a
heightened focus on generating operating leverage as sales return.
On the strength of our operating performance and strong working
capital management, our cash position at the end of May improved
meaningfully since the end of our Fiscal second quarter.
Julian Francis, Beacon’s President and Chief Executive Officer
stated, “While health and safety during this unprecedented pandemic
remains our top priority, the Beacon team has remained intensely
focused upon operational performance and financial strength amidst
the market uncertainty from COVID-19. I am particularly pleased
with the improvement in daily sales we experienced in May versus
April’s virus induced trough. Even in the metropolitan areas still
limiting construction activity, we have seen significant
improvement as economies begin to re-open. The speed and
decisiveness of our cost and liquidity actions over the past three
months gives me great confidence in our ability to emerge from
COVID-19 a stronger company.”
Forward-Looking Statements
This release contains information about management's view of the
Company's future expectations, plans and prospects that constitute
forward-looking statements for purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including, but not limited to, the impact of the COVID-19
pandemic on the construction sector, in general, and the financial
position and operating results of our Company, in particular, which
cannot be predicted and could change rapidly, and those set forth
in the "Risk Factors" section of the Company's latest Form 10-K and
Form 10-Q. In addition, the forward-looking statements included in
this press release represent the Company's views as of the date of
this press release and these views could change. However, while the
Company may elect to update these forward-looking statements at
some point, the Company specifically disclaims any obligation to do
so, other than as required by federal securities laws. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date of this press release.
About Beacon
Founded in 1928, Beacon is a Fortune 500, publicly-traded
distributor of residential and commercial building products in
North America, operating over 500 branches throughout all 50 states
in the U.S. and 6 provinces in Canada. Beacon serves an extensive
base of over 110,000 customers, utilizing its vast branch network
and diverse service offerings to provide high-quality products and
support throughout the entire business lifecycle. Beacon offers its
own private label brand, TRI-BUILT, and has a proprietary digital
account management suite, Beacon Pro+, which allows customers to
manage their businesses online. Beacon’s stock is traded on the
Nasdaq Global Select Market under the ticker symbol BECN. To learn
more about Beacon, please visit www.becn.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200608005744/en/
Brent Rakers, Director, Investor Relations Brent.Rakers@becn.com
901-232-2737
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