Beacon Roofing Provides Q2 Preliminary Results, Revises 2023 Outlook
Portfolio Pulse from Lekha Gupta
Beacon Roofing Supply Inc (NASDAQ:BECN) has provided preliminary results for Q2 2023 and revised its 2023 outlook. The company plans to buy back 400,000 Series A Preferred shares from CD&R for $804.5 million, with the transaction expected to close by August 11, 2023. Q2 net sales are expected to be around $2.5 billion, with gross margins of about 25.4%. The company does not expect significant open market repurchases of common stock in the remainder of 2023. BECN shares are trading higher by 2.67% at $83.02.
July 07, 2023 | 4:22 pm
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Beacon Roofing Supply Inc has revised its 2023 outlook and plans to buy back 400,000 Series A Preferred shares. The company's Q2 net sales are expected to be around $2.5 billion. The company's shares are trading higher.
The company's decision to buy back shares and the expected increase in Q2 net sales are likely to have a positive impact on the company's stock. The company's shares are already trading higher, indicating positive investor sentiment.
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