Yahoo Finance Beacon (BECN) Renames Brand to Beacon Building Products
Beacon Roofing Supply, Inc. BECN has renamed product brand, a move that reflects its constant endeavor toward “improving the total customer experience by better identifying Beacon as a full-service supplier for building products.”
Beacon’s 40 brands across the United States and Canada that sell exterior products will now be named Beacon Building Products. The new name and logo will be adopted at more than 450 Beacon one-step exterior products branches.
Moreover, Beacon will gain from the successful execution of its technology initiative in the growing e-commerce platform. The company has invested in its omni-channel approach. A single website is serving customers by providing connectivity to its exclusive Beacon Pro+ e-commerce site and the Beacon 3D+ estimating platform. The company has also developed its OTC (On-Time & Complete) Network to support in-store and online customers with advanced product availability, delivery tracking and notification. Beacon’s interior, insulation, weatherproofing and two-step branches will continue to operate under the current brand name.
Beacon expects a strong demand environment and no incremental inflation in fiscal 2020. It is on track with its long-term target of generating $1 billion in annual digital sales. The company continues to enhance the digital platform and add capabilities based on customer feedback. Given the lower cost to service, digital sales generally contribute to gross margin.
However, competitive pricing pressure, weather-related woes, raw-material cost inflation, stiff competition, general market softness along with volatile exchange rates have been impacting its bottom line over the last few quarters. Nonetheless, its focus on cost saving, productivity enhancement and digital platform along with strategic buyouts are expected to revive performance.
This Zacks Rank #3 (Hold) company has gained 9.6% over the past three months against its industry’s 2% decline. Earnings estimates for fiscal 2020 have moved 0.8% north over the past 30 days, depicting analysts' optimism surrounding the company's earnings growth potential. This might lead to further near-term price appreciation for Beacon, which shares its space with the likes of Builders FirstSource, Inc. BLDR, BMC Stock Holdings, Inc. BMCH and Owens Corning OC. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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