Beacon announced the appointment of Carmelo Carrubba, Beacon's current vice president of Strategy and Transformation, as interim chief financial officer, effective Jan. 20, 2024, while the company conducts an external search for its next CFO.
"I'm delighted that Carmelo has accepted this interim responsibility and look forward to working with him in this expanded role until a permanent CFO has been appointed," said Julian Francis, Beacon's president and CEO.
The company previously announced that executive vice president and CFO Frank Lonegro will be leaving the company effective Feb. 1, 2024 to become the chief executive officer of a publicly traded company outside of the building products industry.
Carrubba joined Beacon in April 2022 as vice president of Strategy and Transformation and as a member of Beacon's Executive Committee. In these positions, Carrubba shares responsibility for creating and supporting the value creation framework to drive the successful execution of Beacon's Ambition 2025.
According to a news release, Carrubba has extensive executive, functional and operational experience, having joined Beacon from Glatfelter, a U.S. publicly-traded leading manufacturer of engineered materials, where he served as vice president of Strategy and Sustainability, after serving in a similar role at Jacob Holm, a privately-held engineered material manufacturer, where he served as corporate vice president of Strategy and Sustainability.
Prior to Jacob Holm, Carrubba spent 14 years within the exteriors industry at publicly traded Owens Corning, serving in various roles of increasing responsibility including strategic planning, general management with full P&L responsibilities, global commercial excellence director and vice president of Strategic Marketing. While at Owens Corning, he also oversaw the deployment and execution of several major capital investments ranging in size from $10 million to $150 million.
Carrubba also worked as a manager for Bain & Company. He holds a B.A. in Economics and Business Administration from the University of Catania in Catania, Italy and an M.B.A. from INSEAD, Singapore and Fontainebleau, France.
Beacon's net sales for the quarter ended Dec. 31, 2023 are expected to be approximately $2.3 billion. Gross margins for the quarter ended Dec. 31, 2023 are expected to be approximately 25.7%. Net income for the quarter ended Dec. 31, 2023 is estimated to range between $92 million and $96 million.
Net sales for the full year are expected to be approximately $9.1 billion. Gross margins for the full year are expected to be approximately 25.6%. Net income for the full year ending Dec. 31, 2023 is estimated to range between $432 million and $436 million. Adjusted EBITDA for the full year ended Dec.31, 2023 is estimated to range between $925 million and $930 million.
According to Beacon, these quarter and full year results are at the high end of the company's previously issued guidance primarily due to higher revenue.
"This performance demonstrates the team's continued high level of execution on Ambition 2025 in a dynamic macroenvironment," said .