Beacon Roofing Supply reports 12% gain in Q3 sales
Beacon Roofing Supply reported strong gains in the third quarter, with sales up 12% on a year-over-year basis and net income up 7% from 2012's $25.4 million.
Specifically, net Q3 sales came in at $627 million versus last year's $561 million. Residential and non-residential roofing products sales increased 0.2% and 1.1%, respectively, in existing markets. Complementary product sales rose 5.2%.
Net income came in at $27.2 million, despite a company statement that Q3 performance was adversely affected by heavy rains and fewer hail storms.
“We experienced a challenging demand environment during the third quarter of fiscal 2013; however, we still recorded double-digit growth with sales up 12% over last year," said president and CEO Paul Isabella. "Our total sales benefited from the positive impact of several acquisitions made since the start of last year, as well as a 1.2% increase in organic sales in the quarter. The soft demand led to pricing pressures that negatively impacted our gross margins, although our continued focus on expense controls enabled us to limit the impact on earnings. Our fourth quarter sales volumes are off to a good start and we will continue to focus on opening new branches, smart acquisition growth and improving our gross margins.”
Beacon acquired 19 branches thus far in 2013, with two additional branches opened in the third quarter.