Beacon Roofing Supply still on the prowl for acquisitions
Beacon Roofing Supply, one of the nation’s largest distributors of roofing, siding and other exterior building products, reported sales of $560.5 million for its third fiscal quarter, a 3.7% rise over sales of $540.7 million in the same quarter of 2011. Existing-market or same-store sales, which exclude branches acquired after the beginning of last year's third quarter, declined 1.5%.
This year's third-quarter sales were primarily impacted by lower non-residential roofing activity and less residential roofing activity in the markets affected by last spring's hail storms, the company said. Sales results were also affected by the benefit of higher average selling prices.
Net income for the third quarter of 2012, which ended June 30, was $25.4 million, compared with $24.1 million a year ago.
Paul Isabella, the company's president and CEO, said that most of Beacon’s regions were having “an exceptional year.”
“Our total sales have benefited from the positive impact from acquisitions, while our sales in existing markets for the third quarter fell only 1.5%. Sales in our existing markets were up against a very strong 11.6% increase in last year's third quarter, when there was substantial roofing activities beginning in June from the spring 2011 hail storms.”
Beacon added two new companies to its roster in July: Structural Materials Co. in Southern California and Contractors Roofing & Supply Co. in St. Louis. “We are confident that we will add other quality companies in the near future that fit our target acquisition profile,” Isabella said. “Although we will be up against tough comparisons again in the fourth quarter, we expect a solid finish to fiscal 2012."