Double-digit sales rise for Beacon Supply in 2012
Beacon Roofing Supply, one of the nation’s largest distributors of roofing, siding and other exterior building products, reported sales of $598.1 million for its fourth fiscal quarter, a 3.9% increase from sales of $575.6 million in the same period a year ago. Existing market sales, which exclude branches acquired after the beginning of the quarter, declined 5.6%. In existing markets, residential and non-residential roofing product sales decreased 3.3% and 10.5%, respectively, while complementary product sales increased 1.2%. This year's fourth-quarter sales were primarily impacted by lower roofing activity in the markets affected by last year's hail storms, partially offset by the benefit of slightly higher overall average selling prices.
Net income for the fourth quarter, which ended Sept. 30, was $27.9 million compared with $31.3 million in 2011.
In year-round figures, total sales increased 12.5% to $2.04 billion in 2012 from $1.82 billion in 2011. Existing market sales increased 6.3% (7.6% based on the same number of business days). Residential and non-residential roofing product sales in existing markets increased 11.8% and 2.3%, respectively, while complementary product sales declined 0.4%. Annual sales were favorably impacted by increased re-roofing and remodeling activities in the first half of the this year, including the impact from improved weather conditions and stronger business in several markets that experienced significant storms during the course of last fiscal year, and by higher average selling prices.
Annual net income was $75.6 million in 2012 compared with $59.2 million in 2011.
Paul Isabella, president and CEO of the Peabody, Mass.-based company, said in a prepared statement: "We are very pleased with our record quarter and annual 2012 results, which exceeded our expectations. Our total sales benefited from the positive impact of acquisitions and from a 6% increase in existing market sales for the year. The adjusted fourth-quarter net income exceeded last year's adjusted net income, even though we were facing a very challenging comparison to last year's fourth quarter, when there were substantial roofing activities from hail storms. We are confident in the long-term growth opportunities available in our industry and are actively investing to realize those opportunities, such as with our most recent acquisition of McClure-Johnston."