Loss widens at Beacon Roofing Supply
Herndon, Virginia-based Beacon Roofing Supply joined the long list of LBM-related companies to report a negative impact from severe winter weather.
Sales decreased 7.5% to $384.9 million during the company’s second quarter ended March 31.
On an overall consolidated basis, residential roofing product sales decreased 12.1%, non-residential roofing product sales decreased 2.3%, and complementary product sales decreased 4.1%.
The company posted a net loss of $12.1 million in the quarter, compared with a net loss of $0.2 million in 2013.
“Severe winter weather that ranked among the 10 coldest on record in many states across the upper Midwest to the Southeast had a significant impact on our results this quarter,” said Paul Isabella, the company’s president and CEO. “Multiple winter storms that brought record snowfall and freezing rain delayed both residential and commercial roofing projects across our core markets.”
Isabella also pointed to strategic investments in equipment and inventory during the soft period.
The company opened its eighth new branch of the year, and is planning on adding up to 25 new branches for the full year. It currently operates 249 branches.
“We believe the second half of the year volume will be strong for both our residential and commercial markets,” Isabella added.