Sales surge at Beacon Roofing Supply
Third-quarter sales of both residential and non-residential product showed double-digit percentage increases for the Peabody, Mass.-based specialty distributor.
Total sales increased 14% to $540.7 million, a record for a third quarter, the company said. Net income also was at a third-quarter record high -- $24.1 million. That's up 47.9% from the prior-year quarter.
"Our roofing businesses benefited from a pick-up in volume during the quarter, including some hail storm business, and from industry-wide price increases, although our commercial business has remained consistently strong throughout this year," said Paul Isabella, the company’s president and CEO.
"We were able to use our strong financial position to increase inventories ahead of some vendor price increases, which enabled us to achieve more normal gross margins that were significantly above last year’s low rates," Isabella added.
The company's purchase of Enercon Products was completed during the quarter.