Beacon Roofing Q1 Profit Slides – Quick Facts

By RTT News, February 08, 2013, 08:16:00 AM EDT

(RTTNews.com) - Beacon Roofing Supply, Inc. ( BECN ) Friday said profit in the first quarter declined from the previous year, amid higher operating expenses.

Net income for the quarter slid to $18.21 million from $19.12 million in the prior year. Earnings per share dropped to $0.37 from $0.41.

Prior-year net income included a benefit of $1.0 million, $0.02 per share, from a reduction in a liability for contingent consideration related to the acquisition of Enercon Products.

Adjusted profit was $0.37 per share, while it stood at $0.39 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales climbed to $513.71 million from $489.85 million in the previous year. Analysts expected revenues of $525.50 million. Organic sales declined 4.6 percent.

Operating expenses climbed to $94.50 million from $82.9 million in the prior year.

Looking ahead, Paul Isabella, CEO, said, ''We believe we are well positioned for a successful fiscal 2013 and expect to continue our steady growth. We continue aggressively to seek quality companies that fit our target acquisition profile, such as McClure-Johnston and Ford Wholesale, which we acquired in the first quarter."

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Beacon Roofing Q1 Profit Slides - Quick Facts