Beacon Roofing Supply Q1 Profit Grows – Quick Facts

(RTTNews.com) - Beacon Roofing Supply, Inc. (BECN) said its first-quarter profit increased to $19.12 million or $0.41 per share from last year's $10.05 million or $0.22 per share.

Net income for the latest quarter included a benefit of $1.0 million, $0.02 per share, from a reduction in a liability for contingent consideration that was established last year for the acquisition of Enercon Products.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share. Analysts' estimates typically exclude special items.

Net sales were up to $489.85 million from $404.79 million a year ago. Analysts estimated revenues of $475.87 million.

Paul Isabella, the Company's President & Chief Executive Officer, stated, "...Most of our geographic regions exceeded our expectations by achieving double-digit sales percentage increases and significant operating income growth. Once again our company-wide residential and non-residential product sales both showed double-digit percentage increases for the quarter, while our complementary product sales were down slightly. Our roofing businesses continued to benefit from higher volume, including sales from increased residential re-roofing activities in all of our geographic regions, and from industry-wide price increases that mostly occurred during the second half of last year.

Our gross margin and operating margin continued to improve....

We are encouraged by our strong start to fiscal 2012 and expect to continue our steady growth."

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Beacon Roofing Supply Q1 Profit Grows - Quick Facts