Beacon Roofing Supply 1Q Sales Down 20%

By MDM Staff

February 3, 2010

More about: Building Materials/Construction

Lower levels of new construction and remodeling drove down sales for the roofing materials distributor.

Beacon Roofing Supply, Inc. (NASDAQ: BECN), Peabody, MA, reported sales for the first quarter ended Dec. 31 were $367.7 million, down 20% from the prior year period. Profit declined 58% to $7.8 million.

Residential roofing sales decreased 26.2% while non-residential roofing and complementary product sales declined 15.5% and 13.5%, respectively. All three major product lines were impacted by economic conditions this year and lower levels of new construction and remodeling.

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"We are up against robust prior year results and in a very challenging economic environment. Last year's storm business and inflation benefit had a substantial positive impact on both our sales and margin," CEO Robert Buck said. "Although our income was below last year, it met our first quarter expectations."

Beacon Roofing Supply, Inc. is a distributor of roofing materials and complementary building products operating 173 branches in 37 states in the United States and in three provinces in Eastern Canada.

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