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Beacon Roofing Supply, Inc. (NASDAQ: BECN), Peabody, MA, reported sales for the third quarter ended June 30, 2010, were $474.3 million, an increase of 2.3 percent over the same period a year ago. Organic sales declined 0.1 percent. Profit declined 5.2 percent to $16.3 million.
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Non-residential roofing and complementary product sales in existing markets increased 10.9 percent and 19.3 percent, respectively, while residential roofing sales decreased 11.8 percent.
"Our third quarter results fell short of our expectations as market conditions did not improve to the extent anticipated and this continued to put unusual pressure on our gross margin," CEO Robert Buck said. "However, our total sales increased as we were active with our acquisition program and our non-residential roofing and complementary product sales were up sharply."
For the first nine months of fiscal year 2010, sales were $1.13 billion, down 9.5 percent from a year ago. Organic sales decreased 10.6 percent. Profit fell 47 percent to $17.7 million.
Beacon Roofing Supply, Inc. is a distributor of roofing materials and complementary building products, operating 179 branches in 37 states in the United States and in three provinces in Eastern Canada.