Beacon Roofing Supply Sales Down in 3Q

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Beacon Roofing Supply Sales Down in 3Q

The company also reported a third-quarter loss of $6.7 million, compared with a $31 million profit in the year-ago period.
Beacon announces $125 million stock repurchase

Beacon (NASDAQ: BECN), Herndon, Virginia, on Thursday reported sales of $1.79 billion for its fiscal third quarter ended June 30, a 6.9% decrease compared with the third quarter of 2019. The company reported a third-quarter loss of $6.7 million, compared with a $31 million profit in the year-ago period.

“Sales steadily improved throughout the quarter, as COVID-19 restrictions eased and economies reopened, highlighted by June daily sales that were similar to prior year levels,” said Julian Francis, Beacon’s president and CEO. “Our limited reliance on discretionary product categories and our diverse mix of residential and non-residential markets provides our business with stability in this challenging environment. We produced record operating cash flow this quarter, leveraging favorable operating execution and tighter management of working capital. While uncertainties from the pandemic remain, our results this quarter have reinforced our commitment to our key strategic initiatives and demonstrated our ability to drive productivity and generate strong operating cash flow, even in difficult times.”

For the nine months ended June 30, Beacon Roofing reported sales of $4.9 billion, a 2.9% decrease compared to the same period a year ago. The company reported a loss for the first nine months of the year of $152.8 million, compared to a loss of $38 million a year ago.

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