The 2020 Mid-Year Economic Update_long

Beacon Roofing Supply’s Q1 Sales up 53%

Company continues to integrate Allied Building Products acquisition; reports net loss for quarter.

Beacon Roofing Supply Inc. (NASDAQ: BECN), Herndon, VA, reported sales of $1.72 billion for the first quarter of 2019, up more than 50 percent compared to the year-ago period. The company reported a net loss of $893,000.

The company said residential roofing product sales increased 24.4 percent, non-residential roofing product sales increased 27.6 percent and complementary product sales increased 178.9 percent over the prior year.

The gains reflect Beacon Roofing’s 2018 acquisition of Allied Building Products. The company said first-quarter results were positively impacted by price gains across all product lines and improved gross margin performance. First-quarter results were negatively impacted by higher operating expenses and an increase in interest expense and preferred dividend payments that were both primarily related to the Allied acquisition, company leaders said.

In addition, 2018 results include a $46.5 million non-recurring net tax benefit from the Tax Cuts and Jobs Act of 2017.

 

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