Beacon Roofing Supply, Peabody, MA, announced sales for the third quarter ended June 30, 2006, were up 63.9% to $407.1 million, reflecting sales from companies acquired since last year’s third quarter and internal growth of 5.4%.
Strong sales of residential roofing and moderate growth in complementary building products offset a slight decline in non-residential roofing sales. The company opened six new branches since last year’s third quarter.
Net income for the third quarter was $17.1 million, an increase of 50.5% from last year.
Year-to-date, sales increased 72.5% to $1.07 billion from $619.8 million in 2005, reflecting sales from companies acquired and internal growth of 13%. For the first nine months, net income was $34.7 million, an increase of 54.5% from the same period a year ago.
Robert Buck, the Company’s President & Chief Executive Officer, stated, “Due in part to the mild winter during our second quarter and substantial rainfall during the third quarter, sales growth was weakest along the East Coast, especially in New England. Of our product groups, non-residential roofing sales were the weakest in these areas. In addition, we were up against a non-residential sales increase of 34% last year. On the other hand, a portion of our acquired markets continued to benefit from the Gulf Coast rebuilding. I am encouraged by the improvements in our gross margins as we continue our rapid growth and our continued expense controls under challenging circumstances. We will be working to bring the acquired companies’ expense rates more in line with our existing markets, which continued to improve their profitability.”
Beacon Roofing Supply, Inc. is a distributor of roofing materials and complementary building products operating 148 branches in 30 states and in Eastern Canada.
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