Posted May 7, 2010
Beacon Roofing Supply reports loss
Beacon Roofing Supply reported that its second-quarter sales declined 10.6% to $285.4 million in 2010 from $319.3 million in 2009.
Net loss for the quarter was $6.5 million, or 14 cents per share, compared to a loss of $2.4 million, or 5 cents per share, in 2009. The higher net loss was due to the decline in sales and a lower gross margin rate, partially offset by lower expenses.
"Our second quarter results fell short of our expectations, although the rate of our sales decline was much less in the second quarter than in the first quarter. We began to see a stronger business trend in most regions late in the quarter and into the third quarter," said Robert Buck, chairman and CEO.
For the first half, sales declined 16.6% to $653.1 million in 2010 from $782.6 million in 2009.
