Posted May 9, 2011
Beacon Roofing Supply reports loss
Beacon Roofing Supply said its fiscal 2011 second quarter sales increased 3.8% to $296.3 million.
Residential roofing sales continued to be especially weak in markets affected by storms in 2009 and were also affected by continued historically low levels of new home construction.The net loss for the second quarter was $6.2 million compared to $6.5 million in 2010, an improvement of 4.3%.
For the first half of its fiscal year, the company said total sales increased 7.4% to $701.1 million. Net income for the first half was $3.9 million compared to $1.4 million in 2010, an improvement of 183%.
"Despite an even harsher winter in most of the northern U.S., we managed to beat last year's results. Our second quarter 2011 results did fall short of our expectations, but our first half results tracked close to our fiscal year 2011 plan and also ahead of last year's first half," said Paul Isabella, president and chief executive officer.
