Posted August 8, 2011
Beacon Roofing Supply hits record
Beacon Roofing Supply reported fiscal third quarter sales increased 14.0% to $540.7 million in 2011, a record for a third quarter.
Organic sales increased 11.6%, with residential roofing products sales up 14.6% and non-residential roofing product sales up 15.4%, while complementary product sales decreased 6.6% due, in part, to lower remodeling activity resulting from the expiration of last year's short-term tax incentives.
Third quarter roofing sales this year were favorably impacted by higher average selling prices and business in several markets that experienced significant spring hail storms.
Net income for the quarter was $24.1 million, also a record for a third quarter, compared to $16.3 million in 2010, an improvement of 47.9%.
"We had a record third quarter, with most of our regions achieving strong year-over-year results and beating our expectations. Both our residential and non-residential product sales showed double-digit percentage increases, while our complementary product sales were up against business that was favorably impacted by short-term tax incentives last year," said Paul Isabella, president and chief executive officer.
