Posted November 29, 2011
Beacon Roofing Supply sales up 19.3%
Beacon Roofing Supply said its fourth-quarter sales increased 19.3% to $575.6 million in 2011 from $482.6 million in 2010.
In existing markets, residential and non-residential roofing product sales increased 25.7% and 10.8%, respectively, while complementary product sales declined only 1.0%.
Net income for the fourth quarter was $31.3 million, or 67 cents per share, compared to $16.9 million, or 37 cents per share in 2010, an improvement of 85.3%.
For the full year, sales increased 12.9% to a record $1.82 billion in 2011 from $1.61 billion in 2010. Net income was $59.2 million compared to $34.5 million in 2010, an increase of 71.5%.
"Most of our regions achieved double-digit sales percentage increases in the fourth quarter and substantially exceeded our fourth-quarter and full-year sales and income expectations," said Paul Isabella, president and chief executive officer. "Our roofing businesses have benefited both from a pick-up in volume, including some storm business, and from industry-wide price increases mostly during the second half of the year. Our commercial business has remained consistently strong throughout this year."
