Posted August 5, 2010
Beacon Roofing profits fall
Beacon Roofing Supply reported that its fiscal 2010 third quarter sales increased 2.3% to $474.3 million from $463.6 million in 2009.
Net income was $16.3 million, or 35 cents per share, compared to $17.2 million, or 38 cents per share, in 2009, a decline of 5.2%.
"Our third quarter results fell short of our expectations as market conditions did not improve to the extent anticipated and this continued to put unusual pressure on our gross margin. However, our total sales increased as we were active with our acquisition program and our non-residential roofing and complementary product sales were up sharply," said Robert Buck, chairman and chief executive officer.
Year-to-date sales declined 9.5% to $1.13 billion in 2010 from $1.25 billion in 2009, while existing market sales decreased 10.6%.
