Beacon ramps up growth despite Q3 weather challenges

Beacon Roofing Supply, Inc. had a growth-centric third quarter in what CEO Paul Isabella described as a continuation of the momentum from the recent Roofing Supply Group acquisition.

“Today’s record third-quarter earnings release continues the tremendous momentum from our July 27 announcement of Beacon’s agreement to acquire RSG," said Isabella. "I look forward to the anticipated Oct. 1, 2015 closing of the RSG acquisition and to have RSG’s 83 branches and talented and experienced workforce join Beacon and help deliver even greater service and product offerings to our customers. Until then, we will remain focused on driving growth and enhanced profitability across our 274 branches, which we accomplished in our third quarter... Also encouraging is that our growth pace accelerated solidly through the quarter after difficult weather conditions in April and early May, particularly in our West Division."

The company pulled in net sales of $718.2 million in the three months ended June 30, up 8.3% from last year's $663.4 million.

This came from growth in all three product lines, led by residential roofing and complementary product sales at 13.2% and 9.8% growth, respectively.

Net income was $28.3 million for the quarter, up from $26.8 million in the third quarter of 2014.

Third-quarter EPS also rose slightly to $0.56, versus $0.54 in the prior year.