Beacon Roofing Q1 income down
Peabody, Mass.-based Beacon Roofing Supply has reported first-quarter net income of $7.8 million, down 58.0% from $18.6 million in the first quarter of 2008.
Sales for the quarter were $367.7 million, down 20.6% from $463.3 million in 2008.
Residential roofing sales decreased 26.2%, and non-residential roofing and complementary product sales declined 15.5% and 13.5%, respectively. The three product lines were affected by the economy and lower levels of new construction and remodeling.
"We are up against robust prior-year results and in a very challenging economic environment,” said Robert Buck, chairman and CEO. “Last year's storm business and inflation benefit had a substantial positive impact on both our sales and margin. Although our income was below last year, it met our first-quarter expectations. Our continued focus on cost controls and working capital management also enabled us to increase our cash by $27 million in the quarter."