Beacon Roofing Supply Q1 sales surge 12%

Beacon Roofing Supply, Inc. reported first quarter 2018 sales increased 12% to $1.12 billion from first quarter 2017 sales of $1 billion.

Residential roofing product sales increased 11.1%, non-residential roofing product sales increased 5.4% and complementary product sales increased 27.5% during the quarter, the company said. Existing markets sales, excluding acquisitions, increased 8.3% for the quarter.

The Herndon, Va.-based roofing and building products distributor also reported a first quarter net income of $67.6 million, compared to $20.4 million in 2017.

“Fiscal 2018 is off to an excellent start, highlighted by strong first quarter sales growth,” said Paul Isabella, president and CEO of Beacon Roofing. “We delivered 8.3% organic sales growth, boosted by post-hurricane rebuilding efforts in Florida and Texas, and strong sales results from our acquired businesses.”

Isabella also noted that overall product pricing was a positive contributor to first quarter sales growth. “In our existing markets, residential roofing posted its 15th consecutive quarter of positive growth, with a 9.6% increase.”

Complementary products represented the company’s best performing category, with 11.7% organic growth.

Current and future tax savings resulting from recent tax reforms will be utilized to further improve the company’s balance sheet, pursue additional growth avenues, and invest in our core business, including more than 8,500 employees, Beacon reported.

On Jan. 2 the company closed its acquisition of Allied Building Materials in a $2.62 billion cash deal. This adds approximately $2.6 billion in pro forma revenue and a network of more than 200 branches.

Beacon roofing operates 590 branches throughout the United States and Canada.