Beacon touts 'record-breaking' revenue in Q2
Beacon Roofing Supply pointed to another record for revenue, with net sales of $870.7 million marking a new second-quarter record for the company.
Net revenue for the quarter ended March 31 was up 5.7% over last year's $823.5 million.
Segment-wise, residential roofing product sales increased 11.8%, non-residential roofing product sales declined 9.4%, and complementary product sales increased 17.6% over the prior year.
However, the company's net loss widened, with a loss of $9.4 million down from last year's net loss of $5.7 million.
“I am pleased to announce another record breaking revenue quarter for Beacon which has us positioned for a strong second half of 2017," said president and CEO Paul Isabella. "Most notable is our existing market same day sales growth of 2.4%, which is particularly even more impressive considering the 26% mild weather aided growth we saw in Q2 of 2016. Our existing residential roofing business delivered the 12th consecutive quarter of year-over-year improvement, achieving 9.3% growth in the quarter. Our complementary products business, one of our strategic focus areas, also demonstrated positive growth in the quarter. This is a favorable sign, and we will continue to pursue organic and acquisition growth within this category, as shown by our May 1st acquisition of Lowry’s, Inc., a market leader in waterproofing in the western United States."
"Our second quarter gross margins also remained above the most recent three-year reported average for Q2, and we are confident in sequential improvements during the upcoming quarters," he added. "We also expect our non-residential business to rebound in the second half with anticipated stronger demand and more favorable year-over-year comparisons. We will remain intensely focused on producing above-market growth within our core roofing markets and complementary categories, both organically and by acquisition. I am enthusiastic about the remainder of 2017 and our ability to achieve strong full year results.”