Residential sales a bright spot for Beacon in Q1

Beacon Roofing Supply, Inc. described first-quarter growth that set the company on a solid foot for the fiscal 2015 year.

“Fiscal 2015 is off to a solid start, as we drove record sales," said president and CEO Paul Isabella. "We are particularly pleased with the growth of our residential product line, which was up 11.2% over the prior year, aided by the 26 new branches opened in the prior fiscal year."

Net sales for the three-month period ended Dec. 31 were up 8.0% to what the company described as a record $596.0 million. This compares to $552.1 in the year-ago period.

The company also noted two acquisitions during the first quarter, whcih added six new branches and sales of $19.7 million during the quarter.

"Complementary sales were also a bright spot in the quarter, up 18.5%," added Isabella. "The sales gains in these two particular product lines as well as stronger warehouse sales led to higher gross margins over prior year and over prior quarter. The combination of sales and margin growth led to EPS that was in line with our expectations and positions us well as we move through the second quarter and the balance of the year."

Net income for the first quarter was $12.9 million, down from last year's $15.0 million in 2014.

First quarter diluted net income per share was $0.26, compared to $0.30 in 2014.