Beacon Roofing profit up 40 percent
Beacon Roofing Supply Inc. today said fiscal fourth-quarter profit rose 40 percent due to demand for the distributor's roofing products from the residential and commercial construction markets.
Net income increased to $14.6 million, or 32 cents per share, from $10.4 million, or 25 cents per share, in the year-earlier period.
Sales swelled 87 percent to $431.3 million from $231.2 million a year ago, a result of acquisitions and strong growth in residential and commercial roofing and in building products. Beacon's business grew substantially in 2006 with its purchase of Shelter Distribution Inc., which operates 57 branches, and two smaller purchases.
For the year ended Sept. 30, net income rose to $49.3 million, or $1.12 per share, from $32.9 million, or 80 cents per share, in the prior year. Sales grew to $1.5 billion from $850.9 million.
On the heels of a strong year, President and Chief Executive Robert Buck cautioned that the company has seen business slow down somewhat since the fourth quarter. (AP)
