Beacon Roofing Supply reports loss

Beacon Roofing Supply Inc. reported a second-quarter loss today, due to severe winter weather and a sagging home-construction market.

The Peabody-based company sells roofing materials and building products.

The loss for the quarter ended March 31 totaled $6.3 million, or 14 cents per share, from a profit of $4.8 million, or 11 cents per share in the year-ago quarter.

Revenue fell 11 percent to $287 million from $322.4 million a year ago.

Analysts polled by Thomson Financial expected a loss of 13 cents per share on revenue of $295.3 million.

Existing market sales fell across all three product lines, including residential, non-residential and complementary products, hurt by harsh winter weather, lower new-home construction activity and inflation flattening, the company said. Existing markets include new branches opened in existing markets but exclude branches acquired in the year prior to the start of the reporting period.

The company blamed "harsher winter conditions this year in the Northeast, Midwest and Canada, reduced new home construction activity in certain markets, and a flattening of inflation."

Beacon added that the "decline was partially offset by the positive impact from acquisitions made since the second quarter of last year.
(AP)