Beacon Roofing Supply Inc. of Peabody said today that its fiscal second-quarter loss widened, hurt by a continued decline in residential construction activities in most markets.
For the period ended March 31, the company reported a loss of $8.1 million, or 18 cents per share, compared with a loss of $6.3 million in the year-ago period.
Analysts polled by Thomson Financial, on average, estimated a loss of 14 cents per share on sales of $320.9 million.
Revenue rose 6 percent to $304.3 million from $286.9 million in the first quarter of 2007. Beacon attributed the increase to sales from North Coast Commercial Roofing Systems, which it acquired during last year's third quarter, and four new branches that were opened since the 2007 second quarter. But this was mostly offset by a continued decline in residential construction activities in most markets, Beacon said, and lower levels of residential remodeling and reroofing in some markets.
Cost of goods sold increased 7 percent to $235.9 million, while total operating expenses also rose 7 percent to $75.3 million, primarily due to the inclusion of North Coast Commercial Roofing, the company said.
Beacon, one of the largest US roofing suppliers, operates in more than 30 states and in Canada.
The company's shares, which trade on the Nasdaq Stock Market, declined 45 cents, or 4.1 percent, to $10.45 in premarket trading. (AP)