Beacon Roofing posts small 2Q loss
Beacon Roofing Supply Inc., a building materials distributor based in Peabody, reported a small fiscal second-quarter loss, as harsh weather conditions in many of its markets reduced sales.
Beacon said the recent quarter was a tough one as a result of rough winter and spring weather conditions and comparisons to a prior-year period when sales to existing markets jumped 28 percent.
For the quarter ended March 31, the company lost $161,000, or breakeven on a per share basis, compared with net income of $3.1 million, or 7 cents per share, in the year-ago quarter.
Excluding one-time items, the company said it posted an adjusted loss of 2 cents per share.
Revenue rose 5 percent to $416.3 million from $395.2 million, helped by contributions from recent acquisitions. Sales to existing markets fell 5.1 percent.
Analysts, on average, expected a breakeven per share performance on $422.4 million in revenue, according to FactSet.
Beacon shares rose 47 cents to $38.47 in morning trading. They are trading near the high end of their 52-week range of $22.55 to $39.81.