Beacon Roofing Supply Q4 earnings in line with analyst estimates
Beacon Roofing Supply, Inc. (Nasdaq: BECN) reported fourth-quarter earnings in line with analyst expectations.
For the three months ended Sept. 30, the Peabody, Mass.-based company recorded net income of $11.3 million, or $0.25 per share, in line with the consensus of nine analysts polled by Thomson Financial. For the fourth quarter last year, the small cap earned net income of $14.6 million, or $0.32 per share.
Sales increased 14.5% to $493.8 million from $431.3 million in the fourth quarter of last 2006. The reported quarter’s sales were above the $480.11 million six analysts polled by Thomson Financial were on average forecasting.
Beacon attributed the increase to acquisitions completed since last year's fourth quarter, including North Coast Commercial Roofing Systems—acquired at the beginning of the third quarter. The company noted, however, that the positive impact from the acquisitions was partially offset by a decline of 8.3% in internal sales primarily caused by a 16.4% decline in residential roofing sales, complementary product sales down 1.6% and existing markets non-residential (commercial) roofing unchanged.
Shares of Beacon Roofing Supply (BECN) were halted in pre-market trading.
