Beacon posts increase in Q1 income
Beacon Roofing Supply has posted first-quarter net income of $19.1 million compared with $10.1 million in the year-ago quarter. The company cited higher sales and gross margin rate, partially offset by the impact from higher operating expenses and a higher income tax provision for the increase.
Total sales for the first quarter ended Dec. 31, 2011, totaled $489.9 million, up 21% from $404.8 million in the same quarter a year ago.
Residential and non-residential roofing product sales increased 25.4% and 15.5%, respectively, while complementary product sales declined 2.6%. First-quarter roofing sales benefited from increased re-roofing activities, which resulted from improved weather conditions and stronger business in markets that experienced storms, and higher average selling prices.
"We began fiscal 2012 with a very strong first quarter. Most of our geographic regions exceeded our expectations by achieving double-digit sales percentage increases and significant operating income growth,” said Paul Isabella, president and CEO. “We continue aggressively to seek quality companies that fit our target acquisition profile, such as Fowler & Peth, which we acquired in the first quarter. We are encouraged by our strong start to fiscal 2012 and expect to continue our steady growth."
PulteGroup builds a better Q4
Bloomfield Hills, Mich.-based PulteGroup reported fourth-quarter net income of $14 million, compared with a net loss of $165 million in the prior-year quarter.
Revenue from home sales in the fourth quarter ended Dec. 31, 2011, totaled $1.2 billion, up 1% over the prior year’s fourth quarter. The increase in revenues was driven by a 3% increase in average selling price to $271,000, which was partially offset by a 2% decrease in closings to 4,303 homes.
For the quarter, the PulteGroup reported 3,084 net new orders. Prior-year orders of 3,044 reflect a one-time pick up of 200 signups, which resulted from a change in the company’s order recognition process. Excluding those orders, the home builder saw a year-over-year increase in orders of 8%.
"We are pleased to report PulteGroup’s fourth-quarter earnings, which demonstrate the company’s continued progress on our initiatives to expand margins and lower overhead costs," said Richard Dugas Jr., chairman, president and CEO of PulteGroup. "In addition to our improved operating results, we also successfully sold 23 non-strategic land assets for $64 million and were able to repurchase $257 million par value of our debt for $252 million. These transactions continue to strengthen our balance sheet and will help to improve our return on invested capital over time.”
For the year ended Dec. 31, 2011, PulteGroup reported a net loss of $210 million, compared with a net loss of $1.1 billion in the prior year.
Revenues from home sales for the period totaled $4.0 billion, compared with revenues of $4.4 billion in the prior year. Lower revenues for the period were driven primarily by an 11% decrease in closings to 15,275 homes.
Beazer Homes posts positive Q1 results
Atlanta-based Beazer Homes has reported first-quarter net income of $739,000, compared with a net loss of $48.8 million in the prior-year quarter.
In the quarter ended Dec. 31, 2011, revenue totaled $188.5 million, up 73% from $109.0 million in the same period a year ago.
“I am pleased with our results for the quarter,” said Allan Merrill, president and CEO of Beazer Homes. “In spite of still challenging market conditions, our team managed to generate a 36% improvement in year-over-year new home orders while reducing overhead costs in dollar and percentage terms. While we have a lot of work in front of us to return to sustainable profitability, we are committed to delivering higher orders and closings as well as positive EBITDA for the full fiscal year.”
Total new orders for the quarter were 724 homes, a 36% increase from fiscal 2011.
Total backlog from continuing operations totaled 1,307 homes with a sales value of $315.8 million, compared with 787 homes with a sales value of $198.0 million as of Dec. 31, 2010.