Beacon Roofing Supply opens 200th branch
Beacon Roofing Supply, one of the industry’s largest distributors of roofing, siding and other exterior building products, has opened its 200th branch in Myrtle Beach, S.C.
Beacon currently has four units operating in South Carolina under the company banner and 24 locations under the Best Distributing name. Best Distributing, which was founded in 1880 and acquired by Beacon in 2000, is the leading full-service distributor of roofing, siding, windows and other related building products in North Carolina, South Carolina, Tennessee and Southern Virginia. Beacon’s growth strategy includes both opening new branches and acquisitions. The Peabody, Mass.-based distributor has opened 28 new branches since its IPO in 2004.
Beacon Roofing currently operates in 38 states across the U.S. and Canada.
Revenues rise in Lennar’s second quarter
Home builder Lennar Corp. reported revenues of $796.4 million for its second fiscal quarter, a 23% jump from revenues of $649.8 million in 2011. Revenues were higher primarily due to a 20% increase in the number of home deliveries, excluding unconsolidated entities, and a 2% increase in the average sales price of homes delivered. New-home deliveries increased to 3,192 homes in the second quarter of 2012, from 2,652 homes last year.
The average sales price of homes delivered increased to $250,000 in the second quarter of 2012 from $245,000 in the same period last year. Sales incentives offered to home buyers were $29,800 per home delivered in the second quarter of 2012, or 10.7% as a percentage of home sales revenue, compared with $33,900 per home delivered in the same period last year, or 12.1% as a percentage of home sales revenue.
Net income for the quarter, which ended May 31, rose to $452.7 million, compared with $13.8 million a year ago. The big increase was attributed to a $403 million partial reversal of deferred tax assets, which stemmed from losses incurred during the housing bust.
Lennar home-building net income totaled $12.8 million in the second quarter of 2012, primarily due to a $15.0 million gain on the sale of an operating property, compared with net income of $9.5 million in the second quarter of 2011, of which $5.1 million related to the favorable resolution of a joint venture.
In a prepared statement, Lennar CEO Stuart Miller said: “Evidence from the field suggests that the ‘for sale’ housing market has, in fact, bottomed and that we have commenced a slow and steady recovery process. And while the housing downturn was broad-based and national, the recovery process continues to be very localized. Although highly conservative mortgage lending practices and challenging appraisals remain a constant headwind, we are experiencing net positive price and volume trends in most of our markets."
The Miami-based company delivered 3,222 homes in the second quarter, up 20% from the same quarter in 2011. New orders of 4,481 homes rose 40% from last year’s second quarter. The company’s backlog of homes is 3,970, an increase of 61% from 3,970 homes in the corresponding period of 2011.
Founded in 1954, Lennar builds affordable, move-up and retirement homes in 18 states.
Short & Paulk announces truss division spinoff
Tifton, Ga.-based Short & Paulk Supply announced the spinoff of its truss manufacturing operation as a separate business division catering exclusively to the wholesale trade. The new division will be known as Georgia Structural Components (GSC).
According to S&P CEO Jay Short, "The wholesale-only orientation of our new GSC Division provides an opportunity for substantial development as we continue to expand this distribution channel. It just makes sense for us to seek new markets for our growing manufacturing capabilities."
GSC will distribute trusses and engineered wood products through the four Short & Paulk retail locations as well as its growing network of dealer locations. The dealer network presently comprises more than 15 dealer locations within 150 miles of GSC’s Tifton manufacturing facility.
Short & Paulk Supply specializes in providing lumber and building materials to residential and commercial construction sites throughout South Georgia.
In addition to its Tifton location, Short & Paulk operates lumberyards in Albany, Sylvester and Dawson. The company, established in 1941 by J.P. Short III and H.M. Paulk, is now one of the oldest continuously running businesses in Tifton.