Strong Q1 sales for Beacon Roofing
But the roofing product distributor posts a loss for the first quarter.
Beacon Roofing posted first quarter 2019 net sales of $1.72 billion, a company record and a 53.4% increase compared to first quarter 2018 net sales of $1.21 billion.
Residential roofing product sales increased 24.4%, non-residential roofing product sales increased 27.6% and complementary product sales increased 178.9% over the prior year, the Herndon, Va.-based roofing and building products distributor reported.
Existing markets net sales, excluding acquisitions, decreased 1.9% compared to the prior year period, primarily due to weather-related events.
Beacon also posted a net loss of $6.9 million for the first quarter in comparison to a net income of $67.6 million for the same period a year ago.
First quarter results were positively impacted by price gains across all product lines and improved gross margin performance. But the quarter was also impacted negatively by higher operating expenses and an increase in interest expense and preferred dividend payments that were both primarily related to the acquisition of Allied Building Products.
Also, 2018 results included a $46.5 million non-recurring net tax benefit resulting from the Tax Cuts and Jobs Act of 2017.
No comments found