Beacon Roofing Supply (BECN) Reports Q1 Loss of $0.43, Revenues Miss
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EPS Growth %: +24.0%
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Cost of products sold: 872.32M
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Beacon Roofing Supply (NASDAQ: BECN) reported Q1 EPS of ($0.43), versus ($0.10) reported last year. Revenue for the quarter came in at $1.68 billion versus the consensus estimate of $1.71 billion.
Sequential gross margin improvement underscores progress on fundamentals
Branding announcement supports long-term strategic vision for organic growth
- Net sales of $1.68 billion
- Consolidated gross margins of 24.5%; up 20 bps sequentially
- Net income (loss) of $(23.4) million; Adjusted Net Income (Loss) of $28.3 million
- Adjusted EBITDA of $94.3 million
“Our first quarter delivered important progress toward our goals,” said Julian Francis, Beacon’s President and Chief Executive Officer. “Results were broadly in line with our expectations, highlighted by sequential gross margin improvement and another quarter of growth in our non-residential roofing product line. As expected, our sales declined modestly, which we believe was in line with the market. On the balance sheet, we decreased total debt by more than $300 million over the comparative periods. As part of our strategic review, we recently announced the unification of our 40 exterior product names into a single brand: Beacon Building Products. Our new brand enables us to leverage our nationwide scale to better serve customers, enhances our investment in e-commerce, and furthers our goal of developing innovative service propositions. Overall, we remain well-positioned to deliver annual sales and Adjusted EBITDA growth for fiscal 2020.”
For earnings history and earnings-related data on Beacon Roofing Supply (BECN) click here.
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