Beacon Roofing Supply (BECN) Tops Q2 EPS by 1c, Revenue Misses
Beacon Roofing Supply (NASDAQ: BECN) reported Q2 EPS of ($0.20), $0.01 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $413.2 million versus the consensus estimate of $433.7 million.
Paul Isabella, the Company’s President and Chief Executive Officer, stated: “I am pleased to report 7.4% sales growth in the quarter and 7.7% sales growth year-to-date, which resulted in Beacon surpassing the $1 billion mark in first half sales for the first time in Company history. This achievement underscores our continued focus on growth through existing markets, acquisitions and greenfields. We already have opened five new branches in 2015, with more to come this year. Although our second quarter always is challenging due to winter weather conditions, and despite record snowfalls in our Northeast market, we saw growth in our residential product line of 9.7%. Complementary product sales remain a bright spot, with 13.7% growth in the quarter, and commercial product sales also grew in the quarter and year-to-date. Just as important was our 80 basis point improvement in gross margins. Our team also did an excellent job driving cost out of our business. Excluding the incremental costs from greenfields and acquisitions, our operating expense is down year-over-year. This cost reduction positions us well to achieve lower year over year operating expenses as a percentage of sales and greater profitability as demand increases through our third and fourth quarters.”
For earnings history and earnings-related data on Beacon Roofing Supply (BECN) click here.