Beacon Roofing Supply (BECN) Tops Q2 EPS by 1c
Beacon Roofing Supply (NASDAQ: BECN) reported Q2 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $870.7 million versus the consensus estimate of $811.02 million.
Paul Isabella, the Company’s President and Chief Executive Officer, stated: “I am pleased to announce another record breaking revenue quarter for Beacon which has us positioned for a strong second half of 2017. Most notable is our existing market same day sales growth of 2.4%, which is particularly even more impressive considering the 26% mild weather aided growth we saw in Q2 of 2016. Our existing residential roofing business delivered the 12th consecutive quarter of year-over-year improvement, achieving 9.3% growth in the quarter. Our complementary products business, one of our strategic focus areas, also demonstrated positive growth in the quarter. This is a favorable sign, and we will continue to pursue organic and acquisition growth within this category, as shown by our May 1st acquisition of Lowry’s, Inc., a market leader in waterproofing in the western United States. Our second quarter gross margins also remained above the most recent three-year reported average for Q2, and we are confident in sequential improvements during the upcoming quarters. We also expect our non-residential business to rebound in the second half with anticipated stronger demand and more favorable year-over-year comparisons. We will remain intensely focused on producing above-market growth within our core roofing markets and complementary categories, both organically and by acquisition. I am enthusiastic about the remainder of 2017 and our ability to achieve strong full year results.
For earnings history and earnings-related data on Beacon Roofing Supply (BECN) click here.