Beacon Roofing Supply (BECN) Tops Q2 EPS by 6c, Revenues Beat

Beacon Roofing Supply (NASDAQ: BECN) reported Q2 EPS of ($0.45), $0.06 better than the analyst estimate of ($0.51). Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.38 billion.

• Record second quarter net sales of $1.43 billion
• Existing market daily sales growth of 1.2% year-over-year
• Second quarter net income (loss) of $(68.1) million vs. $(66.7) million in the prior year; Adjusted Net Income (Loss) of $(30.9) million vs. $(23.5) million in the prior year
• Second quarter EPS of $(1.08) vs. $(1.07) in the prior year; Adjusted EPS of $(0.45) vs. $(0.35) in the prior year
• Opened four greenfield locations in the second quarter (five total in fiscal 2019 to-date)

Paul Isabella, the Company\'s President and Chief Executive Officer, stated: “We produced positive organic sales growth, highlighted by a daily sales increase of nearly 5% in residential roofing, despite the harsh weather adversely impacting quarterly demand (as noted in our March 25 press release). In an effort to help mitigate the challenging weather patterns, we were able to implement more aggressive late-quarter cost controls to match the unusually soft seasonal environment. We once again exhibited attractive price-cost performance in the second quarter, as we have done in each of the past four quarters. Importantly, the winter is now behind us and existing market sales accelerated the last several weeks of March, and that momentum has continued into April. Through key initiatives, including digital, private label, and complementary products, coupled with new branch openings, we are continuing to expand our competitive advantage in the marketplace. We remain firmly committed to reaching our long-term sales and margin objectives.”

For earnings history and earnings-related data on Beacon Roofing Supply (BECN) click here.

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