Beacon Roofing profits fall
Beacon Roofing Supply reported that its fiscal 2010 third quarter sales increased 2.3% to $474.3 million from $463.6 million in 2009.
Net income was $16.3 million, or 35 cents per share, compared to $17.2 million, or 38 cents per share, in 2009, a decline of 5.2%.
"Our third quarter results fell short of our expectations as market conditions did not improve to the extent anticipated and this continued to put unusual pressure on our gross margin. However, our total sales increased as we were active with our acquisition program and our non-residential roofing and complementary product sales were up sharply," said Robert Buck, chairman and chief executive officer.
Year-to-date sales declined 9.5% to $1.13 billion in 2010 from $1.25 billion in 2009, while existing market sales decreased 10.6%.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
