Net income at Beacon Roofing Supply jumped 89%, from the same period a year ago, to $19.1 million during its fiscal first quarter, the company announced today. Net sales grew 21% to $489.9 million for the period ended Dec. 31.
The Peabody, Mass.-based dealer, currently ranked No. 3 on the ProSales 100 listing, also revealed a 73% rise in income from operations, which topped out at $34.3 million. Gross profit for the quarter was $117.3, up 24% from the year prior period.
“We began fiscal 2012 with a very strong first quarter,” said Paul Isabella, the company's president and CEO. “Most of our geographic regions exceeded our expectations by achieving double-digit sales percentage increases and significant operating income growth.”
Adjusted EBITDA, which the company defines as net income (or loss) plus interest expense (net of interest income), income taxes, depreciation and amortization, adjustment of liability for contingent consideration, and stock-based compensation, was $41.1 million, up 48% from 2011’s fiscal first quarter.
Beacon Roofing Supply posted a 33% increase in sales, to $233.5 million, in its residential roofing products segment during the quarter. The company’s non-residential roofing products segment also reported a 17% improvement in sales, finishing at $194.2 million, while its complimentary building products segment revealed a $400,000 drop in sales to $62.2 million.
The company posted a $44.4 million acquisition of business charge, which stems from its November acquisition of Denver-based Fowler & Peth, a roofing material supplier with locations in Colorado, Wyoming, and Nebraska.
“We continue aggressively to seek quality companies that fit our target acquisition profile, such as Fowler & Peth,” said Isabella. “We are encouraged by our strong start to fiscal 2012 and expect to continue our steady growth.”