Net income at Beacon Roofing Supply rose 5% from the same period a year ago to $25.4 million for the fiscal third quarter, the company announced today. Net sales grew 4% during the period ended June 30 to reach $560.5 million, a third-quarter record at the company. Income from operations increased 19% to $51.3 million.
Beacon Roofing Supply’s president and CEO Paul Isabella said the Peabody, Mass.-based supplier’s results “benefitted from the positive impact from acquisitions,” but he also noted that sales in existing markets fell 1.5% during the quarter.
“We are very pleased with our record quarter and year-to-date results, which, after adjusting for special charges, significantly exceeded our expectations once again,” said Isabella.
Earnings before interest, taxes, depreciation and amortization, and stock-based compensation, which the company considers adjusted EBITDA, was $60.2 million for the quarter, up almost $10 million from last year’s third quarter.
The dealer’s residential roofing products segment posted net sales of $721.5 million, up 27% from the same period a year ago. Net sales at Beacon’s non-residential roofing products unit rose 9% to $538.3 million. The complementary building products division reported sales of $185.7 million, a 3% improvement over last year’s third quarter.
“Our new credit facility and strong balance sheet are enabling us to accelerate our growth, as we did with our most recent acquisitions of Structural Materials Company in Southern California in early July and Contractors Roofing & Supply Co. in St. Louis last week,” said Isabella. “We are confident that we will add other quality companies in the near future that fit our target acquisition profile.”