Beacon Roofing Supply reported a record-breaking fiscal third quarter net income of $24.1 million for the period ended June 30, a 48% increase over the same period a year ago, the company announced today. The company also broke its net sales record with a 14% increase in sales to $540.7 million.
The company cited higher average selling prices and strong business in markets impacted by spring storms as the reason behind the strong performance.
"We had a record third quarter, with most of our regions achieving strong year-over-year results and beating our expectations," said Beacon Roofing Supply's president and CEO Paul Isabella. "Both our residential and non-residential product sales showed double-digit percentage increases, while our complementary product sales were up against business that was favorably impacted by short-term tax incentives last year."
Sales in the company's residential roofing products segment increased 18.7% to $262.4 million, while sales in the non-residential roofing products segment increased 16.8% to $209.8 million. The company's complementary building products segment experienced a 7.3% decline in sales to $68.5 million, compared to the same period a year ago.
The company also announced that during the quarter it completed its purchase of Enercon Products, a six-location roofing supplier in western Canada.
Income from operations increased 42.7% to $43.1 million during the quarter. Adjusted EBITDA, which the company defines as earnings before interest, taxes, depreciation and amortization, and stock-based compensation, increased 33% to $50.8 million.
"We believe our fourth quarter will remain strong, and we continue to pursue growth opportunities while we focus on maximizing current profitability," said Isabella.