Beacon Roofing Supply’s 2006 sales rise 10 percent
Industrial Distribution staff -- Industrial Distribution, 12/3/2007 6:38:00 AM
Sales for Beacon Roofing Supply Inc. rose 9.7 percent to $1.65 billion during fiscal 2007, compared with $1.5 billion last year.But annual net income for the Peabody, Mass.-based roofing materials and building products distributor slid 48.7 percent to $25.3 million, compared with $49.3 million in 2006.
Fourth-quarter sales rose to $493.8 million, a 14.5 percent increase over $431.3 million during the same period last year. Quarterly net income fell to $11.3 million, down 22.4 percent compared with the fourth quarter of 2006.
The company said the positive effects of acquisitions were offset by a 4.8 percent decline in annual sales from existing markets due to the ongoing residential construction slump. Flat or declining material prices and the slowdown of reconstruction and reroofing activity related to the hurricane recovery effort also had an impact
"Fiscal 2007 was a challenging year for us after several years of strong sales and profit growth and we are disappointed in our overall financial results, although we did achieve higher levels of sales from our acquisitions and newly opened branches. The continuing decline of new residential construction in most of our markets has had an adverse impact on both demand and profitability for our residential roofing and complementary building products, as have the significant and continuing slowdowns in the markets affected by Hurricanes Katrina and Rita. Our commercial business, however, was stronger and helped to offset some of the negative residential impact,” chairman and CEO Robert Buck said.
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