Beacon Roofing Posts Narrower Fiscal 2nd-qtr Loss

PEABODY, Mass. (AP) — Beacon Roofing Supply Inc. said Friday its fiscal second-quarter loss narrowed, helped by higher residential roofing sales and strong demand in markets affected by Hurricane Ike.

For the quarter ended March 31, the company reported a loss of $2.4 million, or 5 cents per share, compared with a loss of $8.1 million, or 18 cents per share, in the year-earlier period.

Sales increased 4.9 percent to $319.3 million from $304.3 million in last year's second quarter.

Analysts surveyed by Thomson Reuters, who typically exclude one-time items from their estimates, expected a loss of 10 cents per share on revenue of $315.5 million.

Residential roofing sales climbed 37.2 percent due to price increases and strong but diminishing demand for re-roofing in markets affected by Hurricane Ike in September.

Commercial roofing dropped 12.6 percent, partly due to adverse winter conditions, and related products fell 27.1 percent because of the economic slowdown and lower levels of new construction.

Beacon operated eight fewer branches at the end of the quarter compared with the same period a year earlier.

Beacon, one of the largest U.S. roofing suppliers, operates in more than 30 states and in Canada.

The company's shares declined 39 cents, or 2.4 percent, to $15.83 in morning trading Friday.