The stock fell 5.2% to $32.25 after the company said its second quarter ending March 31 "will be impacted by unfavorable weather conditions" and it forecast an adjusted net loss of between 55 cents and 45 cents a share, well below analysts' forecasts.
The dramatic drop in expected earnings caused Beacon to announce the miss early "in the interest of transparency," said CEO Paul Isabella, who noted that the second quarter "typically is our most difficult quarter." Still, he said, extremely harsh weather in February and early March drove down business further than expected.
"Through mid-March, the harsh weather has negatively impacted 40% to 75% of our available selling days, depending on geography," said Isabella, adding that "higher-than-normal seasonal pressures have caused margins to decline more than anticipated during the quarter."
Adjusted earnings per share for the full fiscal year that ends Sept. 30 are expected to fall within the "lower-end" of Beacon's previously forecast range of $2.90 to $3.35, said the company.
But Beacon wasn't the only company in the homebuilding sector that saw declines on Tuesday after the U.S. Commerce Department revealed that single-family home construction slid in February. Toll Brothers (TOL) - Get Report , PulteGroup (PHM) - Get Report , Lennar (LEN) - Get Report and D. R. Horton (DHI) - Get Report all saw modest declines.
Privately owned housing starts in February fell 8.7%, according to the Commerce Department.
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