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.
Will You Have Enough Money to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.