Market Commentary and Intraday News
Acquisitions boost Beacon Roofing 3Q profit.
291 days ago
(AP:PEABODY, Mass.) Beacon Roofing Supply Inc., a building materials distributor, said Tuesday its third-quarter net income rose 6 percent, helped by acquisitions and higher prices, as the housing market slowly improves.
After a prolonged slump, the housing market is slowly getting better. Last week, the Commerce Department said U.S. construction spending rose for the third straight month in June. The company said average selling prices in its industry were slightly higher in the quarter.
Net income came to to $25.4 million, or 53 cents per share during the April-to-June quarter. That compares with $24.1 million or 51 cents per share last year. Excluding one-time items, net income totaled 62 cents per share. Analysts expected 57 cents per share.
Revenue rose 4 percent to $560.5 million from $540.7 million a year ago. Analysts expected $585.7 million. Acquisitions helped results. The company bought construction material distributors Cassady Pierce Co. during the quarter and Structural Materials Co. in July.
Excluding business from acquisitions made since April 2011, revenue fell 1.5 percent. A year ago, the figure jumped 11.6 percent because consumers needed to repair roofs after hailstorms.
Shares fell 35 cents, or 1.4 percent, to $24.43 in afternoon trading. The stock is up 22 percent since the beginning of the year.
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