Beacon Roofing Supply Q1 Profit Declines - Quick Facts

(RTTNews) - Beacon Roofing Supply, Inc. (BECN) reported that its first-quarter net income declined year-over-year to $14.96 million or $0.30 per share, from $18.21 million or $0.37 per share. Adjusted net income was $14.96 million or $0.30 per share, for the quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.35 for the quarter. Analysts' estimates typically exclude special items.

The company said its net income for the quarter was unfavorably impacted by lower gross margins driven primarily by lower average selling prices for residential and non-residential products and a higher mix of non-residential roofing products. This was partially offset by a lower rate of operating expenses and lower effective tax rate.

Net sales were $552.13 million, compared to $513.71 million, a year ago. Analysts expected revenue of $573.21 million for the quarter.