Beacon Roofing Supply has posted first-quarter net income of $19.1 million compared with $10.1 million in the year-ago quarter. The company cited higher sales and gross margin rate, partially offset by the impact from higher operating expenses and a higher income tax provision for the increase.
Total sales for the first quarter ended Dec. 31, 2011, totaled $489.9 million, up 21% from $404.8 million in the same quarter a year ago.
Residential and non-residential roofing product sales increased 25.4% and 15.5%, respectively, while complementary product sales declined 2.6%. First-quarter roofing sales benefited from increased re-roofing activities, which resulted from improved weather conditions and stronger business in markets that experienced storms, and higher average selling prices.
"We began fiscal 2012 with a very strong first quarter. Most of our geographic regions exceeded our expectations by achieving double-digit sales percentage increases and significant operating income growth,” said Paul Isabella, president and CEO. “We continue aggressively to seek quality companies that fit our target acquisition profile, such as Fowler & Peth, which we acquired in the first quarter. We are encouraged by our strong start to fiscal 2012 and expect to continue our steady growth."