Beacon Roofing Supply (BECN) Misses Q2 EPS by 27c, Revenues Miss
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Beacon Roofing Supply (NASDAQ: BECN) reported second-quarter earnings per share of ($ 0.24), $ 0.27 worse than the analyst estimate of $ 0.03. Sales for the quarter were $ 1.32 billion, compared to the consensus estimate of $ 1.32 billion.
“Continued execution by our team resulted in an impressive performance in the second quarter,” said Julian Francis, Beacon’s President and Chief Executive Officer. “Strong demand for homes and effective sales and price performance drove record sales in the second quarter. I am particularly pleased with our gross margin performance, cost management and operating leverage that we generated from higher sales, and the combination of these resulted in a record Adjusted EBITDA record for the second quarter. Our quarterly results, coupled with the successful divestment of our Interior Products business, have enabled us to significantly reduce leverage, strengthen our balance sheet and sharpen our focus on the growth and profitability of our outside operations. We are excited about our progress and look forward to a very successful 2021 as we continue to help our customers build more. “
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