UPDATE: Beacon Roofing Supply Q1 Profit Misses Views

reported weaker-than-expected earnings for the fiscal first quarter. The Herndon, Virginia-based company posted a quarterly profit of $12.9 million, or $0.26 per share, compared to $15 million, or $0.30 per share, in the year-ago period. Its revenue climbed 8% to $596 million. However, analysts were estimating earnings of $0.28 per share on revenue of $602.24 million. On an overall consolidated basis, Beacon Roofing's residential roofing product sales climbed 11.2%, non-residential roofing product sales gained 0.2%, and complementary product sales surged 18.5%. In 2015, cash flow from operations was $40.2 million, versus $54.2 million in 2014. Paul Isabella, the Company's President and Chief Executive Officer said, "Fiscal 2015 is off to a solid start, as we drove record sales. We are particularly pleased with the growth of our residential product line which was up 11.2% over the prior year, aided by the 26 new branches opened in the prior fiscal year." Beacon Roofing Supply shares closed at $24.93 yesterday.