Beacon Roofing Q3 2020 Earnings Report
Key Takeaways
Beacon Roofing Supply reported a 6.9% decrease in net sales to $1.79 billion for Q3 2020, but demonstrated improved operating margin percentage through cost actions. The company generated record Q3 operating cash flows of $401.3 million, leading to significant net debt reduction. Net income was $(6.7) million, impacted by a comparative tax provision increase.
Net sales decreased by 6.9% to $1.79 billion, with sales improving throughout the quarter and June daily sales flat compared to the prior year.
Operating expense declined to $357.2 million (19.9% of sales), including a 10.2% decrease in SG&A expenses.
Record Q3 operating cash flows of $401.3 million were achieved due to cost leverage and working capital actions, resulting in net debt reduction.
Net income was $(6.7) million, primarily driven by a $41.2 million tax provision increase.
Beacon Roofing
Beacon Roofing
Beacon Roofing Revenue by Segment
Forward Guidance
The release contains forward-looking statements about management's view of the Company's future expectations, plans and prospects.
Revenue & Expenses
Visualization of income flow from segment revenue to net income