Beacon Third Quarter Sales Down

Beacon had net sales of $1.79 billion in the third quarter of 2020, a decrease 6.9 per cent compared to net sales of $1.92 billion in the third quarter of 2019. Residential roofing product sales decreased 1.3 per cent, non-residential roofing product sales decreased 9.6 per cent, and complementary product sales decreased 12.5 per cent compared to the prior year. The company had a net loss of 6.7 million for the quarter compared to net income of $31 million in the year-ago period. Third quarter results were primarily impacted by reduced sales and lower gross margins, largely attributable to a softer demand environment induced by COVID-19. Adjusted net income was $69.5 million, compared to $72.6 million last year. Adjusted EBITDA was $147.5 million, compared to $157.8 million.