Beacon Q1 Adj. Net Income Declines; Sales Down 2.7%

(RTTNews) - Beacon (BECN) reported that its first-quarter adjusted net income declined year-on-year to $28.3 million from $46.5 million. Adjusted EBITDA was $94.3 million, compared to $121.7 million. The company said its first quarter results were impacted by lower gross margins and debt refinancing expenses that were incurred to reduce future cash outflows.

First-quarter net sales decreased 2.7% to $1.68 billion, from $1.72 billion, last year. The company said the sales decline was mainly influenced by decreased hurricane-related demand compared to the prior year.

Shares of Beacon were down nearly 6% after hours.