Why Beacon Roofing Supply's Shares Plunged
Shares of Beacon Roofing Supply (NASDAQ: BECN) fell as much as 24% in trading Wednesday after the company reported fiscal third-quarter results. At 12:35 p.m. EDT, the stock was still down 21.8% on the day.
Revenue fell slightly to $1.92 billion but net income dropped 42% to $25.0 million, or $0.32 per share. Adjusted net income, which pulls out one-time items, was $72.6 million, or $0.92 per share, down from $93.4 million a year ago.
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Quelle Fool.com
