Why Beacon Roofing Supply Stock Just Sank 11%
If you've ever had a roof replaced, you know that this is not an inexpensive project for the homeowner -- but as we learned Monday night, the converse isn't necessarily true: Roofing may not make a whole lot of money for the provider, either.
Case in point: Beacon Roofing Supply (NASDAQ: BECN) reported its fiscal Q4 2019 earnings Monday evening, and it was a swing-and-a-miss quarter. Sales, expected to come in at $2.05 billion, fell short at just $2.03 billion. Profits, anticipated at $1.21 per share adjusted for one-time items, were only $1.04.
And Beacon Roofing Supply stock is down 11.1% as of 11:20 a.m. EDT today in response.
Source Fool.com
