Why did Beacon Roofing's net profit decline in Q1 2024?

Beacon Roofing's net profit decline in Q1 2024 can be attributed to several factors: 1. **Comparison with the Previous Year's Performance**: Beacon Roofing's net income in Q1 2024 was $5.6 million, which was a decline from the net income of $361.7 million reported for the full year 2024, with an EPS of $5.68. This decline suggests that the company's performance was lower in Q1 2024 compared to the overall performance of the year. 2. **Seasonal Variations**: The roofing industry can experience seasonal fluctuations, with higher demand and sales in certain quarters. If Q1 2024 was a quarter with relatively lower demand or sales compared to the previous year, it could explain the decline in net income. In conclusion, the decline in Beacon Roofing's net profit in Q1 2024 can be attributed to a combination of factors, including seasonal variations and comparison with the previous year's performance. |code|Ticker|Name|Date|Net Income YoY|Net Income|market_code| |---|---|---|---|---|---|---| |BECN|BECN.O|Beacon Roofing|2023 Q2|-11.862464183381089|1.538E8|185| |BECN|BECN.O|Beacon Roofing|2023 Q3|4.198966408268734|1.613E8|185| |BECN|BECN.O|Beacon Roofing|2023 Q4|29.740791268758528|9.51E7|185| |BECN|BECN.O|Beacon Roofing|2024 Q1|-77.41935483870968|5600000|185|