Gibraltar Industries Q1 Profit Beats View; Cancels FY20 Outlook

(RTTNews) - Gibraltar Industries, Inc. (ROCK), a manufacturer and distributor of building products and services, on Wednesday reported a 92.1 percent surge in profit for the first quarter from last year.

The company's net income for the first quarter rose to $12.1 million or $0.37 per share from $6.3 million or $0.19 per share in the year-ago period.

Adjusted earnings for the quarter were $0.47 per share, compared to $0.28 per share in the previous-year quarter.

The growth in profit over the prior year was the result of organic growth in Renewable Energy & Conservation, improved solar tracker field performance, favorable alignment of price to material costs, improved profitability in Residential Products, lower interest expense, and continuing benefits from operational excellence initiatives.

Net sales for the quarter rose 9.7 percent to $249.4 million from $227.4 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter on revenues of $252.02 million. Analysts' estimates typically exclude special items.

Looking ahead, Gibraltar said is difficult to provide guidance for the second quarter and full-year 2020 and therefore, the company is going to rescind its previous guidance.

However, the company added it expects to deliver positive earnings and generate cash from operations throughout 2020.