Gibraltar Industries Q2 Profit Rises, Tops Estimates; Backs FY22 View

(RTTNews) - Gibraltar Industries, Inc. (ROCK), a maker and provider of engineered products, on Wednesday posted a rise in earnings for the second quarter, reflecting an increase in revenues.

Excluding items, the company earnings beat the Street view. In addition, for the fiscal 2022, the firm reaffirmed its guidance.

For the three-month period to June 30, the Buffalo-headquartered firm posted a net income of $29.30 million or $0.90 per share, compared with $26.4 million or $0.80 per share a year ago.

Adjusted income was at $31.5 million or $0.96 per share, higher than last year's $26.7 million or $0.81 per share. Four analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.8. Analysts' estimates typically exclude one-time items.

Income from operations moved up to $40.13 million, from $31.40 million, reported for the same period of 2021.

Gibraltar generated sales of $366.94 million, versus $348.38 million of corresponding period of previous fiscal. Analysts, on average, had expected firm to post sales of $364.42 million.

Looking ahead, for the fiscal 2022, the company still expects its EPS to be in the range of $2.80 and $3.00, and adjusted income per share of $3.20 to $3.40. Analysts, on average, expect the firm to post EPS of $3.29.

For the full year, the Group also anticipates its consolidated revenue to be in the range of $1.38 billion - $1.43 billion. Analysts, on average, expect the firm to post sales of $1.42 billion.