Gibraltar Q1 Adj. Profit Rises; Net Sales From Cont. Ops. Up 10.5%

(RTTNews) - Gibraltar Industries, Inc. (ROCK) reported that its first quarter adjusted earnings per share increased to $0.60 from $0.54, prior year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.44, for the quarter. Analysts' estimates typically exclude special items.

Net income increased to $15.5 million or $0.47 per share from $10.5 million or $0.32 per share, prior year.

Net sales from continuing operations increased 10.5% to $317.9 million. Analysts on average had estimated $307.87 million in revenue.

Gibraltar reaffirmed guidance for revenue and earnings for the full year 2022, with consolidated revenue expected to range between $1.38 billion and $1.43 billion. GAAP EPS is expected to be between $2.80 and $3.00, and adjusted EPS expected to be between $3.20 and $3.40.

Gibraltar also said its Board has authorized a share repurchase program of up to $200 million of common stock. The program has a duration of three years, ending May 2, 2025.