Gibraltar Industries Q1 Adj. EPS Tops Estimates; Reiterates FY23 Outlook
(RTTNews) - Gibraltar Industries, Inc. (ROCK) reported Wednesday that net income for the first quarter increased to $21.10 million or $0.68 per share from $15.46 million or $0.47 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.70 per share, compared to $0.60 per share in the year-ago quarter.
Net sales for the quarter decreased 7.7 percent to $293.27 million from $317.87 million in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share on revenues of $298.90 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company reiterates its guidance for earnings in the range of $3.04 to $3.24 per share and adjusted earnings in the range of $3.46 to $3.66 per share, on projected revenues between $1.36 billion and $1.41 billion.
The Street is currently looking for earnings of $3.56 per share on revenues of $1.39 billion for the year.
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