Gibraltar Industries Q1 Adj. EPS Tops Estimates; Reaffirms FY24 Outlook

(RTTNews) - Gibraltar Industries, Inc. (ROCK) reported Wednesday that net income for the first quarter grew to $24.95 million or $0.81 per share from $21.10 million or $0.68 per share in the prior-year quarter.

Excluding items, adjusted earnings from continuing operations were $0.80 per share, compared to $0.71 per share in the year-ago quarter.

Net sales for the quarter edged down 0.3 percent to $292.51 million from $293.27 million in the same quarter last year. Adjusted revenue was up 1.3 percent.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share on revenues of $296.30 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company continues to project earnings in a range of $4.04 to $4.29 per share and adjusted earnings in the range of $4.57 to $4.82 per share, on projected revenues between $1.43 billion and $1.48 billion.

The Street is currently looking for earnings of $4.68 per share on revenues of $1.44 billion for the year.

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