Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and
distributor of products for residential and industrial markets, expects
to report revenues for the second quarter of 2014 in the range of $230
million to $233 million, including revenues for the Company’s
Residential Products segment of $116 million to $118 million. Adjusted
net income is expected to be in the range of $4.0 million to $5.0
million, with adjusted net income per diluted share in the range of
$0.14 to $0.16. This compares with the Company’s previous guidance of
adjusted EPS in the range of $0.29 to $0.32.
“After a long cold winter that drove lower-than-anticipated Q1 results,
end market demand in Q2 did not rebound as expected,” said Chairman and
Chief Executive Officer Brian Lipke. “Demand for residential products
remained unexpectedly weak throughout the second quarter and well below
demand anticipated by many industry observers. This has contributed to
less-than-anticipated revenue growth in the Residential Products
segment. We now project revenue growth for this segment’s second quarter
to approximate 6%, compared with our previous guidance of 20% growth. As
a result, we expect consolidated revenues for the second quarter 2014 to
increase approximately 3% over the prior-year period, compared with our
previous guidance of 10%.”
“We are taking a conservative view that the weakness in the residential
markets will continue and, therefore, we no longer expect to recover the
first half 2014 shortfall compared with the prior year period,” stated
Gibraltar President Frank Heard. “We now project demand in the second
half of the year to be comparable to the demand levels experienced in
the first half of this year, even though second-half demand could
improve in some parts of our business. Nevertheless, based on newly
developed cost reduction initiatives and continuing strong demand for
postal and package products, we expect to achieve similar adjusted
earnings for the second half of 2014 compared with the prior-year
period.”
This preliminary financial information is subject to change and is based
on management’s estimates derived from the information available as of
today. In addition, the financial information provided has not yet been
reviewed by the Company’s independent registered public accounting firm
and is subject to that review and may change before filing on Form 10-Q,
which the Company expects to file timely in August 2014.
Second-Quarter Conference Call
Gibraltar expects to announce its second-quarter 2014 financial results
on August 5, 2014, and conduct a conference call at 9:00 a.m. ET on the
same day, at which point the Company will discuss in more detail the
results for the second quarter and guidance for the remainder of 2014.
Those who wish to listen to the conference call should visit the
Investor Info section of the Company’s website at www.gibraltar1.com.
The call also may be accessed by dialing (877) 407-5790 or (201)
689-8328. For interested individuals unable to join the live conference
call, a webcast replay will be available on the Company’s website for
one year.
Use of Non-GAAP Financial Measures
This document includes non-GAAP financial measures that are not in
accordance with, nor an alternative to, generally accepted accounting
principles and may be different from non-GAAP measures used by other
companies. In addition, these non-GAAP measures are not based on any
comprehensive set of accounting rules or principles.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of
building products, focused on residential and low-rise commercial
building markets, as well as industrial and transportation
infrastructure markets. The Company generates more than 80% of its sales
from products that hold leading positions in their markets, and serves
customers across North America and Europe. Gibraltar’s strategy is to
grow organically by expanding its product portfolio and penetration of
existing customer accounts, while broadening its market and geographic
coverage through the acquisition of companies with leadership positions
in adjacent product categories. Comprehensive information about
Gibraltar can be found on its website at http://www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than historical
information, contains forward-looking statements and is subject to a
number of risk factors, uncertainties, and assumptions. Risk factors
that could affect these statements include, but are not limited to, the
following: the availability of raw materials and the effects of changing
raw material prices on the Company’s results of operations; energy
prices and usage; changing demand for the Company’s products and
services; changes in the liquidity of the capital and credit markets;
risks associated with the integration of acquisitions; and changes in
interest and tax rates. In addition, such forward-looking statements
could also be affected by general industry and market conditions, as
well as general economic and political conditions. The Company
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable law or regulation.
Copyright Business Wire 2014