- Sales and Adjusted EPS were $191M and $(0.05), Adversely Affected by Weather
- Full Year Revenue and Earnings Guidance Reaffirmed
- Increasing Order Rates in March and April
BUFFALO, N.Y.–(BUSINESS WIRE)–May 2, 2014– Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of products for residential and industrial markets, today reported its financial results for the three-month period ended March 31, 2014. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.
First-Quarter Consolidated Results
Gibraltar’s net sales for the first quarter of 2014 were $191.0 million compared with $196.8 million for the first quarter of 2013. First-quarter 2014 adjusted net loss was $1.7 million, or $0.05 per share, compared with adjusted net income of $1.2 million, or $0.04 per diluted share, in the first quarter of 2013. The adjusted first-quarter 2014 results exclude special items with an after-tax net charge totaling $0.4 million, or $0.02 per diluted share, resulting primarily from acquisition-related costs and exit activity costs related to business restructuring. The adjusted net income for the first quarter of 2013 excluded after-tax special charges of $4.9 million, or $0.16 per diluted share, resulting primarily from bond re-financing costs. Including these items in the respective periods, the first-quarter 2014 GAAP results were a net loss of $2.1 million, or $0.07 per share, compared with a loss of $3.6 million, or $0.12 per share, in the first quarter of 2013.
“Although Gibraltar’s first-quarter sales were lower than expected due to the prolonged winter season in most parts of the country, we believe underlying conditions in our end markets remain positive,” said Chairman and Chief Executive Officer Brian Lipke. “In addition, driven by improving order rates in April, we are reaffirming our adjusted EPS guidance for 2014 despite the slow start to the early part of the year. The increased order rates were primarily generated by increased demand for our centralized postal storage products which we believe will lead to strong sales growth for our residential products segment throughout 2014.”
“Our revenue for the first quarter decreased 3% from the same period last year, as adverse weather delayed the normal seasonal ramp we see in our order rates toward the end of the quarter,” Lipke said. “Moreover, our results for the first quarter last year benefited from a stronger product mix in both our Residential and Industrial & Infrastructure Products segments. On the bottom-line, our results reflected the weather-driven decline in orders and shipment volumes along with product mix and price adjustments, primarily in our Industrial & Infrastructure Products segment.”