BUFFALO, N.Y.–(BUSINESS WIRE)–Aug. 5, 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- and six-month periods ended June 30, 2014. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.
Second-Quarter Consolidated Results
Gibraltar’s net sales for the second quarter of 2014 increased 5% to $235.0 million, compared with $224.5 million for the second quarter of 2013. Second-quarter 2014 adjusted net income was $6.1 million, or $0.19 per diluted share, compared with adjusted net income of $8.2 million, or $0.26 per diluted share, in the second quarter of 2013. The adjusted second-quarter 2014 results exclude special items with an after-tax net gain totaling $0.4 million, or $0.02 per diluted share, resulting primarily from acquisition-related gains and exit activity costs related to business restructuring. The adjusted net income for the second quarter of 2013 excluded after-tax special charges of $0.5 million, or $0.01 per diluted share, resulting primarily from exit activity costs related to business restructuring. Including these items in the respective periods, the Company’s second-quarter 2014 GAAP results were net income of $6.4 million, or $0.21 per diluted share, compared with net income of $7.7 million, or $0.25 per diluted share, in the second quarter of 2013.
Six-Month Consolidated Results
For the six months ended June 30, 2014, total net sales increased 1% to $426.0 million, from $421.3 million in the comparable 2013 period. Adjusted net income from continuing operations was $4.4 million, or $0.14 per diluted share, compared with $9.4 million, or $0.30 per diluted share, in the comparable period of 2013. The adjusted results for the first six months of 2014 exclude after-tax special charges totaling $0.1 million, resulting primarily from the net of acquisition-related gains and exit activity costs related to business restructuring. Adjusted net income for the first six months of 2013 excluded after-tax special charges of $5.3 million, or $0.17 per diluted share, resulting primarily from costs related to the Company’s successful re-financing of its senior subordinated notes. Including these items, GAAP net income for the first six months of 2014 was $4.3 million, or $0.14 per diluted share, compared with net income of $4.1 million, or $0.13 per diluted share, in the comparable period of 2013.
- Sales Rise 5% to $235 Million; Adjusted EPS of $0.19
- Residential End Markets did not Rebound as Expected
- Updates Full-Year Revenues to $853M to $860M; Adjusted EPS $0.50 to $0.55