Gibraltar Industries Q2 Results Top Estimates; Boosts FY23 Earnings Outlook
(RTTNews) - Gibraltar Industries, Inc. (ROCK) reported Wednesday that net income for the second quarter increased to $30.72 million or $1.00 per share from $29.31 million or $0.90 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.18 per share, compared to $0.96 per share in the year-ago quarter.
Net sales for the quarter edged down 0.5 percent to $364.91 million from $366.95 million in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share on revenues of $354.03 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects earnings in a range of $3.46 to $3.66 per share and adjusted earnings in the range of $3.90 to $4.10 per share, on projected revenues between $1.36 billion and $1.41 billion.
Previously, the company expected 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 $3.63 per share on revenues of $1.37 billion for the year.
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