Gibraltar Industries Slips To Loss In Q4

(RTTNews) - Gibraltar Industries Inc. (ROCK), a manufacturer and provider of products and services for the renewable energy, conservation, residential and infrastructure markets, reported that its fourth-quarter net loss was $8.55 million or $0.26 per share compared to net income of $14.36 million or $0.44 per share in the prior year.

GAAP earnings from continuing operations increased 17.3% to $17.6 million or $0.53 per share from last year.

Adjusted earnings increased 4.8% to $19.5 million or $0.59 per share, from last year.

Quarterly net sales from continuing operations increased 17.3% to $265.2 million from last year, driven by the Residential Products and Renewable Energy & Conservation segments. Of the 17.3% increase, organic growth accounted for 3.6%, and recent acquisitions contributed 13.7%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share and revenues of $282.25 million for the fourth-quarter. Analysts' estimates typically exclude special items.

Looking ahead for full year 2021, the company expects GAAP earnings per share to be between $2.78 and $2.95, compared to $2.53 in 2020. Adjusted earnings per share is expected to range between $3.30 and $3.47, compared to $2.73 in 2020. It projects consolidated revenue to range between $1.3 billion and $1.35 billion. Wall Street currently is looking for fiscal year 2021 earnings of $3.88 per share on annual revenues of $1.42 billion.