Gibraltar Industries Inc., trading under the symbol ROCK, has announced an increase in its first-quarter net earnings. The net income has risen to $24.95 million, equivalent to $0.81 per share, from the previous year's first quarter total of $21.10 million or $0.68 per share.
The company's adjusted earnings saw a similar growth trend when excluding certain items. The adjusted earnings from continuing operations were $0.80 per share, an increase from $0.71 per share in the same period last year.
However, Gibraltar Industries highlighted a slight decrease in its total net sales for the quarter, slipping by 0.3 percent to $292.51 million from the prior year's $293.27 million. In contrast, when adjusted, the revenue increased by 1.3 percent.
Three analysts from Thomson Reuters, who typically do not include special items in their estimates, had anticipated that the company would report earnings of $0.72 per share, with revenues totaling $296.30 million.
Looking further ahead, Gibraltar Industries reaffirmed their fiscal 2024 earnings projections. The company is expecting earnings to be within the range of $4.04 to $4.29 per share and adjusted earnings between $4.57 to $4.82 per share. It projects revenues to be somewhere between $1.43 billion and $1.48 billion.
Current market expectations suggest earnings of $4.68 per share on revenues of $1.44 billion for the year.
