Gibraltar Industries (ROCK) Tops Q3 EPS by 11c, Miss on Revenues; FY17 EPS Guidance Above Consensus Estimates
Gibraltar Industries (NASDAQ: ROCK) reported Q3 EPS of $0.67, $0.11 better than the analyst estimate of $0.56. Revenue for the quarter came in at $274.57 million versus the consensus estimate of $275.8 million.
Business Outlook
“Looking ahead, we continue to expect generally favorable market conditions for each of our segments, and increased bidding activity and continued backlog growth in our Industrial & Infrastructure and Renewable Energy & Conservation segments. While we see reason for some caution in certain of our end markets, we are optimistic about the final quarter of the year and are narrowing full-year earnings guidance within our previous guidance range.
“For the fourth quarter of 2017 our priorities will be to accelerate new product development initiatives, seek value-added acquisitions in attractive end markets, and advance 80/20 projects. We expect that the execution of our five-year strategy and the continued success of these initiatives will build sustainable long-term value for our shareholders,” concluded Heard.
The Company is adjusting its full-year revenue guidance in the range of $960 million and $965 million. The Company is narrowing its full-year earnings guidance and expects GAAP EPS to be between $1.40 and $1.47 per diluted share, or $1.60 to $1.67 on an adjusted basis. In 2016, GAAP EPS was $1.05, or $1.67 on an adjusted basis. While year-over-year adjusted earnings are projected to be essentially flat, the Company continues to expect increasing return on invested capital and liquidity.
For the fourth quarter of 2017, the Company is expecting revenue in the range of $231 million to $236 million, and GAAP EPS to be between $0.23 and $0.30 per diluted share, or $0.29 to $0.36 per diluted share on an adjusted basis.
GUIDANCE:
Gibraltar Industries sees FY2017 EPS of $1.60-$1.67, versus the consensus of $1.58. Gibraltar Industries sees FY2017 revenue of $960-965 million, versus the consensus of $971.03 million.
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