UPDATE: Gibraltar Industries (ROCK) Tops Q1 EPS by 1c, Revenues Beat; Q2 EPS Mid-Point Guide Below Cons., Q2 Revenue Views Below Cons., FY19 EPS Views Above Cons., FY19 Revenue Outlook Below Est.
(Updated - May 3, 2019 7:37 AM EDT)
Gibraltar Industries (NASDAQ: ROCK) reported Q1 EPS of $0.28, $0.01 better than the analyst estimate of $0.27. Revenue for the quarter came in at $227.4 million versus the consensus estimate of $221.72 million.“With solid performance across our businesses in the first quarter of 2019, we delivered revenues of $227 million, above our guidance, and GAAP and non-GAAP earnings of $0.19 and $0.28, respectively, in line with our expectations,” said President and Chief Executive Officer William Bosway. “By executing on our four-pillar strategy, we benefitted from higher-margin innovative products, and continued operating improvement in the Industrial & Infrastructure segment. In addition, we used cash generated in prior years to repay our outstanding debt, resulting in significant cost savings in the quarter.”
“During the quarter we saw continued demand for our innovative tracker solution,” added Bosway. “While we incurred incremental costs this quarter to improve durability and ensure performance of this product, we expect it to continue to track towards our target margin profile as we progress through the remainder of the year.”
“We have made excellent operational progress across our businesses, but our transformation is far from complete,” said Bosway. “Our focus is on driving growth by reinforcing our 80/20 simplification strategy to create additional opportunity to enhance our innovation and new product development programs. The appointment of Pat Burns to the newly created COO position will help accelerate these efforts.”
GUIDANCE:
Gibraltar Industries sees Q2 2019 EPS of $0.72-$0.77, versus the consensus of $0.76. Gibraltar Industries sees Q2 2019 revenue of $268-274 million, versus the consensus of $276.52 million.
Gibraltar Industries sees FY2019 EPS of $2.40-$2.55, versus the consensus of $2.37. Gibraltar Industries sees FY2019 revenue of $1 billion, versus the consensus of $1.04 billion.
For earnings history and earnings-related data on Gibraltar Industries (ROCK) click here.