Gibraltar Industries (NASDAQ: ROCK) reported Q1 EPS of $0.47, $0.09 better than the analyst estimate of $0.38. Revenue for the quarter came in at $249.4 million versus the consensus estimate of $252.02 million.

Business Outlook

Gibraltar continues to accelerate growth and margin improvement through organic and inorganic investment in inherently attractive end markets that are vital to the economy’s core needs and less impacted by economic variables. Gibraltar’s higher growth businesses – renewable energy, commercial greenhouse growing, and processing – represented 39% of first quarter revenue and generated 58% growth in backlog as these markets continue to accelerate. The infrastructure business is also experiencing solid market growth and participation gains as reflected in backlog that has grown 13% over the prior year quarter.

The core residential building products businesses – ventilation, building accessories, and postal – delivered modest growth in the first quarter, but did see demand begin to slow after the end of the first quarter. The home improvement and industrial businesses have been the most impacted in today’s environment. Overall, Gibraltar expects demand in the immediate future to lag prior year until consumer confidence and spending improves.

Bill Bosway commented, “We will continue to enhance our revenue and income streams and, backed by the strength of our balance sheet, will remain laser-focused on executing our strategy, working to improve our business, and helping our team, customers, suppliers, and partners successfully navigate through today’s environment. We are leveraging our operating system – Business Systems, Portfolio Management, and Organization Development – to refine our business, strengthen the organization, and execute critical initiatives that will accelerate growth, profitability, asset utilization, and further improve ROIC.”

Bill Bosway concluded, “Right now, without more clarity, it is difficult to provide guidance for the second quarter and full-year 2020. Therefore, we are going to rescind our previous guidance. That being said, we do expect to deliver positive earnings and generate cash from operations throughout 2020. We will revisit the practice of providing guidance as we gain insight into the timing of recovery from the pandemic.”

For earnings history and earnings-related data on Gibraltar Industries (ROCK) click here.