Gibraltar Industries (ROCK) Tops Q3 EPS by 1c, Revenues Miss; Offers FY18 EPS Outlook Below Consensus

Gibraltar Industries (NASDAQ: ROCK) reported Q3 EPS of $0.71, $0.01 better than the analyst estimate of $0.70. Revenue for the quarter came in at $280.1 million versus the consensus estimate of $287 million.

“We delivered another solid quarter, reporting year-over-year growth on both the top and bottom lines, excluding special charges, even as we faced market headwinds,” said President and CEO Frank Heard. “We executed on our four-pillar strategy, managed cost volatility extremely well, achieved growth through innovative new products, and maintained the momentum we have generated in the renewable energy and conservation markets. Revenues were up 2 percent year over year and GAAP and adjusted earnings of $0.60 and $0.71, respectively, were at the higher end of our guidance range.”

Business Outlook

“We continue to be optimistic about innovative products driving organic growth across all of our segments, and we are confident in the end markets these products are targeting,” said Heard. “We also are excited about our growth momentum in the Renewable Energy & Conservation segment.”

“For the fourth quarter, our goals are to drive sustainable growth through the acceleration of new product development initiatives, to work with our customers to manage cost volatility, to implement 80/20 simplification projects, and to seek value-added acquisitions in attractive end markets. For the full year, we expect to continue to deliver on our promise to make more money at a higher rate of return with a more efficient use of capital, and create long-term value creation for our shareholders,” concluded Heard.

Gibraltar continues to expect 2018 consolidated revenues to exceed $1 billion, but is lowering its revenue growth expectations from 2-4% growth to 1-2% growth, considering current activity levels across the Company’s end markets. At the same time, Gibraltar is narrowing its full-year 2018 earnings guidance to the high end of the previous range. GAAP EPS for the full year 2018 are now expected to be in the range of $1.82 to $1.87, or $2.03 to $2.08 on an adjusted basis, compared with $1.95 and $1.71, respectively, in 2017.

For the fourth quarter of 2018, the Company is expecting revenue in the range of $239 million to $249 million. GAAP EPS for the fourth quarter 2018 are expected to be between $0.26 and $0.31, or $0.35 to $0.40 on an adjusted basis.

GUIDANCE:

Gibraltar Industries sees FY2018 EPS of $2.03-$2.08, versus the consensus of $2.09. Gibraltar Industries sees FY2018 revenue of $1 million, versus the consensus of $1.03 million.

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

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