Thursday, Gibraltar Industries, Inc. (ROCK), a manufacturer of residential and commercial building products and processed metal products, announced second quarter financial results, posting a net income that increased from the year-ago quarter. The company has also reiterated its outlook for earnings per share from continuing operations for fiscal 2008.
The Buffalo, New York-based company's second quarter net income rose to $20.11 million or $0.67 per share from $11.93 million or $0.40 per share in the previous year quarter.
Income from continuing operations in the second quarter of 2008 increased 56% to $20.27 million or $0.68 per share from $13.03 million or $0.44 per share in the second quarter of 2007.
On an average, seven analysts polled by First Call/Thomson Financial estimated the company to earn $0.38 per share for the quarter.
Quarterly net sales were $379.21 million, up from $356.21 million in the prior year quarter. Wall Street analysts expected the company to post revenues of $364.26 million for the quarter.
The company said that increase in sales was due to acquisitions made during 2007, which added sales of $22 million in the second quarter, despite significant weaker market conditions in 2008.
Gross profit grew to $82.59 million from $66.05 million in the comparable quarter of the previous year. Selling, general and administrative expense advanced to $43.82 million from $37.28 million last year.
For the six-month period, the company's net income increased to $26.81 million or $0.89 per share from $18.09 million or $0.61 per share last year. Net revenues for the six-month period rose to $704.76 million from $660.55 million a year ago.
Looking forward, for the fiscal year 2008, the company said it now expects earnings per share from continuing operations to be in the range of $1.50 to $1.65 per share, compared to its previous guidance in the range of $1.05 to $1.25.
Street analysts expect earnings of $1.15 per share.
ROCK closed Thursday's regular trading session at $15.01, down $0.53 or 3.41%. In the after-hour trade, the stock gained 8 cents.
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