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Gibraltar Industries Slashes FY21 Outlook As Q3 Results Miss Estimates - Quick Facts

Gibraltar Industries, Inc. (ROCK) reported Wednesday that net income for the third quarter declined to $27.56 million or $0.83 per share from $33.76 million or $1.02 per share in the prior-year quarter.

Income from continuing operations was $0.84 per share, down from $0.95 per share last year. Excluding items, adjusted earnings from continuing operations were $0.91 per share, compared to $0.98 per share in the year-ago quarter.

Net sales for the quarter grew 24.5 percent to $369.35 million from $296.79 million in the same quarter last year, with organic growth contributing 3.9 percent and recent acquisitions 20.6 percent.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $1.16 per share on revenues of $376.92 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company is expecting earnings in a range of $0.48 to $0.60 per share and adjusted earnings in the range of $0.53 to $0.59 per share, both from continuing operations. Analysts expect earnings of $0.86 per share for the quarter.

For fiscal 2021, the company now projects earnings in a range of $2.45 to $2.56 per share and adjusted earnings in the range of $2.95 to $3.06 per share, both from continuing operations, on projected revenues between $1.31 billion and $1.35 billion.

Previously, the company expected earnings in a range of $2.78 to $2.95 per share and adjusted earnings in the range of $3.30 to $3.47 per share, both from continuing operations, on projected revenues between $1.30 billion and $1.35 billion.

The Street is currently looking for earnings of $3.35 per share on revenues of $1.35 billion for the year.

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