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Gibraltar's (ROCK) Q1 Earnings Miss, Revenues Top Estimates
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Gibraltar Industries, Inc.’s (ROCK - Free Report) first-quarter 2018 adjusted earnings per share missed the Zacks Consensus Estimate by a penny.
Earnings/ Revenues
Quarterly adjusted earnings came in at 26 cents per share, beating the Zacks Consensus Estimate by a whisker. However, the bottom line came in higher than the year-ago tally of 20 cents per share.
Net sales in the first quarter came in at $215.3 million, beating the Zacks Consensus Estimate of $214 million. The top line also improved 4.2% year over year.
Segmental Details
Revenues of the Residential Products segment came in at $103.9 million in the reported quarter, marginally down 0.6% year over year. Segmental sales slipped due to lower sales of roofing-related construction products.
Quarterly sales of the Industrial and Infrastructure Products segment came in at $54.4 million, up 8.2% year over year. The upswing stemmed from robust sales of industrial products during the quarter.
Renewable Energy and Conservation segment’s sales were up 10% year over year to $57 million in the quarter, driven by solid demand from the domestic conservation and solar markets.
Gibraltar Industries, Inc. Price, Consensus and EPS Surprise
Cost of sales in the first quarter was $167 million, up 6.1% year over year. Gross profit margin in the quarter came in at 22.4%, contracting 140 basis points (bps) year over year.
Selling, general and administrative expenses came in at $34.5 million compared to $39.6 million incurred in the year-ago period. Interest expenses were down 8.6% year over year in the reported quarter. Adjusted operating margin in the quarter remained 6.4%, flat year over year.
Balance Sheet and Cash Flow
Exiting first-quarter 2018, Gibraltar Industries had cash and cash equivalents worth $200.7 million compared to $222.3 million recorded on Dec 31, 2017. Long-term debt came in at $209.8 million, as against $209.6 million recorded at the end of 2016.
In the first three months of 2018, the company used $22.2 million cash for operating activities, as against $2.3 million recorded in the year-ago period. Capital expenditures came in at $1 million, decreasing 28.9% year over year.
Outlook
Gibraltar Industries expects that sturdier demand for innovative products will bolster its revenues in the upcoming quarters. The company intends to become more competent on the back of strategic acquisitions and implementation of its 80/20 simplification projects.
The company estimates to report revenues of $257-$267 million and adjusted earnings in the 52-57 cents per share range for second-quarter 2018.
However, this Zacks Rank #3 (Hold) company reaffirmed its view for full-year 2018. The company anticipates to generate revenues of more than $1 billion in 2018. Also, adjusted earnings for the year are projected at $1.96-$2.08 per share.
NCI Building Systems, Inc. sports a Zacks Rank of 1 (Strong Buy). The company’s earnings per share (EPS) are predicted to be up 10%, in the next three to five years. You can seethe complete list of today’s Zacks #1 Rank stocks here.
PGT, Inc. also flaunts a Zacks Rank #1. The company’s EPS is projected to rise 17.9%, over the next three to five years.
Patrick Industries, Inc. (PATK - Free Report) carries a Zacks Rank of 1. The company’s EPS will likely be up 12.7%, in the next three to five years.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Gibraltar's (ROCK) Q1 Earnings Miss, Revenues Top Estimates
Gibraltar Industries, Inc.’s (ROCK - Free Report) first-quarter 2018 adjusted earnings per share missed the Zacks Consensus Estimate by a penny.
Earnings/ Revenues
Quarterly adjusted earnings came in at 26 cents per share, beating the Zacks Consensus Estimate by a whisker. However, the bottom line came in higher than the year-ago tally of 20 cents per share.
Net sales in the first quarter came in at $215.3 million, beating the Zacks Consensus Estimate of $214 million. The top line also improved 4.2% year over year.
Segmental Details
Revenues of the Residential Products segment came in at $103.9 million in the reported quarter, marginally down 0.6% year over year. Segmental sales slipped due to lower sales of roofing-related construction products.
Quarterly sales of the Industrial and Infrastructure Products segment came in at $54.4 million, up 8.2% year over year. The upswing stemmed from robust sales of industrial products during the quarter.
Renewable Energy and Conservation segment’s sales were up 10% year over year to $57 million in the quarter, driven by solid demand from the domestic conservation and solar markets.
Gibraltar Industries, Inc. Price, Consensus and EPS Surprise
Gibraltar Industries, Inc. Price, Consensus and EPS Surprise | Gibraltar Industries, Inc. Quote
Costs and Margins
Cost of sales in the first quarter was $167 million, up 6.1% year over year. Gross profit margin in the quarter came in at 22.4%, contracting 140 basis points (bps) year over year.
Selling, general and administrative expenses came in at $34.5 million compared to $39.6 million incurred in the year-ago period. Interest expenses were down 8.6% year over year in the reported quarter. Adjusted operating margin in the quarter remained 6.4%, flat year over year.
Balance Sheet and Cash Flow
Exiting first-quarter 2018, Gibraltar Industries had cash and cash equivalents worth $200.7 million compared to $222.3 million recorded on Dec 31, 2017. Long-term debt came in at $209.8 million, as against $209.6 million recorded at the end of 2016.
In the first three months of 2018, the company used $22.2 million cash for operating activities, as against $2.3 million recorded in the year-ago period. Capital expenditures came in at $1 million, decreasing 28.9% year over year.
Outlook
Gibraltar Industries expects that sturdier demand for innovative products will bolster its revenues in the upcoming quarters. The company intends to become more competent on the back of strategic acquisitions and implementation of its 80/20 simplification projects.
The company estimates to report revenues of $257-$267 million and adjusted earnings in the 52-57 cents per share range for second-quarter 2018.
However, this Zacks Rank #3 (Hold) company reaffirmed its view for full-year 2018. The company anticipates to generate revenues of more than $1 billion in 2018. Also, adjusted earnings for the year are projected at $1.96-$2.08 per share.
Stocks to Consider
Some better-ranked stocks in the Zacks Construction sector are listed below:
NCI Building Systems, Inc. sports a Zacks Rank of 1 (Strong Buy). The company’s earnings per share (EPS) are predicted to be up 10%, in the next three to five years. You can see the complete list of today’s Zacks #1 Rank stocks here.
PGT, Inc. also flaunts a Zacks Rank #1. The company’s EPS is projected to rise 17.9%, over the next three to five years.
Patrick Industries, Inc. (PATK - Free Report) carries a Zacks Rank of 1. The company’s EPS will likely be up 12.7%, in the next three to five years.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>