Premium steel & iron firm, Gibraltar Industries, Inc. (ROCK - Free Report) , reported better-than-expected results for fourth-quarter 2017.
Earnings
Quarterly adjusted earnings came in at 41 cents per share, beating the Zacks Consensus Estimate of 34 cents. Also, the bottom line recorded 37% year-over-year growth.
Quarterly earnings for 2017 came in at $1.71 per share, outpacing the Zacks Consensus Estimate of $1.65. The bottom line came in 2.4% higher than the year-ago tally. Gibraltar Industries noted that profitability in the reported quarter largely stemmed from the Tax Cuts and Jobs Act conversion adjustment as well as the company’s operational efficacy-improvement moves.
Revenues
Net sales in the fourth quarter came in at $258.1 million, beating the Zacks Consensus Estimate of $233 million. The top line also improved 11% year over year, on the back of higher sales of the Energy & Conservation and Residential and Renewable segments.
Segmental Details
Revenues of the Residential Products segment came in at $105.3 million in the reported quarter, up 13% year over year. This upswing was supported by elevated sales of the new housing, repair and remodel construction markets, sturdier electronic package and centralized mail system solutions’ demand, as well as benefits from the Package Concierge buyout (February 2017).
Quarterly sales of the Industrial and Infrastructure Products segment came in at $49.1 million, down 20% year over year. This year-over-year decline stemmed from the impact of the U.S. bar grating product line’s spin-off in 2016.
Renewable Energy and Conservation segment’s sales were up 34% year over year to $103.7 million in the quarter, driven by a robust domestic business.
Net sales for 2017 came in at $987 million, surpassing the Zacks Consensus Estimate of $961.6 million. However, the top line slipped 2.1% from the prior year.
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Premium steel & iron firm, Gibraltar Industries, Inc. (ROCK - Free Report) , reported better-than-expected results for fourth-quarter 2017.
Earnings
Quarterly adjusted earnings came in at 41 cents per share, beating the Zacks Consensus Estimate of 34 cents. Also, the bottom line recorded 37% year-over-year growth.
Quarterly earnings for 2017 came in at $1.71 per share, outpacing the Zacks Consensus Estimate of $1.65. The bottom line came in 2.4% higher than the year-ago tally. Gibraltar Industries noted that profitability in the reported quarter largely stemmed from the Tax Cuts and Jobs Act conversion adjustment as well as the company’s operational efficacy-improvement moves.
Revenues
Net sales in the fourth quarter came in at $258.1 million, beating the Zacks Consensus Estimate of $233 million. The top line also improved 11% year over year, on the back of higher sales of the Energy & Conservation and Residential and Renewable segments.
Segmental Details
Revenues of the Residential Products segment came in at $105.3 million in the reported quarter, up 13% year over year. This upswing was supported by elevated sales of the new housing, repair and remodel construction markets, sturdier electronic package and centralized mail system solutions’ demand, as well as benefits from the Package Concierge buyout (February 2017).
Quarterly sales of the Industrial and Infrastructure Products segment came in at $49.1 million, down 20% year over year. This year-over-year decline stemmed from the impact of the U.S. bar grating product line’s spin-off in 2016.
Renewable Energy and Conservation segment’s sales were up 34% year over year to $103.7 million in the quarter, driven by a robust domestic business.
Net sales for 2017 came in at $987 million, surpassing the Zacks Consensus Estimate of $961.6 million. However, the top line slipped 2.1% from the prior year.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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