By Denny Jacob
Gibraltar Industries posted a higher profit in its fourth quarter despite a decline in sales.
The manufacturer of engineering materials logged net income of $46.2 million, or $1.50 a share, compared to $19.4 million, or 63 cents a share, in the prior-year period.
Stripping out certain one-time items, Gibraltar earned $1.01 a share. Analysts polled by FactSet expected 91 cents a share.
Sales edged down to $302.1 million from $328.8 million. Analysts polled by FactSet expected $307.9 million.
Gibraltar said the decline in sales was primarily due to ongoing industry headwinds impacting its renewables business, and continued slowness in the residential market.
"We expect participation gains to support growth in our existing businesses, our renewables business to improve execution, and solid growth and margin contribution from the addition of Lane Supply in the Agtech segment," said Chief Executive William Bosway.
Gibraltar forecast sales between $1.4 billion and $1.45 billion as well as adjusted earnings per-share between $4.80 and $5.05 for 2025. Analysts polled by FactSet expected $1.40 billion in sales and $4.74 a share in adjusted earnings.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 19, 2025 08:08 ET (13:08 GMT)
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