Published on 2 May 2024 on Zacks via Yahoo Finance

Gibraltar's (ROCK) Q1 Earnings Beat, Revenues Miss Estimates

Gibraltar Industries, Inc. ROCK reported mixed first-quarter 2024 results, with quarterly earnings surpassing the Zacks Consensus Estimate and increasing on a year-over-year basis. Net sales declined from the previous year’s levels and missed the consensus mark.The company’s quarterly results reflect organic growth, increased volume, improving customer and product mix, accretive 80/20 initiatives, better price and cost alignment, along with supply-chain optimization initiatives and improvements in project management systems. Gibraltar is optimistic about its upcoming growth prospects with its robust end-market fundamentals, backed by increased backlog levels.Backed by solid end market fundamentals, improving business conditions in Renewables and Agtech markets and an efficient operating engine, ROCK is well-poised to deliver strong results in 2024.

Inside the Headlines

Gibraltar reported adjusted earnings of 80 cents per share, surpassing the Zacks Consensus Estimate of 76 cents by 5.3% and increasing 12.7% year over year.