Building materials company Gibraltar Industries said its fourth-quarter operating results swung back to a profit, as company initiatives to strengthen the performance of the business in the past year paid off despite flat sales.
The Hamburg-based company reported adjusted net income of $1.5 million, or 5 cents per share, compared to an adjusted loss of $5.1 million, or 17 cents per share, in the fourth quarter a year ago. The earnings were better than the 3 cents per share that analysts were expecting.
Adjusted results for the recent quarter don’t include $5.2 million, or 17 cents per share, in after-tax special charges for impaired assets, costs related to acquisitions and expenses from restructuring and exiting businesses. Special charges from a year ago totaled $1.8 million, or 5 cents per share.
Including those items, the company reported a net loss of $3.7 million, or 12 cents per share, improved from a net loss of $6.9 million, or 22 cents per share, a year ago. Sales for the fourth quarter fell less than 1 percent to $172.6 million.
“We concluded 2012 with strong year-over-year profit improvement in the fourth quarter, achieved without the benefit of meaningful change in order volumes,” said Chairman and Chief Executive Officer Brian Lipke. “As a result of this performance improvement, 2012 was a better year for Gibraltar than 2011, and was our second consecutive year of accelerating earnings growth, despite historically low levels of activity in our traditional core markets.”
For the full year, adjusted net income rose 32 percent to $20.2 million, or 65 cents per share, from $15.3 million or 50 cents per share. Adjusted results excluded $7.5 million, or 24 cents per share, in special charges in 2012 and $6.1 million, or 20 cents per share, in 2011.
Including special items, net income rose 38 percent to $12.7 million, or 41 cents per share, from $9.2 million, or 30 cents per share in 2011. Sales rose 3 percent last year to $790.1 million.
email: jepstein@buffnews.com
The Hamburg-based company reported adjusted net income of $1.5 million, or 5 cents per share, compared to an adjusted loss of $5.1 million, or 17 cents per share, in the fourth quarter a year ago. The earnings were better than the 3 cents per share that analysts were expecting.
Adjusted results for the recent quarter don’t include $5.2 million, or 17 cents per share, in after-tax special charges for impaired assets, costs related to acquisitions and expenses from restructuring and exiting businesses. Special charges from a year ago totaled $1.8 million, or 5 cents per share.
Including those items, the company reported a net loss of $3.7 million, or 12 cents per share, improved from a net loss of $6.9 million, or 22 cents per share, a year ago. Sales for the fourth quarter fell less than 1 percent to $172.6 million.
“We concluded 2012 with strong year-over-year profit improvement in the fourth quarter, achieved without the benefit of meaningful change in order volumes,” said Chairman and Chief Executive Officer Brian Lipke. “As a result of this performance improvement, 2012 was a better year for Gibraltar than 2011, and was our second consecutive year of accelerating earnings growth, despite historically low levels of activity in our traditional core markets.”
For the full year, adjusted net income rose 32 percent to $20.2 million, or 65 cents per share, from $15.3 million or 50 cents per share. Adjusted results excluded $7.5 million, or 24 cents per share, in special charges in 2012 and $6.1 million, or 20 cents per share, in 2011.
Including special items, net income rose 38 percent to $12.7 million, or 41 cents per share, from $9.2 million, or 30 cents per share in 2011. Sales rose 3 percent last year to $790.1 million.
email: jepstein@buffnews.com