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Renewable energy and infrastructure solutions provider Gibraltar Industries (NASDAQ: ROCK)
will be reporting results this Thursday before the bell. Here’s what you need to know.
Gibraltar missed analysts’ revenue expectations by 17.9% last quarter, reporting revenues of $309.5 million, up 13.1% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts’ expectations significantly and full-year EPS guidance missing analysts’ expectations significantly.
This quarter, analysts are expecting Gibraltar’s revenue to decline 12.1% year on year to $317.5 million, a further deceleration from the 7.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.21 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Gibraltar has missed Wall Street’s revenue estimates twice since going public.
Looking at Gibraltar’s peers in the building products segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Simpson delivered year-on-year revenue growth of 6.2%, beating analysts’ expectations by 3.1%, and Zurn Elkay reported revenues up 11.1%, topping estimates by 3%. Simpson traded up 6.1% following the results.
There has been positive sentiment among investors in the building products segment, with share prices up 3.1% on average over the last month. Gibraltar is up 6.5% during the same time and is heading into earnings with an average analyst price target of $85 (compared to the current share price of $67.62).
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