By Emon Reiser
Gibraltar Industries’ stock rose 10% to $73.02 a share by Wednesday after the company reported second-quarter earnings and raised its guidance.
Gibraltar, which manufactures and provides products and services for the renewable energy, residential and infrastructure markets, raised its outlook for both its adjusted and diluted earnings as it reported an increase in net income.
Gibraltar now expects full-year earnings in the range of $3.46 and $3.66 a share, compared with $2.56 a share in 2022. Earnings adjusted for one-time items is expected to land between $3.90 and $4.10 a share, compared with $3.40 a share in 2022.
For the quarter ended June 30, the Buffalo, N.Y.-based company logged a 4.8% increase in net income to $30.7 million. Its earnings were $1.00 a share, compared with 90 cents a share in the year-ago quarter.
Net sales for the quarter were $364.9 million, down 0.5%.
Write to Emon Reiser at [email protected]
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