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Last $17.14 USD
Change Today +0.07 / 0.41%
Volume 41.8K
ROCK On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

gibraltar industries inc (ROCK) Key Developments

Gibraltar Industries, Inc. to Propose Amendment to Certificate of Incorporation

Gibraltar Industries, Inc. announced that at the AGM to be held on May 7, 2015 will propose amendment to the company's Certificate of Incorporation.

Gibraltar Industries, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015; Records Impairment Charge on Intangible Asset for the Fourth Quarter of 2014

Gibraltar Industries, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $201,994,000 compared with $188,835,000 for the same period a year ago. The company's revenue growth was driven by increased sales of postal storage plus roofing-related products in the Residential Products segment, while the combined demand from Industrial and Transportation Infrastructure markets remained weak. Loss from operations was $103,815,000 compared with income from operations of $6,153,000 for the same period a year ago. Loss before taxes was $107,332,000 compared with income before tax of $2,378,000 for the same period a year ago. Loss from continuing operations was $95,708,000 or $3.08 per diluted share compared with income from continuing operations of $4,009,000 or $0.13 per diluted share for the same period a year ago. Net loss was $95,709,000 or $3.08 per diluted share compared with net income of $4,009,000 or $0.13 per diluted share for the same period a year ago. Adjusted income from operations was $4,487,000 compared with $6,844,000 for the same period a year ago. Adjusted income before tax was $970,000 compared with $3,069,000 for the same period a year ago. Adjusted income from continuing operations was $698,000 or $0.02 per diluted share compared with $2,392,000 or $0.08 per diluted share for the same period a year ago. For the year, the company reported net sales of $862,087,000 compared with $827,567,000 for the same period a year ago. Loss from operations was $70,417,000 compared with income from operations of $21,480,000 for the same period a year ago. Loss before taxes was $84,750,000 compared with $832,000 for the same period a year ago. Loss from continuing operations was $81,792,000 or $2.63 per diluted share compared with $5,629,000 or $0.18 per diluted share for the same period a year ago. Net loss was $81,824,000 or $2.63 per diluted share compared with $5,633,000 or $0.18 per diluted share for the same period a year ago. Net cash provided by operating activities was $32,542,000 compared with $60,295,000 for the same period a year ago. Purchases of property, plant, and equipment was $23,291,000 compared with $14,940,000 for the same period a year ago. Adjusted income from operations was $37,836,000 compared with $48,052,000 for the same period a year ago. Adjusted income before tax was $23,503,000 compared with $32,906,000 for the same period a year ago. Adjusted income from continuing operations was $14,567,000 or $0.47 per diluted share compared with $21,374,000 or $0.69 per diluted share for the same period a year ago. For the quarter, the company recorded an impairment charge on intangible asset of $107,970,000. The company provided earnings guidance for the first quarter and full year of 2015. For the first quarter of 2015, adjusted EPS are expected to be modestly improved compared to the first quarter of 2014. The company's net sales for full-year 2015 are currently forecasted to be in the range of $870 million to $880 million with growth expected in residential-related product lines. At this range, and reflecting anticipated profit expansion from cost reduction and other initiatives, adjusted earnings for 2015 are expected to be in the range of $0.55 to $0.65 per diluted share. The company anticipates an increase in profitability in 2015, compared to last year. Despite the conservative expectations for revenue growth, 2015 profit increases are expected from the incremental benefit of cost reduction completed last year that were involving overhead staffing, sales channel adjustments and a facility closure, plus the additional 2015 productivity initiatives and other actions that were taking. The company expects tax rate around 38% and CapEx spending in 2015 is targeted at $16 million, which is approximately $3 million below depreciation expense.

Gibraltar Industries, Inc. - Analyst/Investor Day

To updated business strategy and growth plans, review industry dynamics, discuss its current year guidance and provide longer-term financial targets

Gibraltar Industries Announces Executive Changes

Gibraltar Industries announced strategic leadership changes aimed at accelerating growth, driving operational excellence, simplifying operations, and spurring innovation across the Company. Kevin Viravec has joined Gibraltar from Illinois Tool Works Inc. to lead the Company's Industrial and Infrastructure Products segment. Viravec most recently had been Vice President and General Manager, North America for residential building components at ITW. His appointment coincides with the retirement of Mr. Joseph Smith, who has served as President of the Company's AMICO business unit since 2006. In succeeding Joe, Kevin's skills in transforming, building and leading high-performance businesses make him the ideal candidate to lead the company's realigned industrial group into a new phase of profitable growth. Paul Plourde will fill the newly created position of Vice President, Business Development. He joins Gibraltar from ITW, where he most recently served as General Manager, Construction Products Canada. An experienced executive in the consumer goods, building products and industrial sectors, Plourde brings to Gibraltar a record of success in developing and executing business growth initiatives. These leadership changes are part of strategy to complement the existing senior leadership team with new skills and experiences from best-in-class industrial organizations. These changes, in conjunction with newly reconstituted board, ensure that the Company is led by a strong, reinvigorated management team.

Gibraltar Eyes Acquisitions

Gibraltar Industries, Inc. (NasdaqGS:ROCK) is looking for acquisition opportunities. Frank Heard, President and Chief Executive Officer of Gibraltar, said, "These leadership changes are part of our strategy to complement the existing senior leadership team with new skills and experiences from best-in-class industrial organizations. These changes, in conjunction with our newly reconstituted board, ensure that the Company is led by a strong, reinvigorated management team. Looking forward, we will be focused near-term on increasing operational excellence throughout the organization, seeking ways to simplify our operations, adding to our capacity for innovation and accelerating our growth through strategic acquisitions. We look forward to the success of these efforts as we drive towards enhancing shareholder value."

 

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