Gibraltar Industries, a leading provider of products and services for the renewable energy, residential, and infrastructure markets, experienced a significant boost in its stock price. On Wednesday, the company’s stock surged by 10% to reach $73.02 per share following the release of its second-quarter earnings report.
Increased Earnings and Bright Outlook
Gibraltar demonstrated impressive growth in net income and subsequently raised its guidance for both adjusted and diluted earnings. The company now anticipates full-year earnings to fall within the range of $3.46 and $3.66 per share, a notable increase from the $2.56 per share reported in 2022. Adjusted earnings, excluding one-time items, are expected to be between $3.90 and $4.10 per share, compared to $3.40 per share in 2022.
Strong Quarter Performance
During the quarter that ended on June 30th, Gibraltar witnessed a noteworthy 4.8% increase in net income, reaching $30.7 million. Earnings for this period were recorded at $1.00 per share, up from 90 cents per share in the same quarter last year. Despite a slight decrease of 0.5% in net sales, which amounted to $364.9 million during the quarter, Gibraltar’s overall performance remained robust.
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