Steel Markets
Q1 Weather Results in Loss for Gibraltar Industries
Written by Sandy Williams
May 4, 2014
Gibraltar Industries, a leading manufacturer and distributor of building products, reported a net loss of $1.7 million for first quarter 201. Net sales of $191.0 slipped from $196.8 million in first quarter 2013 due to severe winter conditions.
“Although Gibraltar’s first-quarter sales were lower than expected due to the prolonged winter season in most parts of the country, we believe underlying conditions in our end markets remain positive,” said Chairman & CEO Brian Lipke. “
“On the bottom-line, our results reflected the weather-driven decline in orders and shipment volumes along with product mix and price adjustments, primarily in our Industrial & Infrastructure Products segment,” he added.
Sales for residential products decreased 3 percent to $87 million year-over-year reflecting decreased demand in new residential construction as well as repair and remodeling. Industrial and infrastructure products also decreased 3 percent to $104.3 million. North American pricing was stable but shipment volume to transportation infrastructure markets fell.
“In the short term,” said Lipke, “we expect our results for the Q2 of 2014 to be favorable both sequentially and YoY led by seasonally stronger residential construction activity bolstered by improving order rates for our residential products, with equivalent results in our industrial and transportation infrastructure markets.”
Sandy Williams
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