Strength in its residential products business helped Gibraltar Industries third-quarter profits rise by 49 percent, easily topping analyst forecasts.
The Hamburg-based building products manufacturer said it earned $20.6 million, or 64 cents per share, compared with $13.8 million, or 43 cents per share, a year ago. Excluding one-time items, the company earned 67 cents per share, up 22 percent from 55 cents a year ago and better than the 56 cents per share that analysts were expecting.
Sales grew by 1 percent to $275 million from $273 million, as a 10 percent increase in revenues from its residential products business, which accounts for nearly half of Gibraltar's sales, offset a 22 percent decline in sales at its industrial and infrastructure products business. Renewable energy sales grew by 7 percent.
The company said it expects to earn between 23 cents and 30 cents per share during the fourth quarter, or 29 cents to 36 cents per share excluding one-time items. It predicted that sales would range between $231 million and $236 million.