Gibraltar Industries' fourth-quarter profits tumbled by 48 percent, but the Hamburg building products maker's earnings still beat analyst expectations.
Gibraltar's profits fell to $13.1 million, or 40 cents per share, from $25.2 million, or 78 cents per share, a year ago. Excluding nearly $3 million in acquisition and restructuring expenses, Gibraltar's earnings of 47 cents per share, topped analyst forecasts by 7 cents.
The company's sales fell by 7 percent to $241 million from $258 million, mainly due to lower sales of its residential and renewable energy products.
Gibraltar said it expects profits this year to range between $1.95 and $2.10 per share, compared with $1.96 during 2018. Sales are expected to top $1 billion, up from $987 million last year.