Gibraltar Industries, Inc. (ROCK) has reported a 55.74 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $4 million, or $0.12 a share in the quarter, compared with $9.03 million, or $0.28 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.53 million, or $0.20 a share compared with $10.13 million or $0.32 a share, a year ago. Revenue during the quarter dropped 13.07 percent to $206.60 million from $237.67 million in the previous year period. Gross margin for the quarter expanded 106 basis points over the previous year period to 23.84 percent. Total expenses were 95.32 percent of quarterly revenues, up from 92.53 percent for the same period last year. That has resulted in a contraction of 279 basis points in operating margin to 4.68 percent.
Operating income for the quarter was $9.68 million, compared with $17.76 million in the previous year period.
However, the adjusted operating income for the quarter stood at $13.13 million compared to $19.49 million in the prior year period. At the same time, adjusted operating margin contracted 185 basis points in the quarter to 6.36 percent from 8.20 percent in the last year period.
For financial year 2017, Gibraltar Industries, Inc. projects revenue to be in the range of $970 million to $980 million. The company expects net income to be in the range of $44 million to $48 million and forecasts adjusted net income to be in the range of $51 million to $55 million. It company projects operating income to be in the range of $85 million to $91 million and projects adjusted operating income to be in the range of $95 million to $101 million. The company forecasts diluted earnings per share to be in the range of $1.37 to $1.50 and forecasts diluted earnings per share to be in the range of $1.57 to $1.70 on adjusted basis.
For the second-quarter 2017, Gibraltar Industries, Inc. projects revenue to be in the range of $249 million to $254 million. The company forecasts diluted earnings per share to be in the range of $0.35 to $0.40. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.37 to $0.42.
Operating cash flow drops significantly
Gibraltar Industries, Inc. has generated cash of $2.34 million from operating activities during the quarter, down 84.92 percent or $ 13.20 million, when compared with the last year period. The company has spent $10.78 million cash to meet investing activities during the quarter as against cash outgo of $2.64 million in the last year period.
The company has spent $0.91 million cash to carry out financing activities during the quarter as against cash outgo of $0.34 million in the last year period.
Cash and cash equivalents stood at $160.90 million as on Mar. 31, 2017, up 94.73 percent or $78.27 million from $82.63 million on Mar. 31, 2016.
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