Gibraltar Industries, Inc. (Nasdaq: ROCK), Buffalo, NY, reported second quarter sales of $219.7 million, a 5 percent increase compared to the same period a year ago. Profit increased 1.3 percent to $7.9 million.
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For the first six months of 2012, sales for Gibralter Industries were $412 million, 10.6 percent above prior-year results for the quarter. Profit fell 42.8 percent to $9.3 million.
“Several factors affected our profitability in the second quarter,” Henning Kornbrekke, president and CEO,said. “We are combining four separate West Coast locations with similar products and market characteristics into an integrated entity with market differentiators that provide benefits to our customers, and our earnings included these costs along with a significant inventory write-down related to this initiative."
"Additionally, this quarter provided decreased market demand and more competitive conditions in certain product categories while we also benefited from lower SG&A expense,” he said.