The 2020 Mid-Year Economic Update_long

Gibraltar Industries 2Q Sales Unchanged from Last Year

But profitability improves for the building materials manufacturer.

Gibraltar Industries, Inc. (NASDAQ: ROCK), Buffalo, NY, a manufacturer and distributor of products for building markets, reported sales from continuing operations in the second quarter 2010 were $192 million, unchanged from the second quarter 2009.

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Income from continuing operations before special charges in the second quarter of 2010 increased to $4.1 million.

Brian Lipke, Gibraltar’s CEO, said: “After experiencing improved order levels in March and April, we expected even stronger results in the second quarter. However, the expiration of the federal tax credit for first-time homebuyers, persistently high unemployment, and weakening consumer confidence lowered activity levels in May and June.”

For the first six months of 2010, sales from continuing operations were $349 million, a decrease of 2 percent compared to the first half of 2009. The decrease was primarily due to a slow and uneven recovery in the residential building market and continued weakness in the non-residential building and industrial markets.

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