Building products distributor Gibraltar Industries Inc. (Nasdaq: ROCK), Buffalo, NY, reported sales for the first quarter of $196.8 million, a 2.4 percent increase compared to the same period a year earlier. The company reported a loss of $3.6 million, compared to a year-ago profit of $1.4 million.
“There were mixed sales results in our markets during the first quarter,” said Henning Kornbrekke, president and CEO. “Industrial demand weakened more than we expected in March, primarily in the wholesale distribution channel which ultimately serves a broad cross section of end markets. In addition, selling prices were lower, driven by the weaker demand levels. These factors affected our sales in North America as well as in Europe, where the depressed automotive and construction markets we serve are a large part of our business.
“Product demand also was softer than we had expected in the residential and low-rise building markets, including repair and remodeling, due to unfavorable weather across large parts of the U.S. during the latter half of the quarter. This was a solid quarter for us, however, in the multi-family building market and in our infrastructure products business.”