The 2020 Mid-Year Economic Update_long

Gibraltar Industries Sales Rise 6% in 3Q

Multi-family residential new construction continued to be a bright spot.

Gibraltar Industries Inc. (Nasdaq: ROCK), Buffalo, NY, reported sales for the third quarter of $217.4 million, an increase of 6 percent compared to the same period a year ago. Gibraltar reported a net loss of $13.7 million, compared to a year-ago profit of $7 million.

“Sales to the residential new construction market improved, as we expected, with multi-family continuing to be the bright spot. Weakness in the industrial and infrastructure markets continued to weigh on our organic sales, which were down slightly compared to the third quarter last year. Repair and remodeling activity in the residential and low-rise commercial building markets remained equivalent to last year,” CEO Brian Lipke said.

For the first nine months, sales were $638.7 million, an increase of 3 percent compared to the same period a year ago. Nine-month losses were $9.6 million, compared to a year-ago profit of $16.6 million.

“Looking forward to 2014, a number of economic indicators suggest a strengthening in demand for building products compared to conditions in 2013,” Lipke said.

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