Gibraltar Industries Inc. (Nasdaq: ROCK), Buffalo, NY, reported sales for the second quarter of $224.5 million, an increase of 2 percent compared to the same period a year ago. Profit declined 2.2 percent to $7.7 million.
For the first six months, sales were $421.3 million, a 2.3 percent increase from the first six months of 2012. Profit decreased 55.9 percent to $4.1 million.
“Conditions in our industrial markets were similar to those we experienced in the first quarter,” said Henning Kornbrekke, president and COO. “Industrial demand remained soft, primarily for products sold into the wholesale distribution channel, which ultimately serves a broad cross section of end markets.
“The reduced demand led to lower selling prices. These factors continued to affect our industrial product sales in North America, as well as in Europe where the ongoing recession continues to depress the automotive and construction markets that are a large part of our business.”
“Although we previously expected a second-half recovery in our industrial markets, which represent nearly 40 percent of our revenues, we now expect continued weakness in demand and pricing,” said CEO Brian Lipke.
