Gibraltar Industries, Inc. announced on October 11, 2024, a revision to its full-year 2024 financial guidance, primarily due to ongoing market headwinds in its Renewables and Residential businesses. The company now expects net sales for 2024 to range between $1,310 million and $1,330 million, a decrease from the prior guidance of $1,380 million to $1,420 million.
The revised outlook also includes a reduction in expected earnings per share. GAAP EPS is now projected to be between $3.57 and $3.71, down from the previous range of $4.04 to $4.29. Adjusted EPS is anticipated to be between $4.11 and $4.25, compared to the earlier forecast of $4.57 to $4.82.
Preliminary results for the third quarter of 2024 were also provided, with net sales estimated at $359 million to $362 million, below the $390.7 million reported in the third quarter of 2023. This downward revision reflects challenges such as trade and regulatory uncertainties in the solar industry and a slower-than-expected residential market, including the repair and remodel sector.
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