Olympic, Gibraltar earnings view cut
Feb 26, 2010 | 11:13 AM
| Corinna Petry
KeyBanc Capital Markets Inc. on Friday maintained its ratings on Olympic Steel Inc. and Gibraltar Industries Inc., keeping the companies’ shares at “hold” and “buy” respectively, although trimming its per-share earnings estimates for both.
Although Olympic posted "disappointing fourth-quarter results," Mark L. Parr, analyst at the Cleveland investment bank, said the company's earnings are poised to improve into the first half of 2010 "as gross margins expand, given higher carbon flat-rolled steel pricing, stable inventory purchasing patterns and a slight improvement in end demand momentum."
Parr lowered his 2010 earnings estimate on the Bedford Heights, Ohio-based national steel distributor and processor to $1.35 per share from $1.95 previously, and his 2011 estimate to $1.80 per share from $2.50 to reflect more realistic metal spread expectations.....
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