Gibraltar net surges 69% in 2d qtr.

Aug 08, 2008 | 01:10 PM | Corinna Petry

Gibraltar Industries Inc. reported net income of $20.1 million during the second quarter, a rise of nearly 69 percent from $11.9 million in the same period last year.

The Buffalo, N.Y.-based company, which processes and distributes cold-strip steel and manufactures steel building products, said second-quarter sales of $379.2 million topped last year's $356.2 million by 6.5 percent.

For the first half of 2008, net income reached $26.8 million, rising 48.2 percent from $18.1 million in the same six months of 2007, on sales that increased 6.7 percent to $704.8 million from $660.5 million a year ago, the company reported.

"The full impact of our progress is camouflaged by difficulties in the housing and automotive markets," Brian J. Lipke, chairman and chief executive officer, said during a conference call with analysts Friday. "Our efforts are generating positive results in spite of that. When the markets begin to rebound, we will be positioned for further improving results."....

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