NEW YORK A strong residential building market and improving industrial and infrastructure markets helped boost Gibraltar Industries Inc.s fourth-quarter financial results, the company said Feb. 20.
Buffalo, N.Y.-based Gibraltar posted improved results in its residential products and industrial and infrastructure products segments over the past yearresults that chairman and chief executive officer Brian Lipke characterized as "driven by organic growth despite the absence of overall end-market improvement."
"This was another quarter of increased sales related to residential new construction," Lipke said in the companys earnings report. "Sales related to repair and remodeling in the residential and low-rise commercial building markets exceeded our expectations, driven primarily by demand for our centralized mail storage solutions. Our sales to the industrial and infrastructure markets also were higher."
Gibraltar expects sales to grow between 4 and 7 percent in 2014, led by "momentum in residential demand," while demand for industrial and infrastructure products will be "weighted toward the second half of the year."
Lipke said during the companys earnings conference call that the outlook for sustained growth in Gibraltars industrial segment "is not quite as clear" as the residential outlook, noting "choppiness" in industrial demand. The company also expects "slightly less favorable" results in the current quarter due to severe weather conditions that slowed residential construction activity and "continued weakness" in the industrial and transportation infrastructure markets.