Gibraltar Industries Inc. (ROCK) reported that its fourth-quarter 2014 net loss was $95.7 million or $3.08 per share, compared with net income of $4.0 million or $0.13 per share, in the fourth quarter of 2013.
Fourth-quarter 2014 adjusted net income was $0.7 million, or $0.02 per share, compared with adjusted net income of $2.4 million, or $0.08 per share, in the fourth quarter of 2013.
The adjusted fourth-quarter 2014 results exclude special items with an after-tax net charge totaling $96.4 million, or $3.10 per share, resulting primarily from a non-cash intangible assets impairment.
The impairment related primarily to businesses within the Company's Industrial and Infrastructure Products segment and reflects reductions in the estimated fair values of these businesses. The adjusted fourth-quarter 2013 results exclude special items with an after-tax net benefit totaling $1.6 million, or $0.05 per share, resulting primarily from the non-cash gain associated with the reversal of the Company's tax valuation allowance.
Gibraltar's net sales for the fourth quarter of 2014 increased 7% to $202.0 million, compared with $188.8 million for the fourth quarter of 2013.
For the first quarter of 2015, adjusted earnings per share are expected to be modestly improved compared to the first quarter of 2014.
Gibraltar's net sales for full-year 2015 are currently forecasted to be in the range of $870 million to $880 million - with growth expected in residential-related product lines. At this range, and reflecting anticipated profit expansion from cost reduction and other initiatives, adjusted earnings for 2015 are expected to be in the range of $0.55 to $0.65 per share.
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