On November 3, New York, US-based manufacturer and distributor of steel products Gibraltar Industries Inc. (Gibraltar) has issued its financial results for the third quarter and the first nine months of 2010.
According to the financial results, the net income of the company was $1.2 million in the third quarter of 2010, compared with a net profit of $4.9 in the third quarter of 2009, decreasing 75.5 percent. Sales revenues in the period in question saw a four percent decrease year on year, dropping from $190.1 million to $182.1 million.
In the first nine months of 2010, the company's net loss was $16.6 million, down 26.5 percent compared to a net loss of $22.6 million in the same period of 2009. Sales revenues of $531 million in the first nine months of 2010 saw a 3 percent decrease from $547.7 million in the first nine months of 2009.
"Our key end markets, residential and non-residential building, continued to be slow and coupled with persistently high unemployment levels that resulted in low consumer confidence and low spending, contributed to decreased order rates for our products, particularly our non-residential products. In spite of the sales decline, we were able to maintain a profitable position as a result of cost-reduction activities which helped offset both the decline in volume and increased raw material volatility that led to a less favorable alignment between selling prices and raw material costs than was experienced in last year's third quarter," said Brian Lipke, Gibraltar's Chairman and Chief Executive Officer.