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(AFX UK Focus) 2009-11-04 23:33
UPDATE 1-Gibraltar Industries Q3 profit beats estimates
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  • Q3 ADJ EPS $0.28 VS EST $0.18
    * Q3 rev drops 34 pct
    * Repaid $40 mln debt in Q3
    * Closed three locations in Q3


    Nov 4 (Reuters) - Buildings products maker Gibraltar Industries Inc posted better-than-expected quarterly profit, helped by cost cutting measures and a continued reduction in debt.
    For the third quarter, the company reported a net income of $4.9 million, or 16 cents a share, compared with $19.2 million, or 61 cents a share, a year ago.
    Excluding items, it earned 28 cents a share.
    Revenue for the quarter fell 34 percent to $225.2 million.
    Analysts on average were expecting the company to earn 18 cents a share, before special items, on revenue of $233.4 million, according to Thomson Reuters I/B/E/S.
    Gibraltar, which also makes steel products, repaid $40 million of debt and closed three locations in the quarter, it said in a statement.
    The company said it anticipates the normal seasonal slowing of business in the fourth quarter.
    Shares of the company were up 1 percent after the bell at $11.55. They closed at $11.39 Wednesday on Nasdaq.

    (Reporting by Fareha Khan in Bangalore; Editing by Unnikrishnan Nair) Keywords: GIBRALTARINDUSTRIES/ (fareha.khan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 Reuters Messaging: fareha.khan.reuters.com@reuters.net)

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