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Gibraltar Industries (ROCK) reported adjusted EPS of $0.09 in 1Q, below the Street’s $0.18 and $0.11 in the year-ago period.

Guidance for 2012 is for mid-single-digit growth across the company’s market base, which includes a minor exposure to a struggling European region and the weak West Coast residential market. Organic revenue growth is expected to be 4-5% for the company’s core businesses, while incremental revenue from acquisitions is expected to add $30m-$35m to the top line.  The company is expecting full-year 2012 gross margins of 20-20.5%. Gross margins should be around 30% on the incremental organic revenue.

One important point ROCK made during the call was that some states are starting new infrastructure projects, despite the lack of a long-term federal transportation bill, as they can no longer wait due to the condition of their roads, bridges, etc.

Our full report is available to subscribers only and provides further thoughts on ROCK’s 1Q conference call, as well as our opinion on the stock and the implication for other steel equities.

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