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Gibraltar Industries (ROCK) recorded a loss of $(0.22)/share in 4Q, which adjusted to a loss of $(0.17) excluding acquisition-related and exit activity costs, below the Street’s $0.03/share as an increase in expense for equity-based compensation, caused by a spike in ROCK’s stock price in 4Q, contributed to the surprise.

Management expressed optimism that the residential construction market was finally starting to turn around and noted that recent Architectural Billings Index (ABI) readings indicate the nonresidential construction market may have bottomed and might improve “modestly” in 2012.

Our full report is available to subscribers only and provides further thoughts on Gibraltar’s 4Q earnings report and conference call as well as the implication for the stock and other equities.

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