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U.s. Stocks End Little Changed After Last Week''s Rally - Nasdaq.com

Gibraltar Reports Third-Quarter Financial Results - Yahoo Finance

The Stoxx 600 Europe index closed with a 0.6% loss, despite news that the European Central Bank's stress tests showed that all but 13 of the region's leading banks have enough capital to survive another period of economic turbulence. The stress tests are part of an effort to reassure investors that European lenders are back on track. The decline comes amid persistent skepticism among investors about the health of Europe's banks and the ability of the ECB to cope with a broader economic slowdown, said Michael O'Rourke, chief market strategist at JonesTrading. "You could say every bank in Europe is healthy and I'm pretty sure 99 out of 100 investors would doubt that," he said. Brazilian markets fell sharply after elections Sunday showed President Dilma Rousseff winning a second term by a narrow margin. Investors worry that the victory could prolong the country's economic stagnation. The Ibovespa, the country's main stock market index, was recently down 2.8%. In commodity markets, crude-oil futures fell as much as 1.9% intraday, spurring a sharp selloff in energy shares. Though energy stocks remained lower, futures recovered most of their losses by afternoon. The December Nymex contract settled lower by a penny to $81 a barrel. Michael Antonelli, sales trader at Robert W.

Brent falls towards $85 amid supply glut, lower price forecasts - Yahoo Finance

Analysts from other major banks have also cut forecasts for 2014 and 2015 crude oil prices, citing global growth concerns, a strengthening dollar and ample supplies. "It will take time to mop up this excess supply," said Tony Nunan, oil risk manager at Tokyo's Mitsubishi Corp. "It will take either a major OPEC cut or it will take a slowdown in shale oil. And the wild card would be a major disruption in Libya or Iraq, which could happen still." London Brent crude for December delivery was trading 22 cents lower at $85.61 a barrel by 0743 GMT, after dropping 30 cents by the close on Monday. U.S. crude for December delivery was down 21 cents at $80.79 a barrel.

Including these items in the respective periods, the Companys third-quarter 2014 GAAP results were net income of $9.6 million, or $0.31 per diluted share, compared with net loss of $13.7 million, or $0.44 per share, in the third quarter of 2013. Nine-month Consolidated Results For the nine months ended September 30, 2014, total net sales increased 3% to $660.1 million, from $638.7 million in the comparable 2013 period. Adjusted net income from continuing operations was $13.9 million, or $0.44 per diluted share, compared with $19.0 million, or $0.61 per diluted share, in the comparable period of 2013. The adjusted results for the first nine months of 2014 exclude after-tax special charges resulting primarily from the net of acquisition-related gains and exit activity costs related to business restructuring, with no net effect on earnings. Adjusted net income for the first nine months of 2013 excluded after-tax special charges of $28.6 million, or $0.92 per diluted share, resulting primarily from impairment charges and costs related to the Companys successful re-financing of its senior subordinated notes. Including these items, GAAP net income for the first nine months of 2014 was $13.9 million, or $0.45 per diluted share, compared with the net loss of $9.6 million, or $0.31 per diluted share, in the comparable period of 2013. Management Comments Gibraltars top-line for the third quarter was better than our guidance of $228 to $232 million, said Chairman and Chief Executive Officer Brian Lipke. The growth was driven by accelerating residential market demand for our new centralized postal storage solutions, as well as modestly higher sales volume in our roofing-related businesses. These factors contributed to stronger-than-anticipated revenues in our Residential Products segment. Net sales were also up, year-over-year, in our Industrial and Infrastructure Products segment due to favorable volume and pricing in sales to energy and manufacturing-related customers. We were able to deliver this revenue growth without any significant lift from our end markets, where demand remains generally soft, Lipke said. Our strategic growth initiatives in postal and residential air management products are putting Gibraltar in a stronger position to control its own destiny, largely independent of underlying market trends such as housing starts. The Companys adjusted EPS for the third quarter exceeded the high end of our guidance of $0.23 to $0.27, and were approximately equal with prior-year results, said Lipke. Gibraltars adjusted EPS improved substantially on a sequential basis. In addition to our previously announced manufacturing consolidation and distribution channel initiatives, we completed staffing reductions during the quarter. These margin improvement initiatives plus reduced benefit claims contributed to our sequential improvement in earnings. Third-Quarter Segment Results Residential Products Third-quarter 2014 net sales in Gibraltars Residential Products segment increased 13% to $122.1 million, compared with $108.4 million for the third quarter of 2013. Third-quarter 2014 adjusted operating margin increased 10 basis points year over year to 11.6%. Sales growth in this segment reflected strong demand for postal storage products. The segments equivalent adjusted operating margin reflected the benefit of higher volume, offset by price reductions provided in certain product lines and costs to build out manufacturing capacity.

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