2nd-Quarter Net Climbs 16% at Gibraltar Financial

Gibraltar Financial’s second-quarter profit rose 16.1% while six-month earnings fell 6%, the company said.

The 1986 results include a charge of $5.94 million in connection with the early retirement of a portion of floating-rate subordinated notes due November, 1991.

Earnings for the quarter rose to $12.6 million from $10.9 million in the second quarter of 1985. Earnings from January through June were $21.4 million, down from $22.9 million earned in the first six months of last year.

“Based on the progress achieved to date, we are reconfirming our earlier expectations of a fourth consecutive year of record results in 1986,” Gibraltar Chairman Herbert J. Young said in a statement.