Gibraltar Announces First Quarter 2021 Financial Results
Gibraltar Industries, Inc. (Nasdaq: ROCK) reported a 33.5% increase in net sales to $287.6 million for Q1 2021, driven by strong performances in the Renewables and Residential segments. Adjusted EPS rose 30.8% to $0.53. The company achieved robust organic growth of 10% and benefitted from recent acquisitions, including TerraSmart. Additionally, the order backlog strengthened to $355 million, reflecting solid execution amid pandemic challenges. Gibraltar is restructuring its reporting segments for better transparency, now focusing on Renewables, Residential, Agtech, and Infrastructure.
- Net sales increased 33.5% to $287.6 million.
- Adjusted EPS grew 30.8% to $0.53.
- Order backlog strengthened to $355 million.
- Organic growth contributed 10% to revenue.
- Successful integration of TerraSmart and Sunfig.
- GAAP earnings increased only 6.1% to $10.5 million.
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2021. Reported results include TerraSmart, acquired at the end of December 2020.
“Our first quarter results reflect solid execution and participation gains across our markets while continuing to operate through the pandemic as well as challenging weather across the country and supply chain and labor availability dynamics,” President and Chief Executive Officer Bill Bosway stated. “Revenue increased
Segment Reporting Change
Beginning with the first quarter of 2021, Gibraltar will report business results across four segments: Renewables, Residential, Agtech, and Infrastructure, with Renewables and Agtech separated out of the former Renewable Energy and Conservation Segment. Commenting on this change, Mr. Bosway stated, “As we continue our transformation, it is important we offer greater transparency to our investors and stakeholders about our strategy and performance of our core businesses and the markets we participate in. The Renewables and Agtech businesses are creating significant opportunities for us, and unique and focused investments are required to accelerate growth in each business going forward.”
First Quarter 2021 Consolidated Results from Continuing Operations
Net sales from continuing operations increased
GAAP earnings increased
Below are first quarter 2021 consolidated results from continuing operations:
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Three Months Ended March 31, |
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$Millions, except EPS |
GAAP |
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Adjusted |
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2021 |
2020 |
% Change |
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2021 |
2020 |
% Change |
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Net Sales |
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FAQ
What were Gibraltar Industries' Q1 2021 financial results?
Gibraltar Industries reported a net sales increase of 33.5% to $287.6 million and adjusted EPS growth of 30.8% to $0.53 for Q1 2021.
What is Gibraltar's order backlog for Q1 2021?
The order backlog for Gibraltar Industries strengthened to $355 million in Q1 2021.
How did acquisitions impact Gibraltar's revenue in Q1 2021?
Recent acquisitions, particularly TerraSmart, contributed 23.5% to Gibraltar's revenue growth in Q1 2021.
What changes did Gibraltar Industries make to its segment reporting?
Beginning in Q1 2021, Gibraltar Industries will report results across four segments: Renewables, Residential, Agtech, and Infrastructure.
Gibraltar Industries, Inc.
NASDAQ:ROCKROCK RankingsROCK Latest NewsOct 11, 2024
Gibraltar Revises 2024 Financial Guidance
ROCK Stock Data
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101.29%
1.64%
Building Products & Equipment
Steel Works, Blast Furnaces & Rolling & Finishing Mills
United States of America
BUFFALO
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