Gibraltar Announces First Quarter 2024 Financial Results

Rhea-AI Summary

Gibraltar Industries, Inc. (Nasdaq: ROCK) reported its first quarter 2024 financial results with essentially flat net sales but a strong increase in EPS. The company anticipates growth in all segments, with Renewables and Agtech returning to top-line growth. Adjusted net income and EPS saw positive growth, while operating cash flow stood at $53.2 million. The company reaffirmed its 2024 outlook with a revenue growth of 4-9% and EPS growth of 12-20%.

Positive

• Strong increase in EPS by 19.1% on a GAAP basis and 12.7% on an adjusted basis.

• Operating cash flow generation of $53.2 million, indicating a healthy financial position.

• Residential, Infrastructure, and Agtech segments collectively generated 4.1% year-over-year net sales growth.

• Positive outlook for 2024 with all segments expected to perform well.

• Adjusted measures exclude charges for restructuring, acquisition-related items, and senior leadership transition costs.

Negative

• Anticipated slower start in the Renewables segment during the first quarter.

• Agtech segment experienced a 5.3% decrease in net sales.

• Backlog was down 3% versus last year due to timing issues in Agtech segment.

• Adjusted operating margin in Renewables decreased by 80 basis points due to lower volumes.

• Adjusted operating income in Agtech decreased due to project start date delays and market mix issues.

Insights

Financial Analyst

Gibraltar Industries' first quarter financials exhibit a nuanced performance landscape. The company reports a slight dip in GAAP net sales, but an uptick in adjusted figures, suggesting some operational efficiencies in play. From an investor's standpoint, the 19.1%> increase in GAAP EPS is notable, indicating higher profitability per share which could be a positive signal for shareholder returns. However, the backdrop of essentially flat sales growth paints a cautious picture of demand stability. The significant $53.2 million> operating cash flow generation aligns with healthy financial management practices, potentially fortifying balance sheets and funding future growth initiatives or share buybacks. With the reaffirmation of full-year guidance projecting 4-9% revenue growth and 12-20% EPS growth, the outlook remains optimistic. Investors should monitor the execution of strategic initiatives within high-performing segments like Residential and Infrastructure, as well as any shifts in market trends that might affect future performance.

Market Research Analyst

The results indicate a mixed bag with certain segments like Residential and Infrastructure showing robust growth and others like Renewables and Agtech presenting a more tepid performance. The renewable sector's performance, for instance, is particularly intriguing. The 13%> decline in Renewables net sales suggests a possible market transition or operational bottleneck. The reference to longer lead times for the new 1P tracker product line could imply innovation but also hints at supply chain challenges that might be temporarily hindering sales. Furthermore, the backlog increase in Renewables, despite lower sales, implies future revenue potential if Gibraltar can effectively capitalize on the existing demand. For the retail investor, these segment-specific dynamics may influence the stock’s volatility and should be weighed against the company's strategic moves and overall market conditions.

Net Sales: GAAP Essentially Flat, Adjusted +1.3%; EPS: GAAP +19.1%, Adjusted +12.7%

Strong Operating Cash Flow Generation of $53.2 Million

Reaffirming 2024 Outlook for 4-9% Revenue, 12-20% EPS Growth

BUFFALO, N.Y.--(BUSINESS WIRE)-- 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, 2024.

“2024 started as we planned for the first quarter, with revenue growth in our Residential, Agtech, and Infrastructure businesses offsetting an anticipated slower start to the year in our Renewables business. Our execution and participation gains continue to leverage solid end market trends, and we continue to expect all four segments to head in the same direction in 2024, with Renewables and Agtech returning to top-line growth and driving sales growth, margin expansion and strong cash flow generation across the business,” stated Chairman and CEO Bill Bosway.

First Quarter 2024 Consolidated Results

	Three Months Ended March 31,
$Millions, except EPS	GAAP				Adjusted
	2024	2023	Change		2024	2023	Change
Net Sales	$292.5	$293.3	(0.3)%		$292.5	$288.8	1.3%
Net Income	$24.9	$21.1	18.0%		$24.5	$22.0	11.4%
Diluted EPS	$0.81	$0.68	19.1%		$0.80	$0.71	12.7%

Residential, Infrastructure and Agtech collectively generated 4.1% year-over-year net sales growth, offsetting the anticipated slower quarter in Renewables. Agtech orders that were expected to be signed in March were signed in April. As a result of this timing, consolidated first quarter backlog was down 3% versus last year.

GAAP net income increased to $24.9 million, or $0.81 per share. Adjusted net income increased 11.4% to $24.5 million, or $0.80 per share, and adjusted EPS increased 12.7%.

Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, portfolio management actions, and the results of the Japan renewables business, which was sold on December 1, 2023, as further described in the appended reconciliation of adjusted financial measures.

First Quarter Segment Results

Renewables

	Three Months Ended March 31,
$Millions	GAAP				Adjusted
	2024	2023	Change		2024	2023	Change
Net Sales	$51.5	$59.2	(13.0)%		$51.5	$57.3	(10.1)%
Operating Income	$1.6	$2.3	(30.4)%		$2.0	$2.7	(25.9)%
Operating Margin	3.2%	3.8%	(60) bps		3.9%	4.7%	(80) bps

As expected during the quarter, adjusted net sales decreased 10.1% due to the rapid customer transition to the new 1P tracker product line, which currently has longer lead times as the supply chain ramps up capacity. Adjusted net sales exclude the results of the sale of the Japan renewables business in 2023. Backlog increased 8% versus last year, on pace with expectations as end market demand remains positive even as customers continue to await final domestic content tax credit guidance and manage project-specific permitting delays.

Adjusted operating margin decreased 80 basis points versus prior year on lower volumes and product line mix associated with the ramp up of the 1P tracker product line.

Residential

	Three Months Ended March 31,
$Millions	GAAP				Adjusted
	2024	2023	Change		2024	2023	Change
Net Sales	$185.1	$179.5	3.1%		$185.1	$179.5	3.1%
Operating Income	$34.3	$29.5	16.3%		$34.3	$29.6	15.9%
Operating Margin	18.6%	16.4%	220 bps		18.5%	16.5%	200 bps

Net sales increased 3.1%, with 2.4% organic growth driven by participation gains with new and existing customers and through additional geographic expansion in the Rocky Mountain region.

Adjusted operating margin expanded 200 basis points, driven by solid execution and effective price/cost management.

Agtech

	Three Months Ended March 31,
$Millions	GAAP				Adjusted
	2024	2023	Change		2024	2023	Change
Net Sales	$34.0	$35.9	(5.3)%		$34.0	$33.3	2.1%
Operating Income	$2.6	$2.3	13.0%		$2.7	$3.6	(25.0)%
Operating Margin	7.7%	6.5%	120 bps		8.1%	10.7%	(260) bps

Adjusted net sales increased 2.1% and new bookings accelerated significantly in April with over $40 million signed. The delay of new bookings from March to April caused quarter end backlog to be down 21% versus prior year. The Company has begun executing these new orders and expects additional bookings in the coming months.

Adjusted operating income decreased due to project start date delays and market segment mix across the business.

Infrastructure

	Three Months Ended March 31,
$Millions	GAAP				Adjusted
	2024	2023	Change		2024	2023	Change
Net Sales	$21.9	$18.7	17.1%		$21.9	$18.7	17.1%
Operating Income	$4.9	$2.7	81.5%		$4.9	$2.7	81.5%
Operating Margin	22.4%	14.5%	790 bps		22.4%	14.5%	790 bps

Net sales increased 17.1%, driven by strong execution, continued solid end market demand and market participation gains. Backlog decreased 10% as expected due to the continued progress on a large project; demand, project design and quoting remain strong, and management expects order flow to increase progressively over the course of the year.

Operating margin increased 790 basis points driven by volume, price / cost alignment, ongoing strong execution, 80/20 productivity, and improving product mix.

Business Outlook

Mr. Bosway concluded, “Our outlook for 2024 is unchanged. Our first quarter results and momentum to date in the second quarter validate our expectation for strong performance in all four segments, with Renewables and Agtech returning to top-line growth and Residential and Infrastructure positioned to continue executing well. We are focused on leveraging our operating engine for scale and driving revenue growth, continued margin expansion and strong cash flow generation.”

Gibraltar is reaffirming its full year 2024 guidance. Consolidated net sales are expected to range between $1.43 billion and $1.48 billion, compared to $1.37 billion in 2023. GAAP EPS is expected to range between $4.04 and $4.29, compared to $3.59 in 2023, and adjusted EPS is expected to range between $4.57 and $4.82, compared to $4.09 in 2023.

First Quarter 2024 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2024. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, our ability to continue to improve operating margins, our ability to generate order flow and sales and increase backlog; our ability to translate our backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation, the Auxin Solar challenge to the Presidential waiver of tariffs and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Adjusted net sales reflects the removal of net sales associated with our Processing business, which has been liquidated and our Japan renewables business which was sold on December 1, 2023. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs, and the operating results generated by our processing business which has been liquidated and our Japan renewables business which has been sold. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance.

Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.

Reconciliations of non-GAAP measures related to full-year 2024 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
	Three Months Ended March 31,
	2024				2023
Net sales	$	292,506			$	293,267
Cost of sales		208,118				216,338
Gross profit		84,388				76,929
Selling, general, and administrative expense		52,652				47,559
Income from operations		31,736				29,370
Interest (income) expense		(750	)			1,491
Other income		(1,021	)			(397	)
Income before taxes		33,507				28,276
Provision for income taxes		8,561				7,177
Net income	$	24,946			$	21,099
Net earnings per share:
Basic	$	0.82			$	0.68
Diluted	$	0.81			$	0.68
Weighted average shares outstanding:
Basic		30,572				30,897
Diluted		30,793				31,024

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
	March 31, 2024				December 31, 2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	146,665			$	99,426
Accounts receivable, net of allowance of $5,578 and $5,572, respectively		230,971				224,550
Inventories, net		137,878				120,503
Prepaid expenses and other current assets		15,205				17,772
Total current assets		530,719				462,251
Property, plant, and equipment, net		108,028				107,603
Operating lease assets		42,592				44,918
Goodwill		511,797				513,383
Acquired intangibles		124,257				125,980
Other assets		2,464				2,316
	$	1,319,857			$	1,256,451
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	127,533			$	92,124
Accrued expenses		82,805				88,719
Billings in excess of cost		53,261				44,735
Total current liabilities		263,599				225,578
Deferred income taxes		57,106				57,103
Non-current operating lease liabilities		33,793				35,989
Other non-current liabilities		25,174				22,783
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding		—				—
Common stock, $0.01 par value; authorized 100,000 shares; 34,266 and 34,219 shares issued and outstanding in 2024 and 2023		343				342
Additional paid-in capital		335,259				332,621
Retained earnings		763,457				738,511
Accumulated other comprehensive loss		(3,078	)			(2,114	)
Cost of 3,797 and 3,778 common shares held in treasury in 2024 and 2023		(155,796	)			(154,362	)
Total stockholders’ equity		940,185				914,998
	$	1,319,857			$	1,256,451

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
	Three Months Ended March 31,
	2024				2023
Cash Flows from Operating Activities
Net income	$	24,946			$	21,099
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,663				6,834
Stock compensation expense		2,639				1,594
Exit activity recoveries, non-cash		(72	)			(63	)
Provision for (benefit of) deferred income taxes		—				(51	)
Other, net		1,691				1,023
Changes in operating assets and liabilities net of effects from acquisitions:
Accounts receivable		(6,950	)			(18,004	)
Inventories		(17,231	)			(1,586	)
Other current assets and other assets		453				2,536
Accounts payable		35,455				23,077
Accrued expenses and other non-current liabilities		5,587				1,586
Net cash provided by operating activities		53,181				38,045
Cash Flows from Investing Activities
Acquisitions, net of cash acquired		—				554
Purchases of property, plant, and equipment, net		(4,366	)			(2,190	)
Net cash used in investing activities		(4,366	)			(1,636	)
Cash Flows from Financing Activities
Proceeds from long-term debt		—				11,000
Long-term debt payments		—				(50,000	)
Purchase of common stock at market prices		(1,434	)			(7,509	)
Net cash used in financing activities		(1,434	)			(46,509	)
Effect of exchange rate changes on cash		(142	)			(11	)
Net increase (decrease) in cash and cash equivalents		47,239				(10,111	)
Cash and cash equivalents at beginning of year		99,426				17,608
Cash and cash equivalents at end of period	$	146,665			$	7,497

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
		Three Months Ended March 31, 2024
		As Reported In GAAP Statements				Restructuring Charges				Acquisition Related Items				Portfolio Management				Adjusted Financial Measures
Net Sales
Renewables		$	51,496			$	—			$	—			$	—			$	51,496
Residential			185,111				—				—				—				185,111
Agtech			34,027				—				—				—				34,027
Infrastructure			21,872				—				—				—				21,872
Consolidated sales			292,506				—				—				—				292,506
Income from operations
Renewables			1,644				269				120				—				2,033
Residential			34,346				(72	)			—				—				34,274
Agtech			2,608				138				—				—				2,746
Infrastructure			4,896				—				—				—				4,896
Segments Income			43,494				335				120				—				43,949
Unallocated corporate expense			(11,758	)			110				13				8				(11,627	)
Consolidated income from operations			31,736				445				133				8				32,322
Interest income			(750	)			—				—				—				(750	)
Other (income) expense			(1,021	)			—				—				1,153				132
Income before income taxes			33,507				445				133				(1,145	)			32,940
Provision for income taxes			8,561				(162	)			34				(21	)			8,412
Net income		$	24,946			$	607			$	99			$	(1,124	)		$	24,528
Net income per share - diluted		$	0.81			$	0.02			$	—			$	(0.03	)		$	0.80
Operating margin
Renewables			3.2	%			0.5	%			0.2	%			—	%			3.9	%
Residential			18.6	%			—	%			—	%			—	%			18.5	%
Agtech			7.7	%			0.4	%			—	%			—	%			8.1	%
Infrastructure			22.4	%			—	%			—	%			—	%			22.4	%
Segments Margin			14.9	%			0.1	%			—	%			—	%			15.0	%
Consolidated			10.8	%			0.1	%			—	%			—	%			11.1	%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
		Three Months Ended March 31, 2023
		As Reported In GAAP Statements				Restructuring & Senior Leadership Transition Costs				Portfolio Management & Acquisition Related Items				Adjusted Financial Measures				Portfolio Management *				Adjusted Financial Measures *
Net Sales
Renewables		$	59,205			$	—			$	—			$	59,205			$	(1,950	)		$	57,255
Residential			179,495				—				—				179,495				—				179,495
Agtech			35,852				—				(2,514	)			33,338				—				33,338
Infrastructure			18,715				—				—				18,715				—				18,715
Consolidated sales			293,267				—				(2,514	)			290,753				(1,950	)			288,803
Income from operations
Renewables			2,269				(63	)			32				2,238				450				2,688
Residential			29,509				114				—				29,623				—				29,623
Agtech			2,330				561				661				3,552				—				3,552
Infrastructure			2,714				—				—				2,714				—				2,714
Segments Income			36,822				612				693				38,127				450				38,577
Unallocated corporate expense			(7,452	)			(19	)			21				(7,450	)			—				(7,450	)
Consolidated income from operations			29,370				593				714				30,677				450				31,127
Interest expense			1,491				—				—				1,491				—				1,491
Other (income) expense			(397	)			—				468				71				(42	)			29
Income before income taxes			28,276				593				246				29,115				492				29,607
Provision for income taxes			7,177				140				41				7,358				260				7,618
Net income		$	21,099			$	453			$	205			$	21,757			$	232			$	21,989
Net income per share - diluted		$	0.68			$	0.02			$	—			$	0.70			$	0.01			$	0.71
Operating margin
Renewables			3.8	%			(0.1	)%			0.1	%			3.8	%			0.9	%			4.7	%
Residential			16.4	%			0.1	%			—	%			16.5	%			—	%			16.5	%
Agtech			6.5	%			1.6	%			1.9	%			10.7	%			—	%			10.7	%
Infrastructure			14.5	%			—	%			—	%			14.5	%			—	%			14.5	%
Segments Margin			12.6	%			0.2	%			0.2	%			13.1	%			0.3	%			13.4	%
Consolidated			10.0	%			0.2	%			0.2	%			10.6	%			0.2	%			10.8	%
* Recast to exclude sale of Japan-based solar racking business within the Renewables segment.

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
		Twelve Months Ended December 31, 2023
		As Reported In GAAP Statements				Restructuring Charges				Portfolio Management & Acquisition Related Items				Adjusted Financial Measures				Portfolio Management *				Adjusted Financial Measures *
Net Sales
Renewables		$	330,738			$	—			$	—			$	330,738			$	(11,724	)		$	319,014
Residential			814,803				—				—				814,803				—				814,803
Agtech			144,967				—				(4,059	)			140,908				—				140,908
Infrastructure			87,228				—				—				87,228				—				87,228
Consolidated sales			1,377,736				—				(4,059	)			1,373,677				(11,724	)			1,361,953
Income from operations
Renewables			30,160				9,394				968				40,522				(1,252	)			39,270
Residential			143,068				4,811				12				147,891				—				147,891
Agtech			(928	)			3,918				4,156				7,146				—				7,146
Infrastructure			18,529				—				—				18,529				—				18,529
Segments Income			190,829				18,123				5,136				214,088				(1,252	)			212,836
Unallocated corporate expense			(40,100	)			(51	)			389				(39,762	)			—				(39,762	)
Consolidated income from operations			150,729				18,072				5,525				174,326				(1,252	)			173,074
Interest expense			3,002				—				—				3,002				—				3,002
Other (income) expense			(1,265	)			—				1,625				360				(183	)			177
Income before income taxes			148,992				18,072				3,900				170,964				(1,069	)			169,895
Provision for income taxes			38,459				4,583				1,382				44,424				(322	)			44,102
Net income		$	110,533			$	13,489			$	2,518			$	126,540			$	(747	)		$	125,793
Net income per share - diluted		$	3.59			$	0.43			$	0.09			$	4.11			$	(0.02	)		$	4.09
Operating margin
Renewables			9.1	%			2.8	%			0.3	%			12.3	%			—	%			12.3	%
Residential			17.6	%			0.6	%			—	%			18.2	%			—	%			18.2	%
Agtech			(0.6	)%			2.7	%			2.8	%			5.1	%			—	%			5.1	%
Infrastructure			21.2	%			—	%			—	%			21.2	%			—	%			21.2	%
Segments Margin			13.9	%			1.3	%			0.4	%			15.6	%			—	%			15.6	%
Consolidated			10.9	%			1.3	%			0.4	%			12.7	%			—	%			12.7	%
* Recast to exclude sale of Japan-based solar racking business within the Renewables segment.

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
		Three Months Ended March 31, 2024
		Consolidated				Renewables				Residential				Agtech				Infrastructure
Adjusted Net Sales		$	292,506			$	51,496			$	185,111			$	34,027			$	21,872
Net Income			24,946
Provision for Income Taxes			8,561
Interest Income			(750	)
Other Income			(1,021	)
Operating Profit			31,736				1,644				34,346				2,608				4,896
Adjusted Measures*			586				389				(72	)			138				—
Adjusted Operating Profit			32,322				2,033				34,274				2,746				4,896
Adjusted Operating Margin			11.1	%			3.9	%			18.5	%			8.1	%			22.4	%
Adjusted Other Expense			132				—				—				—				—
Depreciation & Amortization			6,663				1,900				2,591				830				745
Stock Compensation Expense			2,639				215				413				94				54
Adjusted EBITDA		$	41,492			$	4,148			$	37,278			$	3,670			$	5,695
Adjusted EBITDA Margin			14.2	%			8.1	%			20.1	%			10.8	%			26.0	%
Cash Flow - Operating Activities			53,181
Purchase of PPE, Net			(4,366	)
Free Cash Flow			48,815
Free Cash Flow - % of Adjusted Net Sales			16.7	%
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
		Three Months Ended March 31, 2023
		Consolidated				Renewables				Residential				Agtech				Infrastructure
Adjusted Net Sales*		$	288,803			$	57,255			$	179,495			$	33,338			$	18,715
Net Income			21,099
Provision for Income Taxes			7,177
Interest Expense			1,491
Other Income			(397	)
Operating Profit			29,370				2,269				29,509				2,330				2,714
Adjusted Measures*			1,757				419				114				1,222				—
Adjusted Operating Profit			31,127				2,688				29,623				3,552				2,714
Adjusted Operating Margin			10.8	%			4.7	%			16.5	%			10.7	%			14.5	%
Adjusted Other Expense**			35				—				—				—				—
Depreciation & Amortization**			6,834				2,179				2,493				954				780
Less: Japan Depreciation & Amortization			(195	)			(195	)			—				—				—
Adjusted Depreciation & Amortization			6,639				1,984				2,493				954				780
Stock Compensation Expense			1,594				214				298				153				47
Adjusted EBITDA Recast**		$	39,325			$	4,886			$	32,414			$	4,659			$	3,541
Adjusted EBITDA Margin Recast**			13.6	%			8.5	%			18.1	%			14.0	%			18.9	%
Adjusted EBITDA Previously Reported		$	39,028			$	4,631			$	32,414			$	4,659			$	3,541
Adjusted EBITDA Margin Previously Reported			13.4	%			7.8	%			18.1	%			14.0	%			18.9	%
Cash Flow - Operating Activities			38,045
Purchase of PPE, Net			(2,190	)
Free Cash Flow			35,855
Free Cash Flow - % of Adjusted Net Sales			12.3	%
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
		Twelve Months Ended December 31, 2023
		Consolidated				Renewables				Residential				Agtech				Infrastructure
Adjusted Net Sales*		$	1,361,953			$	319,014			$	814,803			$	140,908			$	87,228
Net Income			110,533
Provision for Income Taxes			38,459
Interest Expense			3,002
Other Income			(1,265	)
Operating Profit			150,729				30,160				143,068				(928	)			18,529
Adjusted Measures*			22,345				9,110				4,823				8,074				—
Adjusted Operating Profit			173,074				39,270				147,891				7,146				18,529
Adjusted Operating Margin			12.7	%			12.3	%			18.2	%			5.1	%			21.2	%
Adjusted Other Expense**			228				—				—				—				—
Depreciation & Amortization**			27,378				8,670				10,079				3,790				3,137
Less: Japan Depreciation & Amortization			(676	)			(676	)			—				—				—
Adjusted Depreciation & Amortization			26,702				7,994				10,079				3,790				3,137
Stock Compensation Expense			9,750				881				1,633				197				289
Adjusted EBITDA Recast**		$	209,298			$	48,145			$	159,603			$	11,133			$	21,955
Adjusted EBITDA Margin Recast**			15.4	%			15.1	%			19.6	%			7.9	%			25.2	%
Adjusted EBITDA Previously Reported		$	211,043			$	50,073			$	159,603			$	11,133			$	21,955
Adjusted EBITDA Margin Previously Reported			15.4	%			15.1	%			19.6	%			7.9	%			25.2	%
Cash Flow - Operating Activities			218,476
Purchase of PPE, Net			(13,906	)
Free Cash Flow			204,570
Free Cash Flow - % of Adjusted Net Sales			14.9	%
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240501787282/en/

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

Source: Gibraltar Industries, Inc.

FAQ

What is the stock symbol of Gibraltar Industries, Inc. mentioned in the PR?

The stock symbol of Gibraltar Industries, Inc. mentioned in the PR is ROCK.

What was the change in net sales for the Residential segment in the first quarter of 2024?

The net sales for the Residential segment increased by 3.1% in the first quarter of 2024.

What is the expected range for adjusted EPS in 2024 compared to 2023 as per the company's guidance?

The company expects the adjusted EPS to range between $4.57 and $4.82 in 2024, compared to $4.09 in 2023.

Where can interested parties access the webcast of Gibraltar's first quarter 2024 conference call?

Interested parties can access the webcast through the Investors section of the Company’s website at www.gibraltar1.com.

What was the percentage change in operating income for the Infrastructure segment in the first quarter of 2024?

The operating income for the Infrastructure segment increased by 81.5% in the first quarter of 2024.