Gibraltar Announces Fourth Quarter 2024 Financial Results
Gibraltar Industries (NASDAQ: ROCK) reported its Q4 and full-year 2024 financial results, with full-year GAAP EPS up 24% and adjusted EPS up 4% despite a 5% decrease in net sales. The company generated strong cash flow of $174 million in 2024.
Q4 net sales decreased 8.1% to $302.1 million, while GAAP net income more than doubled to $46.2 million ($1.50 per share). Adjusted net income increased 17.9% to $31.0 million ($1.01 per share). The company expanded its Agtech segment by acquiring Lane Supply for $120 million.
For 2025, Gibraltar projects net sales between $1.40-1.45 billion, GAAP EPS of $4.25-4.50, and adjusted EPS of $4.80-5.05. The company expects growth, margin expansion, and strong cash flow generation across all business segments.
Gibraltar Industries (NASDAQ: ROCK) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, con un incremento del 24% dell'EPS GAAP e un aumento del 4% dell'EPS rettificato, nonostante una diminuzione del 5% delle vendite nette. L'azienda ha generato un forte flusso di cassa di 174 milioni di dollari nel 2024.
Le vendite nette del quarto trimestre sono diminuite dell'8,1%, raggiungendo i 302,1 milioni di dollari, mentre l'utile netto GAAP è più che raddoppiato, raggiungendo i 46,2 milioni di dollari (1,50 dollari per azione). L'utile netto rettificato è aumentato del 17,9%, arrivando a 31,0 milioni di dollari (1,01 dollari per azione). L'azienda ha ampliato il proprio segmento Agtech acquisendo Lane Supply per 120 milioni di dollari.
Per il 2025, Gibraltar prevede vendite nette comprese tra 1,40-1,45 miliardi di dollari, un EPS GAAP di 4,25-4,50 dollari e un EPS rettificato di 4,80-5,05 dollari. L'azienda si aspetta crescita, espansione dei margini e una forte generazione di flusso di cassa in tutti i segmenti di business.
Gibraltar Industries (NASDAQ: ROCK) informó sus resultados financieros del cuarto trimestre y del año completo 2024, con un aumento del 24% en el EPS GAAP y un incremento del 4% en el EPS ajustado a pesar de una disminución del 5% en las ventas netas. La empresa generó un fuerte flujo de caja de 174 millones de dólares en 2024.
Las ventas netas del cuarto trimestre disminuyeron un 8,1% a 302,1 millones de dólares, mientras que el ingreso neto GAAP se más que duplicó a 46,2 millones de dólares (1,50 dólares por acción). El ingreso neto ajustado aumentó un 17,9% a 31,0 millones de dólares (1,01 dólares por acción). La empresa amplió su segmento Agtech al adquirir Lane Supply por 120 millones de dólares.
Para 2025, Gibraltar proyecta ventas netas entre 1,40-1,45 mil millones de dólares, un EPS GAAP de 4,25-4,50 dólares y un EPS ajustado de 4,80-5,05 dólares. La empresa espera crecimiento, expansión de márgenes y una fuerte generación de flujo de caja en todos los segmentos de negocio.
지브롤타 산업 (NASDAQ: ROCK)은 2024년 4분기 및 연간 재무 결과를 발표했으며, 전체 연간 GAAP EPS가 24% 증가하고 조정 EPS가 4% 증가했음에도 불구하고 순매출이 5% 감소했습니다. 이 회사는 2024년에 1억 7400만 달러의 강력한 현금 흐름을 창출했습니다.
4분기 순매출은 8.1% 감소하여 3억 21만 달러에 이르렀고, GAAP 순이익은 4620만 달러(주당 1.50 달러)로 두 배 이상 증가했습니다. 조정된 순이익은 179% 증가하여 3100만 달러(주당 1.01 달러)에 달했습니다. 이 회사는 Lane Supply를 1억 2000만 달러에 인수하여 Agtech 부문을 확장했습니다.
2025년을 위해 지브롤타는 순매출을 14억-14억 5000만 달러로 예상하고, GAAP EPS는 4.25-4.50 달러, 조정 EPS는 4.80-5.05 달러로 예상하고 있습니다. 이 회사는 모든 사업 부문에서 성장, 마진 확장 및 강력한 현금 흐름 생성을 기대하고 있습니다.
Gibraltar Industries (NASDAQ: ROCK) a annoncé ses résultats financiers du quatrième trimestre et de l'année complète 2024, avec un EPS GAAP en hausse de 24% et un EPS ajusté en hausse de 4% malgré une baisse de 5% des ventes nettes. L'entreprise a généré un flux de trésorerie solide de 174 millions de dollars en 2024.
Les ventes nettes du quatrième trimestre ont diminué de 8,1% pour atteindre 302,1 millions de dollars, tandis que le résultat net GAAP a plus que doublé pour atteindre 46,2 millions de dollars (1,50 dollar par action). Le résultat net ajusté a augmenté de 17,9% pour atteindre 31,0 millions de dollars (1,01 dollar par action). L'entreprise a élargi son segment Agtech en acquérant Lane Supply pour 120 millions de dollars.
Pour 2025, Gibraltar prévoit des ventes nettes comprises entre 1,40-1,45 milliard de dollars, un EPS GAAP de 4,25-4,50 dollars et un EPS ajusté de 4,80-5,05 dollars. L'entreprise s'attend à une croissance, une expansion des marges et une forte génération de flux de trésorerie dans tous les segments d'activité.
Gibraltar Industries (NASDAQ: ROCK) hat seine Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, mit einem Anstieg des GAAP EPS um 24% und einem Anstieg des bereinigten EPS um 4%, trotz eines Rückgangs der Nettoumsätze um 5%. Das Unternehmen erzielte einen starken Cashflow von 174 Millionen Dollar im Jahr 2024.
Die Nettoumsätze im vierten Quartal sanken um 8,1% auf 302,1 Millionen Dollar, während der GAAP-Nettoertrag sich mehr als verdoppelte und 46,2 Millionen Dollar (1,50 Dollar pro Aktie) erreichte. Der bereinigte Nettoertrag stieg um 17,9% auf 31,0 Millionen Dollar (1,01 Dollar pro Aktie). Das Unternehmen erweiterte sein Agtech-Segment durch die Übernahme von Lane Supply für 120 Millionen Dollar.
Für 2025 prognostiziert Gibraltar Nettoumsätze zwischen 1,40-1,45 Milliarden Dollar, ein GAAP EPS von 4,25-4,50 Dollar und ein bereinigtes EPS von 4,80-5,05 Dollar. Das Unternehmen erwartet Wachstum, Margenausweitung und eine starke Cashflow-Generierung in allen Geschäftsbereichen.
- Strong cash flow generation of $174 million in 2024
- Q4 GAAP net income increased 138.1% to $46.2 million
- Q4 adjusted net income grew 17.9% to $31.0 million
- Strategic acquisition of Lane Supply with $112.2M revenue and $16.7M adjusted EBITDA
- Infrastructure segment backlog increased 10%
- Q4 net sales declined 8.1% to $302.1 million
- Renewables segment backlog down 32% in Q4
- Agtech segment backlog decreased 23% in Q4
- Residential segment sales decreased 4.8% due to market softness
- Renewables segment operating margin declined 1140 basis points to -1.1%
Insights
Gibraltar's Q4 2024 results reveal a company successfully navigating market challenges while positioning for future growth. The headline 24% increase in GAAP EPS and robust
The acquisition of Lane Supply represents a strategic masterpiece in the Agtech segment. With
Segment performance reveals important trends:
- Residential segment's resilience is evident in its
17.3% adjusted operating margin despite a4.8% revenue decline, indicating strong pricing power and cost management - Renewables segment's challenges are temporary, with new bookings up
33% in early 2025, suggesting a strong recovery trajectory - Agtech's remarkable margin expansion to
19.4% demonstrates successful operational improvements - Infrastructure's steady
20.4% operating margin reflects robust execution in a stable market environment
The 2025 guidance of
2024 EPS: GAAP up
Strong 2024 Cash Generation of
Expands Agtech’s Structures Business with Acquisition of Lane Supply
2025 Guidance: Net Sales
“Fourth quarter results were roughly in line with expectations for each segment with adjusted EPS reaching the top end of the range at
Fourth Quarter 2024 Consolidated Results
($Millions, except EPS) |
Three Months Ended December 31, | ||||||||||||||
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Net Sales |
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(8.1)% |
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Adjusted Net Sales |
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(7.9)% |
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Net Income |
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Adjusted Net Income |
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Diluted EPS |
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Adjusted Diluted EPS |
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GAAP and adjusted net sales decreased
GAAP net income more than doubled to
Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and portfolio management actions including the gain on sale of the electronic locker business, as further described in the appended reconciliation of adjusted financial measures.
Fourth Quarter Segment Results
Residential
($Millions) |
Three Months Ended December 31, |
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|
2024 |
|
2023 |
|
Change |
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|
|
2024 |
|
2023 |
|
Change |
Net Sales |
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|
|
|
(4.8)% |
|
|
Adjusted Net Sales |
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|
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|
(4.8)% |
Operating Income |
|
|
|
|
|
|
|
Adjusted Operating Income |
|
|
|
|
(6.3)% |
Operating Margin |
|
|
|
|
170 bps |
|
|
Adjusted Operating Margin |
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|
|
|
(20) bps |
Net sales decreased
Operating margin decreased slightly primarily related to volume and product mix, but overall execution, price/cost management, and 80/20 initiatives delivered solid results.
Renewables
($Millions) |
Three Months Ended December 31, | ||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
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Net Sales |
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|
|
|
(19.6)% |
Adjusted Net Sales |
|
|
|
|
(18.8)% |
||
Operating Income |
|
|
|
|
(108.8)% |
Adjusted Operating Income |
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(56.4)% |
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Operating Margin |
(1.1)% |
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|
(1140)bps |
Adjusted Operating Margin |
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(630)bps |
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As expected, net sales and new bookings were suppressed as experienced in the third quarter as customers focused on completing panel installations ahead of the December 3, 2024 deadline related to the June 2024 expiration of the Presidential Proclamation. New contract signings were pushed into January which impacted backlog in the 4th quarter, down
GAAP and adjusted operating margins were impacted by the ramp of and product mix shift toward the recently launched 1P tracker product along with lower volumes while navigating through the abovementioned deadline. GAAP results were further impacted by a
Agtech
($Millions) |
Three Months Ended December 31, | ||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
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Net Sales |
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|
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Adjusted Net Sales |
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Operating Income |
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NMF |
Adjusted Operating Income |
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NMF |
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Operating Margin |
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(10.1)% |
|
1550 bps |
Adjusted Operating Margin |
|
|
(3.3)% |
|
2270 bps |
||
Net sales increased
GAAP and adjusted operating income were driven by strong execution and business mix as well as a benefit from a customer payment received that was written off in the prior year’s quarter. Excluding this payment, operating margins expanded 1,000 basis points to approximately
Infrastructure
($Millions) |
Three Months Ended December 31, |
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|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
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Net Sales |
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|
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|
(6.7)% |
Adjusted Net Sales |
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|
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|
(6.7)% |
||
Operating Income |
|
|
|
|
|
Adjusted Operating Income |
|
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|
|
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||
Operating Margin |
|
|
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|
180 bps |
Adjusted Operating Margin |
|
|
|
|
180 bps |
||
Net sales decreased by
Operating margins increased 180 basis points, driven by a favorable mix shift and continued strong operating execution.
Gibraltar Adds Lane Supply Inc to Agtech’s Structures Business
On February 11, 2024,
Business Outlook
Mr. Bosway concluded, “For 2025, we expect to deliver growth, solid margin expansion, and strong cash flow generation across the business. We expect participation gains to support growth in our existing businesses, our renewables business to improve execution, and solid growth and margin contribution from the addition of Lane Supply in the Agtech segment.”
Fourth Quarter 2024 Conference Call Details
About
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 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, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate 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, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation (including the latest Department of Commerce’s solar panel anti-circumvention investigation, the Auxin Solar challenge to the Presidential waiver of tariffs, deadline to install certain modules under the waiver, and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled “Risk Factors” in the most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of the 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,
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 2025 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. |
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CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
$ |
302,057 |
|
|
$ |
328,811 |
|
|
$ |
1,308,764 |
|
|
$ |
1,377,736 |
|
Cost of sales |
|
224,016 |
|
|
|
245,897 |
|
|
|
956,936 |
|
|
|
1,015,770 |
|
Gross profit |
|
78,041 |
|
|
|
82,914 |
|
|
|
351,828 |
|
|
|
361,966 |
|
Selling, general, and administrative expense |
|
41,921 |
|
|
|
54,025 |
|
|
|
197,505 |
|
|
|
207,440 |
|
Intangible asset impairment |
|
11,300 |
|
|
|
3,797 |
|
|
|
11,300 |
|
|
|
3,797 |
|
Income from operations |
|
24,820 |
|
|
|
25,092 |
|
|
|
143,023 |
|
|
|
150,729 |
|
Interest (income) expense, net |
|
(1,995 |
) |
|
|
(214 |
) |
|
|
(6,171 |
) |
|
|
3,002 |
|
Other (income) expense |
|
(24,512 |
) |
|
|
681 |
|
|
|
(24,731 |
) |
|
|
(1,265 |
) |
Income before taxes |
|
51,327 |
|
|
|
24,625 |
|
|
|
173,925 |
|
|
|
148,992 |
|
Provision for income taxes |
|
5,170 |
|
|
|
5,191 |
|
|
|
36,585 |
|
|
|
38,459 |
|
Net income |
$ |
46,157 |
|
|
$ |
19,434 |
|
|
$ |
137,340 |
|
|
$ |
110,533 |
|
|
|
|
|
|
|
|
|
||||||||
Net earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.52 |
|
|
$ |
0.64 |
|
|
$ |
4.50 |
|
|
$ |
3.61 |
|
Diluted |
$ |
1.50 |
|
|
$ |
0.63 |
|
|
$ |
4.46 |
|
|
$ |
3.59 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
30,464 |
|
|
|
30,523 |
|
|
|
30,538 |
|
|
|
30,626 |
|
Diluted |
|
30,697 |
|
|
|
30,724 |
|
|
|
30,769 |
|
|
|
30,785 |
|
GIBRALTAR INDUSTRIES, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except per share data) |
|||||||
|
December 31,
|
|
December 31,
|
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
269,480 |
|
|
$ |
99,426 |
|
Trade receivables, net of allowance of |
|
169,350 |
|
|
|
172,736 |
|
Costs in excess of billings, net |
|
34,570 |
|
|
|
51,814 |
|
Inventories, net |
|
138,140 |
|
|
|
120,503 |
|
Prepaid expenses and other current assets |
|
39,792 |
|
|
|
17,772 |
|
Total current assets |
|
651,332 |
|
|
|
462,251 |
|
Property, plant, and equipment, net |
|
109,820 |
|
|
|
107,603 |
|
Operating lease assets |
|
45,021 |
|
|
|
44,918 |
|
Goodwill |
|
507,419 |
|
|
|
513,383 |
|
Acquired intangibles |
|
103,882 |
|
|
|
125,980 |
|
Other assets |
|
1,936 |
|
|
|
2,316 |
|
|
$ |
1,419,410 |
|
|
$ |
1,256,451 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
117,408 |
|
|
$ |
92,124 |
|
Accrued expenses |
|
95,664 |
|
|
|
88,719 |
|
Billings in excess of costs |
|
41,790 |
|
|
|
44,735 |
|
Total current liabilities |
|
254,862 |
|
|
|
225,578 |
|
Deferred income taxes |
|
56,655 |
|
|
|
57,103 |
|
Non-current operating lease liabilities |
|
35,125 |
|
|
|
35,989 |
|
Other non-current liabilities |
|
24,734 |
|
|
|
22,783 |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
343 |
|
|
|
342 |
|
Additional paid-in capital |
|
343,583 |
|
|
|
332,621 |
|
Retained earnings |
|
875,851 |
|
|
|
738,511 |
|
Accumulated other comprehensive loss |
|
(5,326 |
) |
|
|
(2,114 |
) |
Cost of 3,960 and 3,778 common shares held in treasury in 2024 and 2023 |
|
(166,417 |
) |
|
|
(154,362 |
) |
Total stockholders’ equity |
|
1,048,034 |
|
|
|
914,998 |
|
|
$ |
1,419,410 |
|
|
$ |
1,256,451 |
|
GIBRALTAR INDUSTRIES, INC. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(in thousands) |
|||||||
(unaudited) |
|||||||
|
Twelve Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Cash Flows from Operating Activities |
|
|
|
||||
Net income |
$ |
137,340 |
|
|
$ |
110,533 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
27,312 |
|
|
|
27,378 |
|
Intangible asset impairment |
|
11,300 |
|
|
|
3,797 |
|
Stock compensation expense |
|
10,963 |
|
|
|
9,750 |
|
Gain on sale of business |
|
(25,265 |
) |
|
|
— |
|
Exit activity costs, non-cash |
|
31 |
|
|
|
2,771 |
|
(Benefit of) provision for deferred income taxes |
|
(486 |
) |
|
|
10,800 |
|
Other, net |
|
5,865 |
|
|
|
12,492 |
|
Changes in operating assets and liabilities net of effects from acquisitions: |
|
|
|
||||
Trade receivables and costs in excess of billings |
|
17,914 |
|
|
|
(15,375 |
) |
Inventories |
|
(18,623 |
) |
|
|
45,908 |
|
Other current assets and other assets |
|
(22,515 |
) |
|
|
514 |
|
Accounts payable |
|
26,528 |
|
|
|
(14,387 |
) |
Accrued expenses and other non-current liabilities |
|
3,900 |
|
|
|
24,295 |
|
Net cash provided by operating activities |
|
174,264 |
|
|
|
218,476 |
|
Cash Flows from Investing Activities |
|
|
|
||||
Acquisitions, net of cash acquired |
|
— |
|
|
|
(9,863 |
) |
Purchases of property, plant, and equipment, net |
|
(19,930 |
) |
|
|
(13,906 |
) |
Net proceeds from sale of business |
|
28,474 |
|
|
|
8,047 |
|
Net cash provided by (used in) investing activities |
|
8,544 |
|
|
|
(15,722 |
) |
Cash Flows from Financing Activities |
|
|
|
||||
Proceeds from long-term debt |
|
— |
|
|
|
50,000 |
|
Long-term debt payments |
|
— |
|
|
|
(141,000 |
) |
Purchase of common stock at market prices |
|
(12,189 |
) |
|
|
(29,329 |
) |
Net cash used in financing activities |
|
(12,189 |
) |
|
|
(120,329 |
) |
Effect of exchange rate changes on cash |
|
(565 |
) |
|
|
(607 |
) |
Net increase in cash and cash equivalents |
|
170,054 |
|
|
|
81,818 |
|
Cash and cash equivalents at beginning of year |
|
99,426 |
|
|
|
17,608 |
|
Cash and cash equivalents at end of year |
$ |
269,480 |
|
|
$ |
99,426 |
|
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||||||
Reconciliation of GAAP and Adjusted Financial Measures |
||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
Three Months Ended December 31, 2024 |
||||||||||||||||||||||||
|
|
Income
|
|
Provision for
|
|
Net income |
|
Net income
|
|
|
|
|
||||||||||||
As Reported in GAAP Statements |
|
$ |
51,327 |
|
|
$ |
5,170 |
|
|
$ |
46,157 |
|
|
$ |
1.50 |
|
|
|
|
|
||||
Restructuring Charges (1) |
|
|
1,011 |
|
|
|
382 |
|
|
|
629 |
|
|
|
0.02 |
|
|
|
|
|
||||
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
|
|
(24,154 |
) |
|
|
141 |
|
|
|
(24,295 |
) |
|
|
(0.79 |
) |
|
|
|
|
||||
Intangible Asset Impairment (3) |
|
|
11,300 |
|
|
|
2,825 |
|
|
|
8,475 |
|
|
|
0.28 |
|
|
|
|
|
||||
Adjusted Financial Measures |
|
$ |
39,484 |
|
|
$ |
8,518 |
|
|
$ |
30,966 |
|
|
$ |
1.01 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
|
Corporate |
|
Consolidated |
||||||||||||
Operating Margin |
|
|
17.0 |
% |
|
|
(1.1 |
)% |
|
|
5.4 |
% |
|
|
20.4 |
% |
|
|
n/a |
|
|
|
8.2 |
% |
Restructuring Charges (1) |
|
|
0.3 |
% |
|
|
0.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.3 |
% |
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.4 |
% |
Intangible Asset Impairment (3) |
|
|
— |
% |
|
|
7.5 |
% |
|
|
14.0 |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
3.7 |
% |
Adjusted Operating Margin |
|
|
17.3 |
% |
|
|
7.2 |
% |
|
|
19.4 |
% |
|
|
20.4 |
% |
|
|
n/a |
|
|
|
12.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from Operations |
|
$ |
29,070 |
|
|
$ |
(767 |
) |
|
$ |
2,297 |
|
|
$ |
3,690 |
|
|
$ |
(9,470 |
) |
|
$ |
24,820 |
|
Restructuring Charges (1) |
|
|
427 |
|
|
|
536 |
|
|
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
1,011 |
|
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,163 |
|
|
|
1,163 |
|
Intangible Asset Impairment (3) |
|
|
— |
|
|
|
5,300 |
|
|
|
6,000 |
|
|
|
— |
|
|
|
— |
|
|
|
11,300 |
|
Adjusted Income from Operations |
|
$ |
29,497 |
|
|
$ |
5,069 |
|
|
$ |
8,297 |
|
|
$ |
3,690 |
|
|
$ |
(8,259 |
) |
|
$ |
38,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Sales & Adjusted Net Sales (4) |
|
$ |
170,729 |
|
|
$ |
70,464 |
|
|
$ |
42,749 |
|
|
$ |
18,115 |
|
|
$ |
— |
|
|
$ |
302,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations. |
||||||||||||||||||||||||
(2) Represents senior leadership transition costs associated with changes in leadership positions, acquisition related expenses including due diligence costs and portfolio management costs resulting from terminated or liquidated businesses, including the ( |
||||||||||||||||||||||||
(3) Represents write off of indefinite-lived trademarks. |
||||||||||||||||||||||||
(4) There were no adjustments to Net Sales in 2024. |
||||||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||||||
Reconciliation of GAAP and Adjusted Financial Measures |
||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
Three Months Ended December 31, 2023 |
||||||||||||||||||||||||
|
|
Income
|
|
Provision for
|
|
Net income |
|
Net income
|
|
|
|
|
||||||||||||
As Reported in GAAP Statements |
|
$ |
24,625 |
|
|
$ |
5,191 |
|
|
$ |
19,434 |
|
|
$ |
0.63 |
|
|
|
|
|
||||
Restructuring Charges (1) |
|
|
9,293 |
|
|
|
2,354 |
|
|
|
6,939 |
|
|
|
0.23 |
|
|
|
|
|
||||
Portfolio Management & Acquisition Related Items (2) |
|
|
636 |
|
|
|
994 |
|
|
|
(358 |
) |
|
|
(0.01 |
) |
|
|
|
|
||||
Adjusted Financial Measures Previously Reported |
|
$ |
34,554 |
|
|
$ |
8,539 |
|
|
$ |
26,015 |
|
|
$ |
0.85 |
|
|
|
|
|
||||
Portfolio Management (4) |
|
|
245 |
|
|
|
(57 |
) |
|
|
302 |
|
|
|
0.01 |
|
|
|
|
|
||||
Adjusted Financial Measures Recast |
|
$ |
34,799 |
|
|
$ |
8,482 |
|
|
$ |
26,317 |
|
|
$ |
0.86 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
|
Corporate |
|
Consolidated |
||||||||||||
Operating Margin |
|
|
15.3 |
% |
|
|
10.3 |
% |
|
|
(10.1 |
)% |
|
|
18.6 |
% |
|
|
n/a |
|
|
|
7.6 |
% |
Restructuring Charges (1) |
|
|
2.2 |
% |
|
|
2.4 |
% |
|
|
7.5 |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
2.9 |
% |
Portfolio Management & Acquisition Related Items (3) |
|
|
— |
% |
|
|
0.4 |
% |
|
|
(0.8 |
)% |
|
|
— |
% |
|
|
n/a |
|
|
|
— |
% |
Adjusted Operating Margin Previously Reported |
|
|
17.5 |
% |
|
|
13.1 |
% |
|
|
(3.3 |
)% |
|
|
18.6 |
% |
|
|
n/a |
|
|
|
10.5 |
% |
Portfolio Management (4) |
|
|
— |
% |
|
|
0.4 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.1 |
% |
Adjusted Operating Margin Recast |
|
|
17.5 |
% |
|
|
13.5 |
% |
|
|
(3.3 |
)% |
|
|
18.6 |
% |
|
|
n/a |
|
|
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from Operations |
|
$ |
27,442 |
|
|
$ |
9,076 |
|
|
$ |
(4,277 |
) |
|
$ |
3,601 |
|
|
$ |
(10,750 |
) |
|
$ |
25,092 |
|
Restructuring Charges (1) |
|
|
4,021 |
|
|
|
2,075 |
|
|
|
3,196 |
|
|
|
— |
|
|
|
1 |
|
|
|
9,293 |
|
Portfolio Management & Acquisition Related Items (3) |
|
|
— |
|
|
|
331 |
|
|
|
(339 |
) |
|
|
— |
|
|
|
1 |
|
|
|
(7 |
) |
Adjusted Income from Operations Previously Reported |
|
$ |
31,463 |
|
|
$ |
11,482 |
|
|
$ |
(1,420 |
) |
|
$ |
3,601 |
|
|
$ |
(10,748 |
) |
|
$ |
34,378 |
|
Portfolio Management (4) |
|
|
— |
|
|
|
259 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
259 |
|
Adjusted Income from Operations Recast |
|
$ |
31,463 |
|
|
$ |
11,741 |
|
|
$ |
(1,420 |
) |
|
$ |
3,601 |
|
|
$ |
(10,748 |
) |
|
$ |
34,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Sales & Adjusted Net Sales Previously Reported (5) |
|
$ |
179,327 |
|
|
$ |
87,712 |
|
|
$ |
42,421 |
|
|
$ |
19,351 |
|
|
$ |
— |
|
|
$ |
328,811 |
|
Portfolio Management (4) |
|
|
— |
|
|
|
(933 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(933 |
) |
Adjusted Net Sales Recast |
|
$ |
179,327 |
|
|
$ |
86,779 |
|
|
$ |
42,421 |
|
|
$ |
19,351 |
|
|
$ |
— |
|
|
$ |
327,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations |
||||||||||||||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations, along with the results generated by the processing business liquidated in 2023 and the loss on the sale of the |
||||||||||||||||||||||||
(3) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations, along with the results generated by the processing business liquidated in 2023. |
||||||||||||||||||||||||
(4) Represents the results generated by the |
||||||||||||||||||||||||
(5) There were no adjustments to Net Sales Previously Reported for the three months ended December 31, 2023. |
||||||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||||||
Reconciliation of GAAP and Adjusted Financial Measures |
||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
Year Ended December 31, 2024 |
||||||||||||||||||||||||
|
|
Income
|
|
Provision for
|
|
Net income |
|
Net income
|
|
|
|
|
||||||||||||
As Reported in GAAP Statements |
|
$ |
173,925 |
|
|
$ |
36,585 |
|
|
$ |
137,340 |
|
|
$ |
4.46 |
|
|
|
|
|
||||
Restructuring Charges (1) |
|
|
11,061 |
|
|
|
2,738 |
|
|
|
8,323 |
|
|
|
0.27 |
|
|
|
|
|
||||
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
|
|
(23,329 |
) |
|
|
8 |
|
|
|
(23,337 |
) |
|
|
(0.76 |
) |
|
|
|
|
||||
Intangible Asset Impairment (3) |
|
|
11,300 |
|
|
|
2,825 |
|
|
|
8,475 |
|
|
|
0.28 |
|
|
|
|
|
||||
Adjusted Financial Measures |
|
$ |
172,957 |
|
|
$ |
42,156 |
|
|
$ |
130,801 |
|
|
$ |
4.25 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
|
Corporate |
|
Consolidated |
||||||||||||
Operating Margin |
|
|
19.0 |
% |
|
|
1.2 |
% |
|
|
7.2 |
% |
|
|
24.2 |
% |
|
|
n/a |
|
|
|
10.9 |
% |
Restructuring Charges (1) |
|
|
0.1 |
% |
|
|
3.5 |
% |
|
|
0.3 |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.8 |
% |
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
|
|
— |
% |
|
|
0.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.1 |
% |
Intangible Asset Impairment (3) |
|
|
— |
% |
|
|
1.9 |
% |
|
|
3.9 |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.9 |
% |
Adjusted Operating Margin |
|
|
19.1 |
% |
|
|
6.6 |
% |
|
|
11.5 |
% |
|
|
24.2 |
% |
|
|
n/a |
|
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from Operations |
|
$ |
148,784 |
|
|
$ |
3,349 |
|
|
$ |
11,040 |
|
|
$ |
21,295 |
|
|
$ |
(41,445 |
) |
|
$ |
143,023 |
|
Restructuring Charges (1) |
|
|
606 |
|
|
|
9,895 |
|
|
|
477 |
|
|
|
— |
|
|
|
83 |
|
|
|
11,061 |
|
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
|
|
195 |
|
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
2,207 |
|
|
|
2,635 |
|
Intangible Asset Impairment (3) |
|
|
— |
|
|
|
5,300 |
|
|
|
6,000 |
|
|
|
— |
|
|
|
— |
|
|
|
11,300 |
|
Adjusted Income from Operations |
|
$ |
149,585 |
|
|
$ |
18,777 |
|
|
$ |
17,517 |
|
|
$ |
21,295 |
|
|
$ |
(39,155 |
) |
|
$ |
168,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Sales & Adjusted Net Sales (4) |
|
$ |
782,519 |
|
|
$ |
285,405 |
|
|
$ |
152,811 |
|
|
$ |
88,029 |
|
|
$ |
— |
|
|
$ |
1,308,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations. |
||||||||||||||||||||||||
(2) Represents senior leadership transition costs associated with changes in leadership positions, acquisition related expenses including due diligence costs and portfolio management costs resulting from terminated or liquidated businesses, including the ( |
||||||||||||||||||||||||
(3) Represents write off of indefinite-lived trademarks. |
||||||||||||||||||||||||
(4) There were no adjustments to Net Sales in 2024. |
||||||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||||||
Reconciliation of GAAP and Adjusted Financial Measures |
||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
Year Ended December 31, 2023 |
||||||||||||||||||||||||
|
|
Income before
|
|
Provision for
|
|
Net income |
|
Net income
|
|
|
|
|
||||||||||||
As Reported in GAAP Statements |
|
$ |
148,992 |
|
|
$ |
38,459 |
|
|
$ |
110,533 |
|
|
$ |
3.59 |
|
|
|
|
|
||||
Restructuring Charges (1) |
|
|
18,072 |
|
|
|
4,583 |
|
|
|
13,489 |
|
|
|
0.43 |
|
|
|
|
|
||||
Portfolio Management & Acquisition Related Items (2) |
|
|
3,900 |
|
|
|
1,382 |
|
|
|
2,518 |
|
|
|
0.09 |
|
|
|
|
|
||||
Adjusted Financial Measures Previously Reported |
|
$ |
170,964 |
|
|
$ |
44,424 |
|
|
$ |
126,540 |
|
|
$ |
4.11 |
|
|
|
|
|
||||
Portfolio Management (4) |
|
|
(1,069 |
) |
|
|
(322 |
) |
|
|
(747 |
) |
|
|
(0.02 |
) |
|
|
|
|
||||
Adjusted Financial Measures Recast |
|
$ |
169,895 |
|
|
$ |
44,102 |
|
|
$ |
125,793 |
|
|
$ |
4.09 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
|
Corporate |
|
Consolidated |
||||||||||||
Operating Margin |
|
|
17.6 |
% |
|
|
9.1 |
% |
|
|
(0.6 |
)% |
|
|
21.2 |
% |
|
|
n/a |
|
|
|
10.9 |
% |
Restructuring Charges (1) |
|
|
0.6 |
% |
|
|
2.8 |
% |
|
|
2.7 |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
1.3 |
% |
Portfolio Management & Acquisition Related Items (3) |
|
|
— |
% |
|
|
0.3 |
% |
|
|
2.8 |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
0.4 |
% |
Adjusted Operating Margin Previously Reported |
|
|
18.2 |
% |
|
|
12.3 |
% |
|
|
5.1 |
% |
|
|
21.2 |
% |
|
|
n/a |
|
|
|
12.7 |
% |
Portfolio Management (4) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
n/a |
|
|
|
— |
% |
Adjusted Operating Margin Recast |
|
|
18.2 |
% |
|
|
12.3 |
% |
|
|
5.1 |
% |
|
|
21.2 |
% |
|
|
n/a |
|
|
|
12.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from Operations |
|
$ |
143,068 |
|
|
$ |
30,160 |
|
|
$ |
(928 |
) |
|
$ |
18,529 |
|
|
$ |
(40,100 |
) |
|
$ |
150,729 |
|
Restructuring Charges (1) |
|
|
4,811 |
|
|
|
9,394 |
|
|
|
3,918 |
|
|
|
— |
|
|
|
(51 |
) |
|
|
18,072 |
|
Portfolio Management & Acquisition Related Items (3) |
|
|
12 |
|
|
|
968 |
|
|
|
4,156 |
|
|
|
— |
|
|
|
389 |
|
|
|
5,525 |
|
Adjusted Income from Operations Previously Reported |
|
$ |
147,891 |
|
|
$ |
40,522 |
|
|
$ |
7,146 |
|
|
$ |
18,529 |
|
|
$ |
(39,762 |
) |
|
$ |
174,326 |
|
Portfolio Management (4) |
|
|
— |
|
|
|
(1,252 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,252 |
) |
Adjusted Income from Operations Recast |
|
$ |
147,891 |
|
|
$ |
39,270 |
|
|
$ |
7,146 |
|
|
$ |
18,529 |
|
|
$ |
(39,762 |
) |
|
$ |
173,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Sales |
|
$ |
814,803 |
|
|
$ |
330,738 |
|
|
$ |
144,967 |
|
|
$ |
87,228 |
|
|
$ |
— |
|
|
$ |
1,377,736 |
|
Portfolio Management (5) |
|
|
— |
|
|
|
— |
|
|
|
(4,059 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,059 |
) |
Adjusted Net Sales Previously Reported |
|
$ |
814,803 |
|
|
$ |
330,738 |
|
|
$ |
140,908 |
|
|
$ |
87,228 |
|
|
$ |
— |
|
|
$ |
1,373,677 |
|
Portfolio Management (4) |
|
|
— |
|
|
|
(11,724 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,724 |
) |
Adjusted Net Sales Recast |
|
$ |
814,803 |
|
|
$ |
319,014 |
|
|
$ |
140,908 |
|
|
$ |
87,228 |
|
|
$ |
— |
|
|
$ |
1,361,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions. |
||||||||||||||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations, along with the results generated by the processing business liquidated in 2023 and the loss on the sale of the |
||||||||||||||||||||||||
(3) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations, along with the results generated by the processing business liquidated in 2023. |
||||||||||||||||||||||||
(4) Represents the results generated by the |
||||||||||||||||||||||||
(5) Represents the net sales generated by the processing business liquidated in 2023. |
||||||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||
Reconciliation of Adjusted Financial Measures |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
Three Months Ended December 31, 2024 |
||||||||||||||||||||
|
|
Consolidated |
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Sales |
|
$ |
302,057 |
|
|
$ |
170,729 |
|
|
$ |
70,464 |
|
|
$ |
42,749 |
|
|
$ |
18,115 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income |
|
|
46,157 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for Income Taxes |
|
|
5,170 |
|
|
|
|
|
|
|
|
|
||||||||
Interest Income |
|
|
(1,995 |
) |
|
|
|
|
|
|
|
|
||||||||
Other Income |
|
|
(24,512 |
) |
|
|
|
|
|
|
|
|
||||||||
Operating Profit |
|
|
24,820 |
|
|
|
29,070 |
|
|
|
(767 |
) |
|
|
2,297 |
|
|
|
3,690 |
|
Adjusted Measures* |
|
|
13,474 |
|
|
|
427 |
|
|
|
5,836 |
|
|
|
6,000 |
|
|
|
— |
|
Adjusted Operating Profit |
|
|
38,294 |
|
|
|
29,497 |
|
|
|
5,069 |
|
|
|
8,297 |
|
|
|
3,690 |
|
Adjusted Operating Margin |
|
|
12.7 |
% |
|
|
17.3 |
% |
|
|
7.2 |
% |
|
|
19.4 |
% |
|
|
20.4 |
% |
Adjusted Other Expense |
|
|
805 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization |
|
|
7,075 |
|
|
|
2,773 |
|
|
|
2,140 |
|
|
|
745 |
|
|
|
736 |
|
Stock Compensation Expense |
|
|
2,277 |
|
|
|
459 |
|
|
|
234 |
|
|
|
94 |
|
|
|
63 |
|
Less: SLT Related Stock Compensation Expense |
|
|
(93 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted Stock Compensation Expense |
|
|
2,184 |
|
|
|
459 |
|
|
|
234 |
|
|
|
94 |
|
|
|
63 |
|
Adjusted EBITDA |
|
$ |
46,748 |
|
|
$ |
32,729 |
|
|
$ |
7,443 |
|
|
$ |
9,136 |
|
|
$ |
4,489 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Margin |
|
|
15.5 |
% |
|
|
19.2 |
% |
|
|
10.6 |
% |
|
|
21.4 |
% |
|
|
24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow - Operating Activities |
|
|
19,929 |
|
|
|
|
|
|
|
|
|
||||||||
Purchase of PPE, Net |
|
|
(5,604 |
) |
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow |
|
|
14,325 |
|
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow - % of Adjusted Net Sales |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
||||||||
|
||||||||||||||||||||
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures |
||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||
Reconciliation of Adjusted Financial Measures |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
Three Months Ended December 31, 2023 |
||||||||||||||||||||
|
|
Consolidated |
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Sales* |
|
$ |
327,878 |
|
|
$ |
179,327 |
|
|
$ |
86,779 |
|
|
$ |
42,421 |
|
|
$ |
19,351 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income |
|
|
19,434 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for Income Taxes |
|
|
5,191 |
|
|
|
|
|
|
|
|
|
||||||||
Interest Income |
|
|
(214 |
) |
|
|
|
|
|
|
|
|
||||||||
Other Expense |
|
|
681 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Profit |
|
|
25,092 |
|
|
|
27,442 |
|
|
|
9,076 |
|
|
|
(4,277 |
) |
|
|
3,601 |
|
Adjusted Measures* |
|
|
9,545 |
|
|
|
4,021 |
|
|
|
2,665 |
|
|
|
2,857 |
|
|
|
— |
|
Adjusted Operating Profit |
|
|
34,637 |
|
|
|
31,463 |
|
|
|
11,741 |
|
|
|
(1,420 |
) |
|
|
3,601 |
|
Adjusted Operating Margin |
|
|
10.6 |
% |
|
|
17.5 |
% |
|
|
13.5 |
% |
|
|
(3.3 |
)% |
|
|
18.6 |
% |
Adjusted Other Expense** |
|
|
103 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization** |
|
|
6,804 |
|
|
|
2,537 |
|
|
|
2,109 |
|
|
|
940 |
|
|
|
788 |
|
Less: Japan Depreciation & Amortization |
|
|
(115 |
) |
|
|
— |
|
|
|
(115 |
) |
|
|
— |
|
|
|
— |
|
Adjusted Depreciation & Amortization |
|
|
6,689 |
|
|
|
2,537 |
|
|
|
1,994 |
|
|
|
940 |
|
|
|
788 |
|
Stock Compensation Expense |
|
|
2,493 |
|
|
|
498 |
|
|
|
230 |
|
|
|
57 |
|
|
|
77 |
|
Adjusted EBITDA Recast** |
|
$ |
43,716 |
|
|
$ |
34,498 |
|
|
$ |
13,965 |
|
|
$ |
(423 |
) |
|
$ |
4,466 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Margin Recast** |
|
|
13.3 |
% |
|
|
19.2 |
% |
|
|
16.1 |
% |
|
|
(1.0 |
)% |
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Previously Reported |
|
$ |
43,586 |
|
|
$ |
34,498 |
|
|
$ |
13,821 |
|
|
$ |
(423 |
) |
|
$ |
4,466 |
|
Adjusted EBITDA Margin Previously Reported |
|
|
13.3 |
% |
|
|
19.2 |
% |
|
|
15.8 |
% |
|
|
(1.0 |
)% |
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow - Operating Activities |
|
|
11,820 |
|
|
|
|
|
|
|
|
|
||||||||
Purchase of PPE, Net |
|
|
(5,930 |
) |
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow |
|
|
5,890 |
|
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow - % of Adjusted Net Sales |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
||||||||
|
||||||||||||||||||||
*Details of recast amounts for the sale of the |
||||||||||||||||||||
**Recast to exclude sale of |
||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||
Reconciliation of Adjusted Financial Measures |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
Year Ended December 31, 2024 |
||||||||||||||||||||
|
|
Consolidated |
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Sales |
|
$ |
1,308,764 |
|
|
$ |
782,519 |
|
|
$ |
285,405 |
|
|
$ |
152,811 |
|
|
$ |
88,029 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income |
|
|
137,340 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for Income Taxes |
|
|
36,585 |
|
|
|
|
|
|
|
|
|
||||||||
Interest Income |
|
|
(6,171 |
) |
|
|
|
|
|
|
|
|
||||||||
Other Income |
|
|
(24,731 |
) |
|
|
|
|
|
|
|
|
||||||||
Operating Profit |
|
|
143,023 |
|
|
|
148,784 |
|
|
|
3,349 |
|
|
|
11,040 |
|
|
|
21,295 |
|
Adjusted Measures* |
|
|
24,996 |
|
|
|
801 |
|
|
|
15,428 |
|
|
|
6,477 |
|
|
|
— |
|
Adjusted Operating Profit |
|
|
168,019 |
|
|
|
149,585 |
|
|
|
18,777 |
|
|
|
17,517 |
|
|
|
21,295 |
|
Adjusted Operating Margin |
|
|
12.8 |
% |
|
|
19.1 |
% |
|
|
6.6 |
% |
|
|
11.5 |
% |
|
|
24.2 |
% |
Adjusted Other Expense |
|
|
1,233 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization |
|
|
27,312 |
|
|
|
10,416 |
|
|
|
8,192 |
|
|
|
3,165 |
|
|
|
2,972 |
|
Stock Compensation Expense |
|
|
10,963 |
|
|
|
1,800 |
|
|
|
918 |
|
|
|
377 |
|
|
|
244 |
|
Less: SLT Related Stock Compensation Expense |
|
|
(152 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted Stock Compensation Expense |
|
|
10,811 |
|
|
|
1,800 |
|
|
|
918 |
|
|
|
377 |
|
|
|
244 |
|
Adjusted EBITDA |
|
$ |
204,909 |
|
|
$ |
161,801 |
|
|
$ |
27,887 |
|
|
$ |
21,059 |
|
|
$ |
24,511 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Margin |
|
|
15.7 |
% |
|
|
20.7 |
% |
|
|
9.8 |
% |
|
|
13.8 |
% |
|
|
27.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow - Operating Activities |
|
|
174,264 |
|
|
|
|
|
|
|
|
|
||||||||
Purchase of PPE, Net |
|
|
(19,930 |
) |
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow |
|
|
154,334 |
|
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow - % of Adjusted Net Sales |
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
||||||||
|
||||||||||||||||||||
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures |
||||||||||||||||||||
GIBRALTAR INDUSTRIES, INC. |
||||||||||||||||||||
Reconciliation of Adjusted Financial Measures |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
Year Ended December 31, 2023 |
||||||||||||||||||||
|
|
Consolidated |
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Sales* |
|
$ |
1,361,953 |
|
|
$ |
814,803 |
|
|
$ |
319,014 |
|
|
$ |
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 |
|
|
|
143,068 |
|
|
|
30,160 |
|
|
|
(928 |
) |
|
|
18,529 |
|
Adjusted Measures* |
|
|
22,345 |
|
|
|
4,823 |
|
|
|
9,110 |
|
|
|
8,074 |
|
|
|
— |
|
Adjusted Operating Profit |
|
|
173,074 |
|
|
|
147,891 |
|
|
|
39,270 |
|
|
|
7,146 |
|
|
|
18,529 |
|
Adjusted Operating Margin |
|
|
12.7 |
% |
|
|
18.2 |
% |
|
|
12.3 |
% |
|
|
5.1 |
% |
|
|
21.2 |
% |
Adjusted Other Expense** |
|
|
228 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization** |
|
|
27,378 |
|
|
|
10,079 |
|
|
|
8,670 |
|
|
|
3,790 |
|
|
|
3,137 |
|
Less: Japan Depreciation & Amortization |
|
|
(676 |
) |
|
|
— |
|
|
|
(676 |
) |
|
|
— |
|
|
|
— |
|
Adjusted Depreciation & Amortization |
|
|
26,702 |
|
|
|
10,079 |
|
|
|
7,994 |
|
|
|
3,790 |
|
|
|
3,137 |
|
Stock Compensation Expense |
|
|
9,750 |
|
|
|
1,633 |
|
|
|
881 |
|
|
|
197 |
|
|
|
289 |
|
Adjusted EBITDA Recast** |
|
$ |
209,298 |
|
|
$ |
159,603 |
|
|
$ |
48,145 |
|
|
$ |
11,133 |
|
|
$ |
21,955 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Margin Recast** |
|
|
15.4 |
% |
|
|
19.6 |
% |
|
|
15.1 |
% |
|
|
7.9 |
% |
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Previously Reported |
|
$ |
211,043 |
|
|
$ |
159,603 |
|
|
$ |
50,073 |
|
|
$ |
11,133 |
|
|
$ |
21,955 |
|
Adjusted EBITDA Margin Previously Reported |
|
|
15.4 |
% |
|
|
19.6 |
% |
|
|
15.1 |
% |
|
|
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 |
||||||||||||||||||||
**Recast to exclude sale of |
||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219698424/en/
Alliance Advisors Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@allianceadvisors.com
Source: Gibraltar Industries, Inc.
FAQ
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