Gibraltar Announces Second Quarter 2021 Financial Results

Rhea-AI Summary

Gibraltar Industries (Nasdaq: ROCK) reported solid Q2 2021 results with a 36.5% increase in net sales to $348.4 million and a 7.8% rise in GAAP net income to $26.4 million. Adjusted EPS increased 6.9% to $0.80. The company achieved 92.5% revenue growth in its Renewables segment and a 54% increase in order backlog, totaling over $400 million. Despite inflationary pressures affecting margins, Gibraltar maintains its full-year guidance for revenue between $1.3 billion and $1.35 billion and GAAP EPS of $2.78 to $2.95.

Positive

• Revenue growth of 36.5% to $348.4 million.
• GAAP net income increased by 7.8% to $26.4 million.
• Record order backlog at over $400 million, up 54%.
• Renewables segment saw 92.5% revenue growth.

Negative

• Material cost inflation impacting margins.
• Operating margin contraction in several segments.

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 June 30, 2021.

“In the midst of a dynamic and inflationary market environment, we delivered solid performance with revenue growth of 37%, adjusted operating income growth of 8%, adjusted EPS growth of 7%, and order backlog increased 54%, or 32% on a proforma basis, to over $400 million, the highest level in the history of the company,” President and Chief Executive Officer Bill Bosway stated. “Material cost inflation continued to accelerate as we exited the first quarter, and labor, freight, and logistics inflation and availability began to surface as we entered the second quarter. Working closely with customers and suppliers starting during fourth quarter 2020 and implementing ongoing pricing and productivity initiatives has helped us manage these dynamics and deliver this quarter’s results. Additionally, the integrations of TerraSmart and Sunfig are on track, our Agtech business is recovering as planned, and overall demand is currently in line with expectations.”

Second Quarter 2021 Consolidated Results from Continuing Operations

Net sales from continuing operations increased 36.5% to $348.4 million, with organic growth contributing 14.0% and recent acquisitions 22.5%. Organic growth was driven by strong end market demand and participation gains in all four segments.

GAAP earnings increased 7.8% to $26.4 million, or $0.80 per share, and adjusted earnings increased 6.9% to $26.3 million, or $0.80 per share, the result of continued execution across the business segments, the TerraSmart acquisition, and 80/20 productivity initiatives, partially offset by timing and alignment of higher input costs and price increases, supply chain disruptions, and shifts in project timing in the Agtech and Renewables segments. Adjusted measures remove charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and other reclassifications, as further described in the appended reconciliation of adjusted financial measures.

Below are second quarter 2021 consolidated results from continuing operations:

	Three Months Ended June 30,
$Millions, except EPS	GAAP									Adjusted
		2021			2020		% Change				2021			2020		% Change
Net Sales	$	348.4		$	255.2		36.5	%		$	348.4		$	255.2		36.5	%
Net Income	$	26.4		$	24.5		7.8	%		$	26.3		$	24.6		6.9	%
Diluted EPS	$	0.80		$	0.74		8.1	%		$	0.80		$	0.75		6.7	%

Second Quarter Segment Results

Renewables

The headwinds impacting the solar industry in the first quarter, including steel inflation, supply chain challenges with panels, and the safe harbor ITC extension announced in December 2020, continued into the second quarter. Despite this, the Renewable business continued to accelerate, delivering year-over-year revenue growth of 92.5% through the combination of the legacy and TerraSmart businesses and pro forma organic growth of 25%. Growth was driven by strong demand across Gibraltar’s broad offering of fixed tilt, tracker, canopy, and eBos product solutions serving the community and commercial and industrial market segments. Order backlog exceeded $218 million at the end of the quarter, up 54% from last year on a proforma basis, its highest level in the company’s history. The integration of the legacy and TerraSmart businesses remains on track, and the combination of the two is resonating well in the market.

Adjusted operating income improved 45.2% while adjusted operating margin contracted 380 basis points, the majority of which was anticipated, and related to the integration of TerraSmart. The TerraSmart integration is delivering as expected with adjusted operating margins nearly doubling over the first quarter as demand continued to accelerate and 80/20 productivity initiatives were implemented, and TerraSmart’s full-year margin plan remains on track. Of the remaining shortfall, approximately half was related to a one-time tariff credit received in Q2 2020, with the remaining the result of timing and alignment of price actions with input cost inflation and project movement related to supply chain schedule and logistics challenges.

For the second quarter, the Renewables segment reported:

	Three Months Ended June 30,
$Millions	GAAP											Adjusted
		2021				2020			% Change				2021				2020			% Change
Net Sales	$	107.8			$	56.0			92.5	%		$	107.8			$	56.0			92.5	%
Operating Income	$	9.5			$	8.4			13.1	%		$	12.2			$	8.4			45.2	%
Operating Margin		8.8	%			15.1	%		(630) bps				11.3	%			15.1	%		(380) bps

Residential

Revenue increased 17.7% with strong organic growth of 12% driven by increased pricing and volume, despite supply chain dynamics related to material, labor and logistics availability; Architectural Mailboxes, acquired in 2020, contributed 6% of the quarter’s growth and integration remains on track.

The business delivered adjusted operating margin of 16.6%, a decrease versus last year, driven by the impact of accelerated inflation, material and labor availability, and the timing and alignment of price actions with input costs. Gibraltar has implemented multiple price increases, and will continue to do so until inflation subsides. In accordance with customer supply agreements, each price action will take time to align with accelerating inflation, with operating margin historically recovering within a one or two quarter period. In the near term, management will continue to maximize operating profit dollars with focus on execution and 80/20 productivity initiatives.

For the second quarter, the Residential segment reported:

	Three Months Ended June 30,
$Millions	GAAP											Adjusted
		2021				2020			% Change				2021				2020			% Change
Net Sales	$	164.2			$	139.5			17.7	%		$	164.2			$	139.5			17.7	%
Operating Income	$	27.2			$	28.0			(2.9	%)		$	27.2			$	28.2			(3.5	%)
Operating Margin		16.5	%			20.0	%		(350) bps				16.6	%			20.2	%		(360) bps

Agtech

Revenue increased 27.0% with solid activity across the produce, commercial, car wash, retail, and processing equipment segments. Although demand continued to improve, the business experienced project movement from the second quarter into the second half of 2021 as schedules have been impacted by permit delays, rescoping of projects, and supply chain disruptions. Order backlog experienced a slight and temporary contraction during the quarter due to rescoping of projects and the impact of supply chain disruptions. July customer order activity is accelerating backlog momentum, and the segment remains on track with expectations for the year.

Adjusted operating income was flat year-over-year and adjusted operating margin expanded 180 basis points on a sequential basis as the processing equipment business continued to improve along with continuing benefits of integration in the produce business. Adjusted operating margin contracted year-over-year due to business mix, the movement of certain abovementioned projects into the second half of the year, higher input costs and logistics challenges. These temporary headwinds were partially offset by improvements in legacy greenhouse structures, cannabis greenhouse structures, and cannabis and hemp processing equipment businesses.

For the second quarter, the Agtech segment reported:

	Three Months Ended June 30,
$Millions	GAAP											Adjusted
		2021				2020			% Change				2021				2020			% Change
Net Sales	$	53.7			$	42.3			27.0	%		$	53.7			$	42.3			27.0	%
Operating Income	$	1.0			$	0.8			25.0	%		$	2.3			$	2.3			--
Operating Margin		1.8	%			1.8	%		-- bps				4.2	%			5.5	%		(130) bps

Infrastructure

Revenue increased 29.7% as demand for fabricated and non-fabricated products increased as State D.O.T. project funding improved with the strengthening of the U.S. economy. Order backlog increased 11% to more than $46 million during the quarter indicating growing strength across the business.

Improvement in adjusted operating margin was driven by mix of higher-margin non-fabricated products and solutions, strong execution on higher volumes, and continued investment in 80/20 productivity initiatives.

For the second quarter, the Infrastructure segment reported:

	Three Months Ended June 30,
$Millions	GAAP											Adjusted
		2021				2020			% Change				2021				2020			% Change
Net Sales	$	22.7			$	17.5			29.7	%		$	22.7			$	17.5			29.7	%
Operating Income	$	4.2			$	2.8			50.0	%		$	4.2			$	2.8			50.0	%
Operating Margin		18.4	%			16.0	%		240 bps				18.4	%			16.0	%		240 bps

Business Outlook

“We expect today’s business environment, which has been very dynamic since the beginning of January, to remain so throughout the second half of 2021. We will continue to manage inflation, minimize supply chain disruptions, operate in a tight labor market, and continue with our COVID operating protocols. We are currently positioned well with solid end market demand, record order backlog, a very healthy balance sheet, and strong focus on daily execution, acquisition integrations, and further strengthening our organization and operating systems,“ commented Mr. Bosway. “We remain confident in our existing full year 2021 guidance for revenue and earnings. We base this on our performance to date in 2021, which is consistent with historical patterns, and our current outlook and initiatives for improving profitability across each business. Consolidated revenue is expected to range between $1.3 billion and $1.35 billion. GAAP EPS from continuing operations is expected to range between $2.78 and $2.95 compared to $2.53 in 2020, and adjusted EPS from continuing operations is expected to range between $3.30 and $3.47 compared to $2.73 in 2020.”

Second Quarter 2021 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the second quarter of 2021. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com or dial into the call at (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 Industries is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets. With a three-pillar strategy focused on business systems, portfolio management, and organization and talent development, Gibraltar’s mission is to create compounding and sustainable value with strong leadership positions in higher growth, profitable end markets. Gibraltar serves customers primarily throughout North America. Comprehensive information about Gibraltar can be found on its website at 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 impacts of COVID-19 on the global economy and on our customers, suppliers, employees, operations, business, liquidity and cash flows, other general economic conditions and conditions in the particular markets in which we operate, 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, 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. Adjusted financial measures exclude special charges consisting of restructuring costs primarily associated with 80/20 simplification initiatives, senior leadership transition costs, acquisition related costs, and other reclassifications. These adjustments are shown in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release. The Company believes that the presentation of results excluding special charges provides meaningful supplemental data to investors, as well as management, 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. Special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. 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.

GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited)
	Three Months Ended June 30,										Six Months Ended June 30,
	2021					2020					2021					2020
Net Sales	$	348,389				$	255,184				$	635,981				$	470,585
Cost of sales	267,458					189,623					495,032					355,163
Gross profit	80,931					65,561					140,949					115,422
Selling, general, and administrative expense	49,522					34,813					96,725					71,897
Income from operations	31,409					30,748					44,224					43,525
Interest expense	245					222					689					266
Other income	(4,666		)			(1,892		)			(4,351		)			(1,374		)
Income before taxes	35,830					32,418					47,886					44,633
Provision for income taxes	9,457					7,961					11,017					10,274
Income from continuing operations	26,373					24,457					36,869					34,359
Discontinued operations:
(Loss) income before taxes	(502		)			3,746					2,068					6,576
(Benefit of) provision for income taxes	(78		)			911					226					1,584
(Loss) income from discontinued operations	(424		)			2,835					1,842					4,992
Net income	$	25,949				$	27,292				$	38,711				$	39,351
Net earnings per share – Basic:
Income from continuing operations	$	0.80				$	0.75				$	1.12				$	1.05
(Loss) income from discontinued operations	(0.01		)			0.09					0.06					0.16
Net income	$	0.79				$	0.84				$	1.18				$	1.21
Weighted average shares outstanding -- Basic	32,790					32,605					32,791					32,596
Net earnings per share – Diluted:
Income from continuing operations	$	0.80				$	0.74				$	1.11				$	1.05
(Loss) income from discontinued operations	(0.01		)			0.09					0.06					0.15
Net income	$	0.79				$	0.83				$	1.17				$	1.20
Weighted average shares outstanding -- Diluted	33,056					32,860					33,071					32,868

GIBRALTAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
	June 30, 2021					December 31, 2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	16,963				$	32,054
Accounts receivable, net of allowance of $5,294 and $3,529	225,315					197,990
Inventories, net	133,625					98,307
Prepaid expenses and other current assets	23,641					19,671
Assets of discontinued operations	—					77,438
Total current assets	399,544					425,460
Property, plant, and equipment, net	95,837					89,562
Operating lease assets	21,651					25,229
Goodwill	508,857					514,279
Acquired intangibles	159,734					156,365
Other assets	510					1,599
	$	1,186,133				$	1,212,494
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	168,917				$	134,738
Accrued expenses	68,677					83,505
Billings in excess of cost	49,215					34,702
Liabilities of discontinued operations	—					49,295
Total current liabilities	286,809					302,240
Long-term debt	32,309					85,636
Deferred income taxes	37,555					39,057
Non-current operating lease liabilities	14,391					17,730
Other non-current liabilities	27,461					24,026
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding	—					—
Common stock, $0.01 par value; 100,000 and 50,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 33,718 shares and 33,568 shares issued and outstanding in 2021 and 2020	337					336
Additional paid-in capital	310,728					304,870
Retained earnings	508,654					469,943
Accumulated other comprehensive income (loss)	1,552					(2,461		)
Cost of 1,083 and 1,028 common shares held in treasury in 2021 and 2020	(33,663		)			(28,883		)
Total stockholders’ equity	787,608					743,805
	$	1,186,133				$	1,212,494

GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
	Six Months Ended June 30,
	2021					2020
Cash Flows from Operating Activities
Net income	$	38,711				$	39,351
Income from discontinued operations	1,842					4,992
Income from continuing operations	36,869					34,359
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	16,014					9,942
Stock compensation expense	4,935					4,171
Gain on sale of business	—					(1,881		)
Exit activity costs, non-cash	1,193					346
Benefit of deferred income taxes	(36		)			(195		)
Other, net	349					429
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable	(29,150		)			(26,289		)
Inventories	(42,686		)			3,289
Other current assets and other assets	(611		)			1,893
Accounts payable	35,174					(989		)
Accrued expenses and other non-current liabilities	(9,274		)			(36,042		)
Net cash provided by (used in) operating activities of continuing operations	12,777					(10,967		)
Net cash (used in) provided by operating activities of discontinued operations	(2,002		)			3,712
Net cash provided by (used in) operating activities	10,775					(7,255		)
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(2		)			(54,385		)
Net proceeds from sale of property and equipment	—					59
Purchases of property, plant, and equipment	(9,474		)			(4,178		)
Net proceeds from sale of business	39,991					704
Net cash provided by (used in) investing activities of continuing operations	30,515					(57,800		)
Net cash used in investing activities of discontinued operations	(176		)			(1,053		)
Net cash provided by (used in) investing activities	30,339					(58,853		)
Cash Flows from Financing Activities
Proceeds from long-term debt	31,200					—
Long-term debt payments	(83,636		)			—
Purchase of treasury stock at market prices	(4,780		)			(4,462		)
Net proceeds from issuance of common stock	924					78
Net cash used in financing activities	(56,292		)			(4,384		)
Effect of exchange rate changes on cash	87					(12		)
Net decrease in cash and cash equivalents	(15,091		)			(70,504		)
Cash and cash equivalents at beginning of year	32,054					191,363
Cash and cash equivalents at end of period	$	16,963				$	120,859

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Three Months Ended June 30,2021
		As Reported In GAAP Statements					Restructuring Charges				Senior Leadership Transition Costs				Acquisition Related Items					Adjusted Financial Measures
Net Sales
Renewables		$	107,751				—				—				—					$	107,751
Residential		164,209					—				—				—					164,209
Agtech		53,696					—				—				—					53,696
Infrastructure		22,733					—				—				—					22,733
Consolidated sales		348,389					—				—				—					348,389
Income from operations
Renewables		9,510					786				—				1,858					12,154
Residential		27,155					29				—				—					27,184
Agtech		977					1,287				—				—					2,264
Infrastructure		4,186					—				—				—					4,186
Segments Income		41,828					2,102				—				1,858					45,788
Unallocated corporate expense		(10,419		)			59				18				32					(10,310		)
Consolidated income from operations		31,409					2,161				18				1,890					35,478
Interest expense		245					—				—				—					245
Other (income) expense		(4,666		)			—				—				4,747					81
Income before income taxes		35,830					2,161				18				(2,857		)			35,152
Provision for income taxes		9,457					507				5				(1,149		)			8,820
Income from continuing operations		$	26,373				$	1,654			$	13			$	(1,708	)			$	26,332
Income from continuing operations per share - diluted		$	0.80				$	0.05			$	—			$	(0.05	)			$	0.80
Operating margin
Renewables		8.8			%		0.7		%		—		%		1.7			%		11.3			%
Residential		16.5			%		—		%		—		%		—			%		16.6			%
Agtech		1.8			%		2.4		%		—		%		—			%		4.2			%
Infrastructure		18.4			%		—		%		—		%		—			%		18.4			%
Segments Margin		12.0			%		0.6		%		—		%		0.5			%		13.1			%
Consolidated		9.0			%		0.6		%		—		%		0.5			%		10.2			%

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Three Months Ended June 30, 2020
		As Reported In GAAP Statements					Restructuring & Senior Leadership Transition Costs				Acquisition Costs				Gain on Sale of Business					Adjusted Financial Measures
Net Sales
Renewables		$	55,950				$	—			$	—			$	—				$	55,950
Residential		139,472					—				—				—					139,472
Agtech		42,309					—				—				—					42,309
Infrastructure		17,453					—				—				—					17,453
Consolidated sales		255,184					—				—				—					255,184
Income from operations
Renewables		8,422					—				—				—					8,422
Residential		27,964					263				—				—					28,227
Agtech		766					388				1,172				—					2,326
Infrastructure		2,801					—				—				—					2,801
Segments Income		39,953					651				1,172				—					41,776
Unallocated corporate expense		(9,205		)			161				50				—					(8,994		)
Consolidated income from operations		30,748					812				1,222				—					32,782
Interest expense		222					—				—				—					222
Other income		(1,892		)			—				—				1,881					(11		)
Income before income taxes		32,418					812				1,222				(1,881		)			32,571
Provision for income taxes		7,961					170				274				(469		)			7,936
Income from continuing operations		$	24,457				$	642			$	948			$	(1,412	)			$	24,635
Income from continuing operations per share - diluted		$	0.74				$	0.02			$	0.03			$	(0.04	)			$	0.75
Operating margin
Renewables		15.1			%		—		%		—		%		—			%		15.1			%
Residential		20.0			%		0.2		%		—		%		—			%		20.2			%
Agtech		1.8			%		0.9		%		2.8		%		—			%		5.5			%
Infrastructure		16.0			%		—		%		—		%		—			%		16.0			%
Segments Margin		15.7			%		0.3		%		0.5		%		—			%		16.4			%
Consolidated		12.0			%		0.3		%		0.5		%		—			%		12.8			%

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Six Months Ended June 30, 2021
		As Reported In GAAP Statements					Restructuring Charges				Senior Leadership Transition Costs				Acquisition Related Items					Adjusted Financial Measures
Net Sales
Renewables		$	193,263				—				—				—					$	193,263
Residential		304,426					—				—				—					304,426
Agtech		100,435					—				—				—					100,435
Infrastructure		37,857					—				—				—					37,857
Consolidated sales		635,981					—				—				—					635,981
Income from operations
Renewables		8,989					5,757				—				3,758					18,504
Residential		50,089					94				—				—					50,183
Agtech		1,906					1,491				—				—					3,397
Infrastructure		6,223					—				—				—					6,223
Segments Income		67,207					7,342				—				3,758					78,307
Unallocated corporate expense		(22,983		)			59				1,307				915					(20,702		)
Consolidated income from operations		44,224					7,401				1,307				4,673					57,605
Interest expense		689					—				—				—					689
Other (income) expense		(4,351		)			—				—				4,747					396
Income before income taxes		47,886					7,401				1,307				(74		)			56,520
Provision for income taxes		11,017					1,880				311				(442		)			12,766
Income from continuing operations		$	36,869				$	5,521			$	996			$	368				$	43,754
Income from continuing operations per share - diluted		$	1.11				$	0.17			$	0.03			$	0.01				$	1.32
Operating margin
Renewables		4.7			%		3.0		%		—		%		1.9			%		9.6			%
Residential		16.5			%		—		%		—		%		—			%		16.5			%
Agtech		1.9			%		1.5		%		—		%		—			%		3.4			%
Infrastructure		16.4			%		—		%		—		%		—			%		16.4			%
Segments Margin		10.6			%		1.2		%		—		%		0.6			%		12.3			%
Consolidated		7.0			%		1.2		%		0.2		%		0.7			%		9.1			%

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Six Months Ended June 30, 2020
		As Reported In GAAP Statements					Restructuring & Senior Leadership Transition Costs				Acquisition Costs				Gain on Sale of Business					Adjusted Financial Measures
Net Sales
Renewables		$	103,213				$	—			$	—			$	—				$	103,213
Residential		242,891					—				—				—					242,891
Agtech		91,543					—				—				—					91,543
Infrastructure		32,938					—				—				—					32,938
Consolidated sales		470,585					—				—				—					470,585
Income from operations
Renewables		12,781					18				—				—					12,799
Residential		41,689					484				—				—					42,173
Agtech		2,106					388				2,173				—					4,667
Infrastructure		4,377					—				—				—					4,377
Segments Income		60,953					890				2,173				—					64,016
Unallocated corporate expense		(17,428		)			2,441				309				—					(14,678		)
Consolidated income from operations		43,525					3,331				2,482				—					49,338
Interest expense		266					—				—				—					266
Other (income) expense		(1,374		)			—				—				1,881					507
Income before income taxes		44,633					3,331				2,482				(1,881		)			48,565
Provision for income taxes		10,274					229				590				(469		)			10,624
Income from continuing operations		$	34,359				$	3,102			$	1,892			$	(1,412	)			$	37,941
Income from continuing operations per share - diluted		$	1.05				$	0.09			$	0.05			$	(0.04	)			$	1.15
Operating margin
Renewables		12.4			%		—		%		—		%		—			%		12.4			%
Residential		17.2			%		0.2		%		—		%		—			%		17.4			%
Agtech		2.3			%		0.4		%		2.4		%		—			%		5.1			%
Infrastructure		13.3			%		—		%		—		%		—			%		13.3			%
Segments Margin		13.0			%		0.2		%		0.5		%		—			%		13.6			%
Consolidated		9.2			%		0.7		%		0.5		%		—			%		10.5			%

 

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FAQ

What were Gibraltar Industries' Q2 2021 earnings results?

Gibraltar reported a 36.5% increase in net sales to $348.4 million and a GAAP net income of $26.4 million, or $0.80 per share.

How has Gibraltar Industries' order backlog changed?

Gibraltar's order backlog increased by 54% to over $400 million, representing the highest level in the company's history.

What is Gibraltar's revenue guidance for 2021?

Gibraltar expects consolidated revenue to range between $1.3 billion and $1.35 billion for the full year 2021.

What are the expected EPS figures for Gibraltar Industries in 2021?

GAAP EPS is expected to range between $2.78 and $2.95, while adjusted EPS is forecasted to be between $3.30 and $3.47.