Gibraltar Announces Third Quarter 2021 Financial Results

Rhea-AI Summary

Gibraltar Industries reported a 25% increase in Q3 revenue to $369.4 million, with organic growth of 4% and acquisitions contributing 21%. GAAP EPS declined to $0.84, while adjusted EPS was $0.91, reflecting inflation and supply chain challenges. The backlog rose 10% to $385 million, driven predominantly by the Renewables sector. Despite operational hurdles, the company anticipates a revenue growth of 27%-31% for the year with adjusted EPS growth of 8%-12%, adjusting its guidance in light of continued inflation and supply disruptions.

Positive

• Q3 revenue increased 25% to $369.4 million.
• Backlog improved 10% to $385 million, indicating strong demand.
• Renewables segment saw revenue growth of 85.5%.

Negative

• GAAP EPS decreased 11.6% to $0.84.
• Adjusted EPS fell 7.1% to $0.91 due to inflationary pressures.
• Agtech segment experienced a 15.5% decline in revenue.

Q3 Revenue Increased 25% - 4% Organic and 21% from Acquisitions

GAAP EPS of $0.84; Adjusted EPS of $0.91

Order Backlog Increases 10% to $385M, Driven by Renewables

2021 Outlook Adjusted for Amplified Inflation and Supply Chain Challenges

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 September 30, 2021.

“Our team executed well and delivered solid results despite significant acceleration of inflation and supply chain disruption that exceeded our expectations going into the quarter,” President and Chief Executive Officer Bill Bosway stated. “We continued to drive growth through price management, participation gains, and steady end market demand, and our backlog of $385 million increased 10% on a proforma basis. We focused on optimizing operating profit dollars while navigating margin performance through higher input costs, the timing and alignment of additional price increases with our higher input costs, and project schedule disruptions in our Renewables and Agtech businesses related to industry-specific supply dynamics. We remain confident that margins will begin to improve once inflation moderates and expand further as supply chain disruptions become less impactful. Given strong fundamental demand drivers in our end markets, we expect today’s environment to have minimal impact on the long-term outlook for our portfolio businesses.”

Third Quarter 2021 Consolidated Results from Continuing Operations

Below are third quarter 2021 consolidated results from continuing operations:

	Three Months Ended September 30,
$Millions, except EPS	GAAP						Adjusted
	2021		2020		% Change		2021		2020		% Change
Net Sales	$369.4		$296.8		24.5%		$369.4		$296.8		24.5%
Net Income	$27.9		$31.3		-10.9%		$30.2		$32.3		-6.5%
Diluted EPS	$0.84		$0.95		-11.6%		$0.91		$0.98		-7.1%

Net sales from continuing operations increased 24.5% to $369.4 million, with organic growth contributing 3.9% and recent acquisitions 20.6%. Organic growth was driven by pricing, end market demand in Renewables and Infrastructure and participation gains primarily in Residential.

GAAP earnings decreased 10.9% to $27.9 million, or $0.84 per share, and adjusted earnings decreased 6.5% to $30.2 million, or $0.91 per share, as materials and transportation inflation curves steepened more sharply and supply chain became more difficult during the third quarter across the businesses, partially offset by price increases, 80/20 and lean productivity initiatives, the TerraSmart acquisition, and margin expansion in the legacy Renewables business. Adjusted measures remove charges for restructuring initiatives, acquisition-related items, and senior leadership transition costs, as further described in the appended reconciliation of adjusted financial measures.

Third Quarter Segment Results

Renewables

For the third quarter, the Renewables segment reported:

	Three Months Ended September 30,
$Millions	GAAP						Adjusted
	2021		2020		% Change		2021		2020		% Change
Net Sales	$130.2		$70.2		85.5%		$130.2		$70.2		85.5%
Operating Income	$12.2		$9.1		34.1%		$14.8		$9.1		62.6%
Operating Margin	9.4%		12.9%		(350) bps		11.4%		12.9%		(150) bps

The solar industry continued to experience regulatory, geo-political, inflation, panel supply, and project management headwinds during the quarter. Despite these challenges, revenue increased 85.5% including revenue from the acquisition of TerraSmart. On a pro forma basis, revenue increased a robust 19.0% with growth in both the legacy and TerraSmart businesses. Customer bookings reflected good order strength across all product lines – fixed tilt, tracker, canopy, and eBos – and grew 30.4%, helping increase backlog to a record $184 million, up 80% over last year. On a proforma basis, backlog increased 15%.

Adjusted operating income increased 62.6% and operating margins contracted 160 basis points. The legacy business delivered adjusted operating margin improvement from last year, driven by 80/20 productivity, lean enterprise quote-to-cash initiatives, price/cost management, and product and business mix benefits. TerraSmart margin expanded less than expected but accelerated sequentially. Margin was impacted by project management and field operations inefficiencies amplified by supply chain inconsistencies for solar panels and other key components plaguing the industry. The integration of TerraSmart remains on track with organization, process development, information systems, supply chain, and in-sourcing activities gaining momentum per plan.

Residential

For the third quarter, the Residential segment reported:

	Three Months Ended September 30,
$Millions	GAAP						Adjusted
	2021		2020		% Change		2021		2020		% Change
Net Sales	$171.5		$151.7		13.1%		$171.5		$151.7		13.1%
Operating Income	$29.5		$32.5		(9.2%)		$29.6		$32.6		(9.2%)
Operating Margin	17.2%		21.4%		(420) bps		17.2%		21.5%		(430) bps

Revenue increased 13.1%, marking the fifth consecutive quarter of double-digit growth. Of total growth, 8.7% was organic and 4.4% was delivered by Architectural Mailboxes. Revenue was driven by additional price actions, recent weather-related repair demand, and participation gains. Architectural Mailboxes, acquired in 2020, continued to deliver revenue growth as expected.

Adjusted operating income was down $3.0 million or 9.2%. Adjusted operating margin of 17.2% improved 60 basis points sequentially. Current period margins were negatively impacted by continued and accelerating material cost inflation and supply chain disruptions. Gibraltar implemented additional price increases, and also executed key 80/20 in-sourcing initiatives to mitigate cost and delivery risks associated with imported product. The sequential margin improvement indicates key operating actions are beginning to positively impact margin performance.

Agtech

For the third quarter, the Agtech segment reported:

	Three Months Ended September 30,
$Millions	GAAP						Adjusted
	2021		2020		% Change		2021		2020		% Change
Net Sales	$49.0		$58.0		-15.5%		$49.0		$58.0		-15.5%
Operating Income	$2.2		$5.1		-56.9%		$2.5		$5.9		-57.6%
Operating Margin	4.5%		8.8%		(430) bps		5.1%		10.1%		(500) bps

Revenue decreased 15.5%, impacted by delays in produce project schedules due to imported glass for roofing systems being held for extended time in both international and U.S. ports and project delays related to state licensing and permit approvals in our cannabis businesses. Despite the above headwinds, the commercial greenhouse business delivered sequential growth on strong demand. Order backlog continues to improve and is up 22% year-to-date, with new orders increasing 44% sequentially. The pipeline of expected new orders in all three businesses – Produce, Cannabis, and Commercial – remains strong and is expected to support momentum into the fourth quarter and 2022.

Adjusted operating margin improved 90 basis points sequentially despite overall lower sequential sales and the acceleration of both inflation and supply chain disruption in the quarter. Margin performance improvement was driven by sequential expansion in the commercial greenhouse business, 80/20 productivity and lean enterprise initiatives to effectively scale the business. Management continues to expect these benefits to accelerate sequential margin improvement through the remainder of the year.

Infrastructure

For the third quarter, the Infrastructure segment reported:

	Three Months Ended September 30,
$Millions	GAAP						Adjusted
	2021		2020		% Change		2021		2020		% Change
Net Sales	$18.7		$16.8		11.3%		$18.7		$16.8		11.3%
Operating Income	$1.6		$2.3		-30.4%		$1.6		$2.3		-30.4%
Operating Margin	8.8%		13.6%		(480) bps		8.8%		13.6%		(480) bps

Revenue increased 11.3% with improving demand for both fabricated and non-fabricated products and improving State D.O.T. and project funding driven by the overall economic recovery. Non-fabricated demand was somewhat muted by raw material supply constraints caused by Hurricane Ida damage to the industry’s key suppliers. Backlog at quarter-end increased to $49 million, up 29%, with new customer orders up 65.6% during the quarter, reflecting strength across the business and end markets.

Adjusted operating margin declined to 8.8% due to product line mix, rubber supply issues, production inefficiencies related to production capacity expansion, and price / cost alignment.

Business Outlook

Given year-to-date results and the ongoing dynamics surrounding today’s business environment, Gibraltar is adjusting its full year guidance as follows: consolidated revenue is expected to range between $1.31 billion and $1.35 billion; GAAP EPS from continuing operations is now expected to range from $2.45 and $2.56 compared to $2.53 in 2020; adjusted EPS from continuing operations is expected to range between $2.95 and $3.06 compared to $2.73 in 2020. With these adjustments, the Company anticipates full year revenue growth in the range of 27% - 31% and adjusted EPS growth of 8% - 12%. The new EPS range assumes today’s current cost environment and supply chain disruption (material, labor, transportation) remain elevated throughout the fourth quarter as well as incremental costs and potential labor and productivity impacts associated with administering upcoming COVID mandates. GAAP EPS from continuing operations and adjusted EPS from continuing operations for the fourth quarter is expected to range between $0.48 and $0.60, and $0.71 and $0.82 respectively, compared to $0.53 and $0.59, respectively, in fourth quarter 2020, with adjusted EPS growth reflecting a 21-39% increase driven by strong demand, some moderation in inflation and the benefits of pricing actions already taken.

Mr. Bosway commented, “Demand continues to be good across our business, and our EPS guidance revision reflects the effects of the current environment. We remain well positioned with strong backlog, increasing customer orders, a healthy balance sheet, and a continued focus on daily execution, acquisition integrations, and further strengthening our operating systems.”

Third 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 third 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 September 30,										Nine Months Ended September 30,
		2021					2020					2021					2020
Net Sales		$	369,353				$	296,792				$	1,005,334				$	767,377
Cost of sales		286,101					218,297					781,133					573,460
Gross profit		83,252					78,495					224,201					193,917
Selling, general, and administrative expense		45,274					37,552					141,999					109,449
Income from operations		37,978					40,943					82,202					84,468
Interest expense		491					217					1,180					483
Other expense (income)		72					(48		)			(4,279		)			(1,422		)
Income before taxes		37,415					40,774					85,301					85,407
Provision for income taxes		9,561					9,440					20,578					19,714
Income from continuing operations		27,854					31,334					64,723					65,693
Discontinued operations:
(Loss) income before taxes		(201		)			2,814					1,867					9,390
Provision for income taxes		97					388					323					1,972
(Loss) income from discontinued operations		(298		)			2,426					1,544					7,418
Net income		$	27,556				$	33,760				$	66,267				$	73,111
Net earnings per share – Basic:
Income from continuing operations		$	0.85				$	0.96				$	1.97				$	2.01
(Loss) income from discontinued operations		(0.01		)			0.07					0.05					0.23
Net income		$	0.84				$	1.03				$	2.02				$	2.24
Weighted average shares outstanding -- Basic		32,802					32,635					32,791					32,606
Net earnings per share – Diluted:
Income from continuing operations		$	0.84				$	0.95				$	1.96				$	2.00
(Loss) income from discontinued operations		(0.01		)			0.07					0.05					0.22
Net income		$	0.83				$	1.02				$	2.01				$	2.22
Weighted average shares outstanding -- Diluted		33,050					32,969					33,055					32,902

GIBRALTAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
		September 30, 2021					December 31, 2020
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	13,934				$	32,054
Accounts receivable, net of allowance of $5,799 and $3,529		260,624					197,990
Inventories, net		156,494					98,307
Prepaid expenses and other current assets		20,592					19,671
Assets of discontinued operations		—					77,438
Total current assets		451,644					425,460
Property, plant, and equipment, net		96,263					89,562
Operating lease assets		19,858					25,229
Goodwill		508,660					514,279
Acquired intangibles		154,655					156,365
Other assets		1,135					1,599
		$	1,232,215				$	1,212,494
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	165,940				$	134,738
Accrued expenses		71,663					83,505
Billings in excess of cost		42,133					34,702
Liabilities of discontinued operations		—					49,295
Total current liabilities		279,736					302,240
Long-term debt		59,695					85,636
Deferred income taxes		37,000					39,057
Non-current operating lease liabilities		12,837					17,730
Other non-current liabilities		28,263					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 September 30, 2021 and December 31, 2020, respectively; 33,782 shares and 33,568 shares issued and outstanding in 2021 and 2020		338					336
Additional paid-in capital		312,658					304,870
Retained earnings		536,210					469,943
Accumulated other comprehensive income (loss)		522					(2,461		)
Cost of 1,102 and 1,028 common shares held in treasury in 2021 and 2020		(35,044		)			(28,883		)
Total stockholders’ equity		814,684					743,805
		$	1,232,215				$	1,212,494

GIBRALTAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
		Nine Months Ended September 30,
		2021					2020
Cash Flows from Operating Activities
Net income		$	66,267				$	73,111
Income from discontinued operations		1,544					7,418
Income from continuing operations		64,723					65,693
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		23,958					15,749
Stock compensation expense		6,769					6,151
Gain on sale of business		—					(1,881		)
Exit activity costs, non-cash		1,193					505
(Benefit of) provision for deferred income taxes		(689		)			680
Other, net		1,274					763
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable		(65,297		)			(40,883		)
Inventories		(65,906		)			2,007
Other current assets and other assets		(316		)			6,055
Accounts payable		32,029					12,856
Accrued expenses and other non-current liabilities		(12,261		)			(22,379		)
Net cash (used in) provided by operating activities of continuing operations		(14,523		)			45,316
Net cash (used in) provided by operating activities of discontinued operations		(2,002		)			10,878
Net cash (used in) provided by operating activities		(16,525		)			56,194
Cash Flows from Investing Activities
Acquisitions, net of cash acquired		4,143					(54,385		)
Net proceeds from sale of property and equipment		61					1,355
Purchases of property, plant, and equipment		(13,312		)			(7,893		)
Net proceeds from sale of business		38,062					723
Net cash provided by (used in) investing activities of continuing operations		28,954					(60,200		)
Net cash used in investing activities of discontinued operations		(176		)			(952		)
Net cash provided by (used in) investing activities		28,778					(61,152		)
Cash Flows from Financing Activities
Proceeds from long-term debt		58,500					—
Long-term debt payments		(83,636		)			—
Purchase of treasury stock at market prices		(6,161		)			(6,408		)
Net proceeds from issuance of common stock		1,021					377
Net cash used in financing activities		(30,276		)			(6,031		)
Effect of exchange rate changes on cash		(97		)			(558		)
Net decrease in cash and cash equivalents		(18,120		)			(11,547		)
Cash and cash equivalents at beginning of year		32,054					191,363
Cash and cash equivalents at end of period		$	13,934				$	179,816

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Three Months Ended September 30, 2021
		As Reported In GAAP Statements				Restructuring Charges				Senior Leadership Transition Costs				Acquisition Related Items				Adjusted Financial Measures
Net Sales
Renewables		$	130,162			$	—			$	—			$	—			$	130,162
Residential		171,545				—				—				—				171,545
Agtech		48,975				—				—				—				48,975
Infrastructure		18,671				—				—				—				18,671
Consolidated sales		369,353				—				—				—				369,353
Income from operations
Renewables		12,206				131				392				2,064				14,793
Residential		29,482				83				—				—				29,565
Agtech		2,227				293				—				—				2,520
Infrastructure		1,640				—				—				—				1,640
Segments Income		45,555				507				392				2,064				48,518
Unallocated corporate expense		(7,577		)		37				4				53				(7,483		)
Consolidated income from operations		37,978				544				396				2,117				41,035
Interest expense		491				—				—				—				491
Other expense		72				—				—				—				72
Income before income taxes		37,415				544				396				2,117				40,472
Provision for income taxes		9,561				117				81				515				10,274
Income from continuing operations		$	27,854			$	427			$	315			$	1,602			$	30,198
Income from continuing operations per share - diluted		$	0.84			$	0.01			$	0.01			$	0.05			$	0.91
Operating margin
Renewables		9.4		%		0.1		%		0.3		%		1.6		%		11.4		%
Residential		17.2		%		—		%		—		%		—		%		17.2		%
Agtech		4.5		%		0.6		%		—		%		—		%		5.1		%
Infrastructure		8.8		%		—		%		—		%		—		%		8.8		%
Segments Margin		12.3		%		0.1		%		0.1		%		0.5		%		13.1		%
Consolidated		10.3		%		0.1		%		0.1		%		0.5		%		11.1		%

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Three Months Ended September 30, 2020
		As Reported In GAAP Statements				Restructuring & Senior Leadership Transition Costs				Acquisition Costs				Adjusted Financial Measures
Net Sales
Renewables		$	70,246			$	—			$	—			$	70,246
Residential		151,718				—				—				151,718
Agtech		58,012				—				—				58,012
Infrastructure		16,816				—				—				16,816
Consolidated sales		296,792				—				—				296,792
Income from operations
Renewables		9,070				(3		)		—				9,067
Residential		32,454				186				—				32,640
Agtech		5,125				175				572				5,872
Infrastructure		2,283				—				—				2,283
Segments Income		48,932				358				572				49,862
Unallocated corporate expense		(7,989		)		187				16				(7,786		)
Consolidated income from operations		40,943				545				588				42,076
Interest expense		217				—				—				217
Other income		(48		)		—				—				(48		)
Income before income taxes		40,774				545				588				41,907
Provision for income taxes		9,440				67				135				9,642
Income from continuing operations		$	31,334			$	478			$	453			$	32,265
Income from continuing operations per share - diluted		$	0.95			$	0.02			$	0.01			$	0.98
Operating margin
Renewables		12.9		%		—		%		—		%		12.9		%
Residential		21.4		%		0.1		%		—		%		21.5		%
Agtech		8.8		%		0.3		%		1.0		%		10.1		%
Infrastructure		13.6		%		—		%		—		%		13.6		%
Segments Margin		16.5		%		0.1		%		0.2		%		16.8		%
Consolidated		13.8		%		0.2		%		0.2		%		14.2		%

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Nine Months Ended September 30, 2021
		As Reported In GAAP Statements				Restructuring Charges				Senior Leadership Transition Costs				Acquisition Related Items				Adjusted Financial Measures
Net Sales
Renewables		$	323,425			$	—			$	—			$	—			$	323,425
Residential		475,971				—				—				—				475,971
Agtech		149,410				—				—				—				149,410
Infrastructure		56,528				—				—				—				56,528
Consolidated sales		1,005,334				—				—				—				1,005,334
Income from operations
Renewables		21,195				5,888				392				5,822				33,297
Residential		79,571				177				—				—				79,748
Agtech		4,133				1,784				—				—				5,917
Infrastructure		7,863				—				—				—				7,863
Segments Income		112,762				7,849				392				5,822				126,825
Unallocated corporate expense		(30,560		)		96				1,311				968				(28,185		)
Consolidated income from operations		82,202				7,945				1,703				6,790				98,640
Interest expense		1,180				—				—				—				1,180
Other (income) expense		(4,279		)		—				—				4,747				468
Income before income taxes		85,301				7,945				1,703				2,043				96,992
Provision for income taxes		20,578				1,997				392				73				23,040
Income from continuing operations		$	64,723			$	5,948			$	1,311			$	1,970			$	73,952
Income from continuing operations per share - diluted		$	1.96			$	0.18			$	0.04			$	0.06			$	2.24
Operating margin
Renewables		6.6		%		1.8		%		0.1		%		1.8		%		10.3		%
Residential		16.7		%		—		%		—		%		—		%		16.8		%
Agtech		2.8		%		1.2		%		—		%		—		%		4.0		%
Infrastructure		13.9		%		—		%		—		%		—		%		13.9		%
Segments Margin		11.2		%		0.8		%		—		%		0.6		%		12.6		%
Consolidated		8.2		%		0.8		%		0.2		%		0.7		%		9.8		%

GIBRALTAR INDUSTRIES, INC. Reconciliation of Adjusted Financial Measures (in thousands, except per share data) (unaudited)
		Nine Months Ended September 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		$	173,459			$	—			$	—			$	—			$	173,459
Residential		394,609				—				—				—				394,609
Agtech		149,555				—				—				—				149,555
Infrastructure		49,754				—				—				—				49,754
Consolidated sales		767,377				—				—				—				767,377
Income from operations
Renewables		21,851				15				—				—				21,866
Residential		74,143				670				—				—				74,813
Agtech		7,231				563				2,745				—				10,539
Infrastructure		6,660				—				—				—				6,660
Segments Income		109,885				1,248				2,745				—				113,878
Unallocated corporate expense		(25,417		)		2,628				325				—				(22,464		)
Consolidated income from operations		84,468				3,876				3,070				—				91,414
Interest expense		483				—				—				—				483
Other (income) expense		(1,422		)		—				—				1,881				459
Income before income taxes		85,407				3,876				3,070				(1,881		)		90,472
Provision for income taxes		19,714				296				725				(469		)		20,266
Income from continuing operations		$	65,693			$	3,580			$	2,345			$	(1,412	)		$	70,206
Income from continuing operations per share - diluted		$	2.00			$	0.10			$	0.07			$	(0.04	)		$	2.13
Operating margin
Renewables		12.6		%		—		%		—		%		—		%		12.6		%
Residential		18.8		%		0.2		%		—		%		—		%		19.0		%
Agtech		4.8		%		0.4		%		1.8		%		—		%		7.0		%
Infrastructure		13.4		%		—		%		—		%		—		%		13.4		%
Segments Margin		14.3		%		0.2		%		0.4		%		—		%		14.8		%
Consolidated		11.0		%		0.5		%		0.4		%		—		%		11.9		%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005305/en/

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

Source: Gibraltar Industries, Inc.

FAQ

What were Gibraltar's Q3 2021 earnings results?

Gibraltar reported a Q3 2021 revenue of $369.4 million, a 25% increase, with GAAP EPS of $0.84 and adjusted EPS of $0.91.

How did Gibraltar adjust its guidance for 2021?

Gibraltar adjusted its 2021 revenue guidance to between $1.31 billion and $1.35 billion, with adjusted EPS expected to range from $2.95 to $3.06.

What factors affected Gibraltar's Q3 EPS performance?

Gibraltar's EPS performance was impacted by inflation and supply chain challenges, resulting in a decrease in both GAAP and adjusted EPS.

What is Gibraltar's order backlog as of Q3 2021?

Gibraltar's order backlog increased 10% to $385 million, with significant contributions from the Renewables sector.