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Gibraltar Announces Third Quarter 2024 Financial Results

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Gibraltar Industries (ROCK) reported Q3 2024 financial results with net sales of $361.2 million, down 7.6% year-over-year, and adjusted EPS of $1.27, down 7.3%. The company generated strong operating cash flow of $65 million. While Agtech sales grew over 30%, performance was impacted by solar industry headwinds in Renewables and slowdown in Residential markets. The company confirmed its 2024 outlook with revenue guidance of $1.31-$1.33B and adjusted EPS of $4.11-$4.25.

Gibraltar Industries (ROCK) ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 361,2 milioni di dollari, in calo del 7,6% rispetto all’anno precedente, e un utile per azione rettificato di 1,27 dollari, in diminuzione del 7,3%. L'azienda ha generato un forte flusso di cassa operativo di 65 milioni di dollari. Sebbene le vendite dell'Agtech siano cresciute di oltre il 30%, le performance sono state influenzate dalle difficoltà del settore solare nelle Rinnovabili e dal rallentamento dei mercati residenziali. L'azienda ha confermato le previsioni per il 2024 con una guida al fatturato di 1,31-1,33 miliardi di dollari e un utile per azione rettificato di 4,11-4,25 dollari.

Gibraltar Industries (ROCK) reportó los resultados financieros del tercer trimestre de 2024 con ventas netas de 361,2 millones de dólares, un descenso del 7,6% respecto al año anterior, y una utilidad por acción ajustada de 1,27 dólares, una disminución del 7,3%. La compañía generó un fuerte flujo de efectivo operativo de 65 millones de dólares. Mientras que las ventas de Agtech crecieron más del 30%, el rendimiento se vio afectado por los vientos en contra de la industria solar en Energías Renovables y la desaceleración en los mercados residenciales. La empresa confirmó su pronóstico para 2024 con una guía de ingresos de 1,31-1,33 mil millones de dólares y una utilidad por acción ajustada de 4,11-4,25 dólares.

지브롤터 산업 (ROCK)는 2024년 3분기 재무 결과를 보고하였으며, 순매출은 3억 6120만 달러로, 전년 대비 7.6% 감소하였고, 조정된 주당순이익은 1.27 달러로 7.3% 하락했습니다. 회사는 6500만 달러의 강력한 운영 현금 흐름을 생성했습니다. Agtech 판매는 30% 이상 성장했지만, 재생 가능 에너지의 태양광 산업의 역풍과 주거 시장의 둔화로 성과에 영향을 받았습니다. 회사는 2024년 전망을 확인하며, 매출 가이드를 13억 1000만-13억 3000만 달러로, 조정된 주당순이익을 4.11-4.25 달러로 제시했습니다.

Gibraltar Industries (ROCK) a annoncé ses résultats financiers du troisième trimestre 2024 avec des ventes nettes de 361,2 millions de dollars, en baisse de 7,6 % par rapport à l'année précédente, et un BPA ajusté de 1,27 dollars, en baisse de 7,3 %. L'entreprise a généré un solide flux de trésorerie opérationnel de 65 millions de dollars. Bien que les ventes dans le secteur Agtech aient augmenté de plus de 30 %, la performance a été affectée par des vents contraires dans l'industrie solaire dans les énergies renouvelables et un ralentissement sur les marchés résidentiels. L'entreprise a confirmé ses prévisions pour 2024 avec des prévisions de revenus de 1,31 à 1,33 milliard de dollars et un BPA ajusté de 4,11 à 4,25 dollars.

Gibraltar Industries (ROCK) hat die finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben, mit Nettoumsätzen von 361,2 Millionen Dollar, das ist ein Rückgang von 7,6% im Vergleich zum Vorjahr, und einem bereinigten EPS von 1,27 Dollar, ebenfalls rückläufig um 7,3%. Das Unternehmen erzielte einen starken operativen Cashflow von 65 Millionen Dollar. Während die Umsätze im Agtech-Bereich um über 30% wuchsen, wurde die Leistung durch Gegenwinde der Solarindustrie im Bereich der Erneuerbaren Energien und eine Verlangsamung in den Wohnmärkten beeinträchtigt. Das Unternehmen bestätigte seine Prognose für 2024 mit einer Umsatzprognose von 1,31-1,33 Milliarden Dollar und einem bereinigten EPS von 4,11-4,25 Dollar.

Positive
  • Strong operating cash flow generation of $65 million
  • Agtech segment sales increased 30.9% with operating margin expansion of 260 bps
  • Infrastructure segment operating margins improved by 230 basis points
  • Residential segment operating margins expanded through solid execution
Negative
  • Overall net sales declined 7.6% to $361.2 million
  • Net income decreased 13.5% to $34.0 million
  • Renewables segment sales dropped 21.0% with operating margin declining 1110 bps
  • Residential segment sales decreased 6.7%

Insights

Gibraltar's Q3 results reveal a mixed performance with notable challenges. $361.2M in revenue marks a 7.6% YoY decline, while adjusted EPS of $1.27 represents a 7.3% decrease. The company's segments show divergent trends - Agtech demonstrated robust growth of 30.9%, while Renewables faced significant headwinds with revenue declining 21%.

Strong cash flow generation of $65M and maintained margin expansion in three segments highlight effective operational management. The Residential segment, despite revenue decline, improved margins through cost management. However, the Renewables segment's margin compression to 6.5% from 16.9% is concerning.

The maintained full-year guidance of $1.31-1.33B revenue and adjusted EPS of $4.11-4.25 suggests management's confidence in Q4 performance despite market challenges.

The market dynamics affecting Gibraltar present a complex picture. The solar industry faces regulatory headwinds from AD/CVD investigations, creating uncertainty before the December 3 tariff moratorium expiration. This has significantly impacted the Renewables segment, with a 24% backlog decrease.

The Agtech sector shows promising momentum, particularly in produce facilities, indicating a shift in market demand toward controlled environment agriculture. Infrastructure segment maintains solid margins despite lower revenue, supported by sustained federal and state investment.

The residential market slowdown affects inventory management and customer transition timing, though margin improvement demonstrates effective pricing strategies. These diverse market conditions require careful navigation but also present opportunities for strategic positioning.

Net Sales: $361 Million; EPS: GAAP $1.11, Adjusted $1.27

Strong Operating Cash Flow Generation of $65 Million

Confirms Updated 2024 Outlook for Revenue: $1.31-$1.33B, GAAP, Adjusted EPS: $3.57-$3.71, $4.11-$4.25, Respectively

BUFFALO, N.Y.--(BUSINESS WIRE)-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, renewable energy, agtech and infrastructure markets, today reported its financial results for the three- and nine-month period ended September 30, 2024.

“Third quarter results were within our previously announced range, with the Renewables and Residential businesses coming in as we anticipated, Agtech sales growing over 30%, and three of our four segments delivering margin growth translating to $65 million in cash flow generation on solid execution and working capital management. We are managing well in a challenging sales environment and are well positioned to weather current market disruptions,” stated Chairman and CEO Bill Bosway.

Third Quarter 2024 Consolidated Results

($Millions, except EPS)

Three Months Ended September 30,

 

2024

2023

Change

2024

2023

Change

Net Sales

$361.2

$390.7

(7.6)%

Adjusted Net Sales

$361.2

$385.2

(6.2)%

Net Income

$34.0

$39.3

(13.5)%

Adjusted Net Income

$38.9

$42.1

(7.6)%

Diluted EPS

$1.11

$1.28

(13.3)%

Adjusted Diluted EPS

$1.27

$1.37

(7.3)%

GAAP and adjusted net sales were down 7.6% and 6.2%, respectively, driven by solar industry headwinds impacting the Renewables business and a slowdown in the Residential market, partially offset by growth in Agtech.

GAAP net income decreased to $34.0 million, or $1.11 per share, and adjusted net income decreased to $38.9 million, or $1.27 per share.

Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and portfolio management actions, as further described in the appended reconciliation of adjusted financial measures.

Third Quarter Segment Results

Residential

($Millions)

Three Months Ended September 30,

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Net Sales

$212.4

 

$227.7

 

(6.7)%

Adjusted Net Sales

$212.4

 

$227.7

 

(6.7)%

Operating Income

$42.1

 

$42.2

 

(0.2)%

Adjusted Operating Income

$42.4

 

$42.8

 

(0.9)%

Operating Margin

19.8%

 

18.5%

 

130 bps

Adjusted Operating Margin

19.9%

 

18.8%

 

110 bps

Net sales decreased 6.7% driven by a slower residential market, including the repair and remodel sector, which is impeding the timing and benefit of participation gains as customers take longer to flush inventory from incumbent suppliers.

Operating margins expanded through solid execution, effective price/cost management and 80/20 initiatives.

Renewables

($Millions)

Three Months Ended September 30,

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Net Sales

$84.1

 

$106.4

 

(21.0)%

Adjusted Net Sales

$84.1

 

$101.6

 

(17.2)%

Operating Income

$0.8

 

$12.9

 

(93.8)%

Adjusted Operating Income

$5.5

 

$17.1

 

(67.8)%

Operating Margin

1.0%

 

12.1%

 

(1110)bps

Adjusted Operating Margin

6.5%

 

16.9%

 

(1040)bps

Net sales and new project bookings were impacted by trade and regulatory headwinds associated with the two independent AD/CVD investigations, which are forcing the industry to put major focus on completing panel installations and the administrative reporting requirements ahead of the December 3, 2024 expiration of the tariff moratorium for panels granted through the Presidential Proclamation associated with the first investigation. Correspondingly, backlog decreased 24%.

GAAP and adjusted operating margins were impacted by lower volume and product mix associated with the launch and learning curve of the 1P tracker while dealing with the abovementioned industry challenges. GAAP margins were additionally impacted by planned operational improvements, restructuring activities and prior-year portfolio management actions.

Agtech

($Millions)

Three Months Ended September 30,

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Net Sales

$41.5

 

$31.7

 

30.9%

Adjusted Net Sales

$41.5

 

$30.9

 

34.3%

Operating Income

$3.9

 

$2.1

 

85.7%

Adjusted Operating Income

$4.2

 

$1.7

 

147.1%

Operating Margin

9.3%

 

6.7%

 

260 bps

Adjusted Operating Margin

10.1%

 

5.6%

 

450 bps

GAAP net sales increased 30.9% and adjusted net sales increased 34.3% driven mainly by projects starting to accelerate in the Produce division including facilities to grow strawberries, lettuce, melons, and vine crops. Additional new projects in both the Produce and Commercial divisions are anticipated to be booked as design work is completed and projects are finalized for launch, the timing of which decreased backlog 3%.

GAAP and adjusted operating margin expansion was driven by volume, product mix, 80/20 initiatives, and solid field execution.

Infrastructure

($Millions)

Three Months Ended September 30,

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Net Sales

$23.2

 

$25.0

 

(7.2)%

Adjusted Net Sales

$23.2

 

$25.0

 

(7.2)%

Operating Income

$6.5

 

$6.4

 

1.6%

Adjusted Operating Income

$6.5

 

$6.4

 

1.6%

Operating Margin

27.9%

 

25.6%

 

230 bps

Adjusted Operating Margin

27.9%

 

25.6%

 

230 bps

Net sales decreased by 7.2%, impacted by the timing on a large project in the prior year. Backlog increased 3%. Demand and quoting remain strong, supported by ongoing investment at the federal and state levels.

Operating margins increased 230 basis points, driven by product line mix, new products, 80/20 initiatives, and strong execution.

Business Outlook

Mr. Bosway continued, “Our outlook is unchanged from our recent update, and although we are dealing with some challenging end markets, we expect to deliver earnings growth this year through operational improvement. Our operating teams continue to proactively work through their end market dynamics, and we are focused on supporting our customers while simultaneously growing our participation with them.”

Consolidated net sales are expected to range between $1.31 billion and $1.33 billion, compared to $1.38 billion in 2023, or $1.36 billion on an adjusted basis. GAAP and adjusted EPS are expected to range, respectively, between $3.57 and $3.71, compared to $3.59 in 2023, and between $4.11 and $4.25, compared to $4.09 in 2023.

Third Quarter 2024 Conference Call Details

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

About Gibraltar

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

Forward-Looking Statements

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

Adjusted Financial Measures

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

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

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

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net sales

$

361,196

 

 

$

390,744

 

 

$

1,006,707

 

 

$

1,048,925

 

Cost of sales

 

267,670

 

 

 

285,360

 

 

 

732,920

 

 

 

769,873

 

Gross profit

 

93,526

 

 

 

105,384

 

 

 

273,787

 

 

 

279,052

 

Selling, general, and administrative expense

 

49,528

 

 

 

52,194

 

 

 

155,584

 

 

 

153,415

 

Income from operations

 

43,998

 

 

 

53,190

 

 

 

118,203

 

 

 

125,637

 

Interest (income) expense

 

(1,931

)

 

 

417

 

 

 

(4,176

)

 

 

3,216

 

Other expense (income)

 

455

 

 

 

(1,040

)

 

 

(219

)

 

 

(1,946

)

Income before taxes

 

45,474

 

 

 

53,813

 

 

 

122,598

 

 

 

124,367

 

Provision for income taxes

 

11,435

 

 

 

14,536

 

 

 

31,415

 

 

 

33,268

 

Net income

$

34,039

 

 

$

39,277

 

 

$

91,183

 

 

$

91,099

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

Basic

$

1.11

 

 

$

1.29

 

 

$

2.98

 

 

$

2.97

 

Diluted

$

1.11

 

 

$

1.28

 

 

$

2.96

 

 

$

2.96

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

30,530

 

 

 

30,485

 

 

 

30,564

 

 

 

30,638

 

Diluted

 

30,750

 

 

 

30,715

 

 

 

30,788

 

 

 

30,808

 

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

 

 

September 30,
2024

 

December 31,
2023

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

228,879

 

 

$

99,426

 

Trade receivables, net of allowance of $5,418 and $5,351, respectively

 

206,842

 

 

 

172,736

 

Costs in excess of billings, net

 

41,603

 

 

 

51,814

 

Inventories, net

 

138,171

 

 

 

120,503

 

Prepaid expenses and other current assets

 

26,796

 

 

 

17,772

 

Total current assets

 

642,291

 

 

 

462,251

 

Property, plant, and equipment, net

 

109,811

 

 

 

107,603

 

Operating lease assets

 

39,153

 

 

 

44,918

 

Goodwill

 

511,941

 

 

 

513,383

 

Acquired intangibles

 

118,983

 

 

 

125,980

 

Other assets

 

2,411

 

 

 

2,316

 

 

$

1,424,590

 

 

$

1,256,451

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

163,295

 

 

$

92,124

 

Accrued expenses

 

89,510

 

 

 

88,719

 

Billings in excess of cost

 

53,788

 

 

 

44,735

 

Total current liabilities

 

306,593

 

 

 

225,578

 

Deferred income taxes

 

56,497

 

 

 

57,103

 

Non-current operating lease liabilities

 

30,990

 

 

 

35,989

 

Other non-current liabilities

 

27,277

 

 

 

22,783

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding

 

 

 

 

 

Common stock, $0.01 par value; authorized 100,000 shares; 34,298 and 34,219 shares issued and outstanding in 2024 and 2023

 

343

 

 

 

342

 

Additional paid-in capital

 

341,306

 

 

 

332,621

 

Retained earnings

 

829,694

 

 

 

738,511

 

Accumulated other comprehensive loss

 

(2,793

)

 

 

(2,114

)

Cost of 3,944 and 3,778 common shares held in treasury in 2024 and 2023

 

(165,317

)

 

 

(154,362

)

Total stockholders’ equity

 

1,003,233

 

 

 

914,998

 

 

$

1,424,590

 

 

$

1,256,451

 

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

Cash Flows from Operating Activities

 

 

 

Net income

$

91,183

 

 

$

91,099

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

20,237

 

 

 

20,574

 

Stock compensation expense

 

8,686

 

 

 

7,257

 

Exit activity costs, non-cash

 

163

 

 

 

572

 

(Benefit of) provision for deferred income taxes

 

(615

)

 

 

179

 

Other, net

 

4,160

 

 

 

2,945

 

Changes in operating assets and liabilities net of effects from acquisitions:

 

 

 

Trade receivables and costs in excess of billings

 

(23,995

)

 

 

(44,331

)

Inventories

 

(18,131

)

 

 

30,431

 

Other current assets and other assets

 

(11,781

)

 

 

(1,426

)

Accounts payable

 

70,867

 

 

 

53,198

 

Accrued expenses and other non-current liabilities

 

13,561

 

 

 

46,158

 

Net cash provided by operating activities

 

154,335

 

 

 

206,656

 

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

(9,863

)

Purchases of property, plant, and equipment, net

 

(14,326

)

 

 

(7,976

)

Net proceeds from sale of business

 

350

 

 

 

 

Net cash used in investing activities

 

(13,976

)

 

 

(17,839

)

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

 

(10,940

)

 

 

(29,182

)

Net cash used in financing activities

 

(10,940

)

 

 

(120,182

)

Effect of exchange rate changes on cash

 

34

 

 

 

(778

)

Net increase in cash and cash equivalents

 

129,453

 

 

 

67,857

 

Cash and cash equivalents at beginning of year

 

99,426

 

 

 

17,608

 

Cash and cash equivalents at end of period

$

228,879

 

 

$

85,465

 

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

Three Months Ended September 30, 2024

 

 

Income before taxes

 

Provision for income taxes

 

Net income

 

Net income per share - diluted

 

 

 

 

As Reported in GAAP Statements

 

$

45,474

 

 

$

11,435

 

 

$

34,039

 

 

$

1.11

 

 

 

 

 

Restructuring Charges (1)

 

 

5,106

 

 

 

1,128

 

 

 

3,978

 

 

 

0.13

 

 

 

 

 

Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

 

 

1,194

 

 

 

276

 

 

 

918

 

 

 

0.03

 

 

 

 

 

Adjusted Financial Measures

 

$

51,774

 

 

$

12,839

 

 

$

38,935

 

 

$

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

Corporate

 

Consolidated

Operating Margin

 

 

19.8

%

 

 

1.0

%

 

 

9.3

%

 

 

27.9

%

 

 

n/a

 

 

 

12.2

%

Restructuring Charges (1)

 

 

%

 

 

5.5

%

 

 

0.8

%

 

 

%

 

 

n/a

 

 

 

1.4

%

Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

 

 

0.1

%

 

 

%

 

 

%

 

 

%

 

 

n/a

 

 

 

0.3

%

Adjusted Operating Margin

 

 

19.9

%

 

 

6.5

%

 

 

10.1

%

 

 

27.9

%

 

 

n/a

 

 

 

13.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations

 

$

42,055

 

 

$

825

 

 

$

3,853

 

 

$

6,494

 

 

$

(9,229

)

 

$

43,998

 

Restructuring Charges (1)

 

 

106

 

 

 

4,641

 

 

 

328

 

 

 

 

 

 

31

 

 

 

5,106

 

Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

 

 

195

 

 

 

 

 

 

 

 

 

 

 

 

817

 

 

 

1,012

 

Adjusted Income from Operations

 

$

42,356

 

 

$

5,466

 

 

$

4,181

 

 

$

6,494

 

 

$

(8,381

)

 

$

50,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales & Adjusted Net Sales (3)

 

$

212,363

 

 

$

84,064

 

 

$

41,527

 

 

$

23,242

 

 

$

 

 

$

361,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Comprised primarily of exit activities costs 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.

(3) There were no Non-GAAP 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 September 30, 2023

 

 

Income before taxes

 

Provision for income taxes

 

Net income

 

Net income per share - diluted

 

 

 

 

As Reported in GAAP Statements

 

$

53,813

 

 

$

14,536

 

 

$

39,277

 

 

$

1.28

 

 

 

 

 

Restructuring Charges (1)

 

 

5,033

 

 

 

1,232

 

 

 

3,801

 

 

 

0.12

 

 

 

 

 

Acquisition Related Items (2)

 

 

698

 

 

 

175

 

 

 

523

 

 

 

0.02

 

 

 

 

 

Portfolio Management (3)

 

 

(1,568

)

 

 

(450

)

 

 

(1,118

)

 

 

(0.04

)

 

 

 

 

Adjusted Financial Measures Previously Reported

 

$

57,976

 

 

$

15,493

 

 

$

42,483

 

 

$

1.38

 

 

 

 

 

Portfolio Management (4)

 

 

(505

)

 

 

(105

)

 

 

(400

)

 

 

(0.01

)

 

 

 

 

Adjusted Financial Measures Recast

 

$

57,471

 

 

$

15,388

 

 

$

42,083

 

 

$

1.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

Corporate

 

Consolidated

Operating Margin

 

 

18.5

%

 

 

12.1

%

 

 

6.7

%

 

 

25.6

%

 

 

n/a

 

 

 

13.6

%

Restructuring Charges (1)

 

 

0.3

%

 

 

4.2

%

 

 

%

 

 

%

 

 

n/a

 

 

 

1.3

%

Acquisition Related Items (2)

 

 

%

 

 

0.4

%

 

 

%

 

 

%

 

 

n/a

 

 

 

0.2

%

Portfolio Management (3)

 

 

%

 

 

%

 

 

(1.3

)%

 

 

%

 

 

n/a

 

 

 

(0.1

)%

Adjusted Operating Margin Previously Reported

 

 

18.8

%

 

 

16.7

%

 

 

5.6

%

 

 

25.6

%

 

 

n/a

 

 

 

15.0

%

Portfolio Management (4)

 

 

%

 

 

0.2

%

 

 

%

 

 

%

 

 

n/a

 

 

 

0.1

%

Adjusted Operating Margin Recast

 

 

18.8

%

 

 

16.9

%

 

 

5.6

%

 

 

25.6

%

 

 

n/a

 

 

 

15.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations

 

$

42,158

 

 

$

12,907

 

 

$

2,136

 

 

$

6,386

 

 

$

(10,397

)

 

$

53,190

 

Restructuring Charges (1)

 

 

676

 

 

 

4,385

 

 

 

5

 

 

 

 

 

 

(33

)

 

 

5,033

 

Acquisition Related Items (2)

 

 

12

 

 

 

457

 

 

 

 

 

 

 

 

 

229

 

 

 

698

 

Portfolio Management (3)

 

 

 

 

 

 

 

 

(399

)

 

 

 

 

 

72

 

 

 

(327

)

Adjusted Income from Operations Previously Reported

 

$

42,846

 

 

$

17,749

 

 

$

1,742

 

 

$

6,386

 

 

$

(10,129

)

 

$

58,594

 

Portfolio Management (4)

 

 

 

 

 

(603

)

 

 

 

 

 

 

 

 

 

 

 

(603

)

Adjusted Income from Operations Recast

 

$

42,846

 

 

$

17,146

 

 

$

1,742

 

 

$

6,386

 

 

$

(10,129

)

 

$

57,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

227,747

 

 

$

106,362

 

 

$

31,666

 

 

$

24,969

 

 

$

 

 

$

390,744

 

Portfolio Management (3)

 

 

 

 

 

 

 

 

(780

)

 

 

 

 

 

 

 

 

(780

)

Adjusted Net Sales Previously Reported

 

$

227,747

 

 

$

106,362

 

 

$

30,886

 

 

$

24,969

 

 

$

 

 

$

389,964

 

Portfolio Management (4)

 

 

 

 

 

(4,760

)

 

 

 

 

 

 

 

 

 

 

 

(4,760

)

Adjusted Net Sales Recast

 

$

227,747

 

 

$

101,602

 

 

$

30,886

 

 

$

24,969

 

 

$

 

 

$

385,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

(3) Represents the results generated by the Company's processing business liquidated in 2023.

(4) Represents the results generated by the Company's Japan renewables business sold in 2023.

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

Nine Months Ended September 30, 2024

 

 

Income before taxes

 

Provision for income taxes

 

Net income

 

Net income per share - diluted

 

 

 

 

As Reported in GAAP Statements

 

$

122,598

 

 

$

31,415

 

 

$

91,183

 

 

$

2.96

 

 

 

 

 

Restructuring Charges (1)

 

 

10,050

 

 

 

2,356

 

 

 

7,694

 

 

 

0.25

 

 

 

 

 

Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

 

 

825

 

 

 

(133

)

 

 

958

 

 

 

0.03

 

 

 

 

 

Adjusted Financial Measures

 

$

133,473

 

 

$

33,638

 

 

$

99,835

 

 

$

3.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

Corporate

 

Consolidated

Operating Margin

 

 

19.6

%

 

 

1.9

%

 

 

7.9

%

 

 

25.2

%

 

 

n/a

 

 

 

11.7

%

Restructuring Charges (1)

 

 

%

 

 

4.4

%

 

 

0.4

%

 

 

%

 

 

n/a

 

 

 

1.0

%

Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

 

 

%

 

 

0.1

%

 

 

%

 

 

%

 

 

n/a

 

 

 

0.1

%

Adjusted Operating Margin

 

 

19.6

%

 

 

6.4

%

 

 

8.4

%

 

 

25.2

%

 

 

n/a

 

 

 

12.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations

 

$

119,714

 

 

$

4,116

 

 

$

8,743

 

 

$

17,605

 

 

$

(31,975

)

 

$

118,203

 

Restructuring Charges (1)

 

 

179

 

 

 

9,359

 

 

 

477

 

 

 

 

 

 

35

 

 

 

10,050

 

Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2)

 

 

195

 

 

 

233

 

 

 

 

 

 

 

 

 

1,044

 

 

 

1,472

 

Adjusted Income from Operations

 

$

120,088

 

 

$

13,708

 

 

$

9,220

 

 

$

17,605

 

 

$

(30,896

)

 

$

129,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales & Adjusted Net Sales (3)

 

$

611,790

 

 

$

214,941

 

 

$

110,062

 

 

$

69,914

 

 

$

 

 

$

1,006,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

(3) There were no Non-GAAP adjustments to Net Sales in 2024.

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

Nine Months Ended September 30, 2023

 

 

Income before taxes

 

Provision for income taxes

 

Net income

 

Net income per share - diluted

 

 

 

 

As Reported in GAAP Statements

 

$

124,367

 

 

$

33,268

 

 

$

91,099

 

 

$

2.96

 

 

 

 

 

Restructuring Charges (1)

 

 

8,779

 

 

 

2,229

 

 

 

6,550

 

 

 

0.21

 

 

 

 

 

Acquisition Related Items (2)

 

 

978

 

 

 

248

 

 

 

730

 

 

 

0.02

 

 

 

 

 

Portfolio Management (3)

 

 

2,286

 

 

 

140

 

 

 

2,146

 

 

 

0.07

 

 

 

 

 

Adjusted Financial Measures Previously Reported

 

$

136,410

 

 

$

35,885

 

 

$

100,525

 

 

$

3.26

 

 

 

 

 

Portfolio Management (4)

 

 

(1,314

)

 

 

(265

)

 

 

(1,049

)

 

 

(0.03

)

 

 

 

 

Adjusted Financial Measures Recast

 

$

135,096

 

 

$

35,620

 

 

$

99,476

 

 

$

3.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

Corporate

 

Consolidated

Operating Margin

 

 

18.2

%

 

 

8.7

%

 

 

3.3

%

 

 

22.0

%

 

 

n/a

 

 

 

12.0

%

Restructuring Charges (1)

 

 

0.1

%

 

 

3.0

%

 

 

0.7

%

 

 

%

 

 

n/a

 

 

 

0.8

%

Acquisition Related Items (2)

 

 

%

 

 

0.3

%

 

 

%

 

 

%

 

 

n/a

 

 

 

0.1

%

Portfolio Management (3)

 

 

%

 

 

%

 

 

4.3

%

 

 

%

 

 

n/a

 

 

 

0.4

%

Adjusted Operating Margin Previously Reported

 

 

18.3

%

 

 

11.9

%

 

 

8.7

%

 

 

22.0

%

 

 

n/a

 

 

 

13.4

%

Portfolio Management (4)

 

 

%

 

 

%

 

 

%

 

 

%

 

 

n/a

 

 

 

%

Adjusted Operating Margin Recast

 

 

18.3

%

 

 

11.9

%

 

 

8.7

%

 

 

22.0

%

 

 

n/a

 

 

 

13.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations

 

$

115,626

 

 

$

21,084

 

 

$

3,349

 

 

$

14,928

 

 

$

(29,350

)

 

$

125,637

 

Restructuring Charges (1)

 

 

790

 

 

 

7,319

 

 

 

722

 

 

 

 

 

 

(52

)

 

 

8,779

 

Acquisition Related Items (2)

 

 

12

 

 

 

637

 

 

 

37

 

 

 

 

 

 

292

 

 

 

978

 

Portfolio Management (3)

 

 

 

 

 

 

 

 

4,458

 

 

 

 

 

 

96

 

 

 

4,554

 

Adjusted Income from Operations Previously Reported

 

$

116,428

 

 

$

29,040

 

 

$

8,566

 

 

$

14,928

 

 

$

(29,014

)

 

$

139,948

 

Portfolio Management (4)

 

 

 

 

 

(1,511

)

 

 

 

 

 

 

 

 

 

 

 

(1,511

)

Adjusted Income from Operations Recast

 

$

116,428

 

 

$

27,529

 

 

$

8,566

 

 

$

14,928

 

 

$

(29,014

)

 

$

138,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

635,476

 

 

$

243,026

 

 

$

102,546

 

 

$

67,877

 

 

$

 

 

$

1,048,925

 

Portfolio Management (3)

 

 

 

 

 

 

 

 

(4,059

)

 

 

 

 

 

 

 

 

(4,059

)

Adjusted Net Sales Previously Reported

 

$

635,476

 

 

$

243,026

 

 

$

98,487

 

 

$

67,877

 

 

$

 

 

$

1,044,866

 

Portfolio Management (4)

 

 

 

 

 

(10,791

)

 

 

 

 

 

 

 

 

 

 

 

(10,791

)

Adjusted Net Sales Recast

 

$

635,476

 

 

$

232,235

 

 

$

98,487

 

 

$

67,877

 

 

$

 

 

$

1,034,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

(3) Represents the results generated by the Company's processing business liquidated in 2023.

(4) Represents the results generated by the Company's Japan renewables business sold in 2023.

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

Year Ended December 31, 2023

 

 

Income before taxes

 

Provision for income taxes

 

Net income

 

Net income per share - diluted

 

 

 

 

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 (3)

 

 

(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 (2)

 

 

%

 

 

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 (3)

 

 

%

 

 

%

 

 

%

 

 

%

 

 

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 (2)

 

 

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 (3)

 

 

 

 

 

(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 (4)

 

 

 

 

 

 

 

 

(4,059

)

 

 

 

 

 

 

 

 

(4,059

)

Adjusted Net Sales Previously Reported

 

$

814,803

 

 

$

330,738

 

 

$

140,908

 

 

$

87,228

 

 

$

 

 

$

1,373,677

 

Portfolio Management (3)

 

 

 

 

 

(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 Company's processing business liquidated in 2023.

(3) Represents the results generated by the Company's Japan renewables business sold in 2023.

(4) Represents the net sales generated by the Company's processing business liquidated in 2023.

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

 

Three Months Ended September 30, 2024

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales

 

$

361,196

 

 

$

212,363

 

 

$

84,064

 

 

$

41,527

 

 

$

23,242

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

34,039

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

11,435

 

 

 

 

 

 

 

 

 

Interest Income

 

 

(1,931

)

 

 

 

 

 

 

 

 

Other Expense

 

 

455

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

43,998

 

 

 

42,055

 

 

 

825

 

 

 

3,853

 

 

 

6,494

 

Adjusted Measures*

 

 

6,118

 

 

 

301

 

 

 

4,641

 

 

 

328

 

 

 

 

Adjusted Operating Profit

 

 

50,116

 

 

 

42,356

 

 

 

5,466

 

 

 

4,181

 

 

 

6,494

 

Adjusted Operating Margin

 

 

13.9

%

 

 

19.9

%

 

 

6.5

%

 

 

10.1

%

 

 

27.9

%

Adjusted Other Expense

 

 

273

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

6,821

 

 

 

2,545

 

 

 

2,102

 

 

 

782

 

 

 

744

 

Stock Compensation Expense

 

 

2,328

 

 

 

464

 

 

 

235

 

 

 

95

 

 

 

63

 

Less: SLT Related Stock Compensation Expense

 

 

(59

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

2,269

 

 

 

464

 

 

 

235

 

 

 

95

 

 

 

63

 

Adjusted EBITDA

 

$

58,933

 

 

$

45,365

 

 

$

7,803

 

 

$

5,058

 

 

$

7,301

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

16.3

%

 

 

21.4

%

 

 

9.3

%

 

 

12.2

%

 

 

31.4

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

64,682

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(5,619

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

59,063

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

16.4

%

 

 

 

 

 

 

 

 

 

*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 September 30, 2023

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales*

 

$

385,204

 

 

$

227,747

 

 

$

101,602

 

 

$

30,886

 

 

$

24,969

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

39,277

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

14,536

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

417

 

 

 

 

 

 

 

 

 

Other Income

 

 

(1,040

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

53,190

 

 

 

42,158

 

 

 

12,907

 

 

 

2,136

 

 

 

6,386

 

Adjusted Measures*

 

 

4,801

 

 

 

688

 

 

 

4,239

 

 

 

(394

)

 

 

 

Adjusted Operating Profit

 

 

57,991

 

 

 

42,846

 

 

 

17,146

 

 

 

1,742

 

 

 

6,386

 

Adjusted Operating Margin

 

 

15.1

%

 

 

18.8

%

 

 

16.9

%

 

 

5.6

%

 

 

25.6

%

Adjusted Other Expense**

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization**

 

 

6,909

 

 

 

2,586

 

 

 

2,171

 

 

 

943

 

 

 

783

 

Less: Japan Depreciation & Amortization

 

 

(178

)

 

 

 

 

 

(178

)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

6,731

 

 

 

2,586

 

 

 

1,993

 

 

 

943

 

 

 

783

 

Stock Compensation Expense

 

 

2,201

 

 

 

528

 

 

 

204

 

 

 

(194

)

 

 

109

 

Adjusted EBITDA Recast**

 

$

66,776

 

 

$

45,960

 

 

$

19,343

 

 

$

2,491

 

 

$

7,278

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin Recast**

 

 

17.3

%

 

 

20.2

%

 

 

19.0

%

 

 

8.1

%

 

 

29.1

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Previously Reported

 

$

67,459

 

 

$

45,960

 

 

$

20,124

 

 

$

2,491

 

 

$

7,278

 

Adjusted EBITDA Margin Previously Reported

 

 

17.3

%

 

 

20.2

%

 

 

18.9

%

 

 

8.1

%

 

 

29.1

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

92,562

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(2,692

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

89,870

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

23.0

%

 

 

 

 

 

 

 

 

 

*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures

**Recast to exclude sale of Japan based solar racking business within the Renewables segment

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

 

Nine Months Ended September 30, 2024

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales

 

$

1,006,707

 

 

$

611,790

 

 

$

214,941

 

 

$

110,062

 

 

$

69,914

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

91,183

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

31,415

 

 

 

 

 

 

 

 

 

Interest Income

 

 

(4,176

)

 

 

 

 

 

 

 

 

Other Income

 

 

(219

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

118,203

 

 

 

119,714

 

 

 

4,116

 

 

 

8,743

 

 

 

17,605

 

Adjusted Measures*

 

 

11,522

 

 

 

374

 

 

 

9,592

 

 

 

477

 

 

 

 

Adjusted Operating Profit

 

 

129,725

 

 

 

120,088

 

 

 

13,708

 

 

 

9,220

 

 

 

17,605

 

Adjusted Operating Margin

 

 

12.9

%

 

 

19.6

%

 

 

6.4

%

 

 

8.4

%

 

 

25.2

%

Adjusted Other Expense

 

 

428

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

20,237

 

 

 

7,643

 

 

 

6,052

 

 

 

2,420

 

 

 

2,236

 

Stock Compensation Expense

 

 

8,686

 

 

 

1,341

 

 

 

684

 

 

 

283

 

 

 

181

 

Less: SLT Related Stock Compensation Expense

 

 

(59

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

8,627

 

 

 

1,341

 

 

 

684

 

 

 

283

 

 

 

181

 

Adjusted EBITDA

 

$

158,161

 

 

$

129,072

 

 

$

20,444

 

 

$

11,923

 

 

$

20,022

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

15.7

%

 

 

21.1

%

 

 

9.5

%

 

 

10.8

%

 

 

28.6

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

154,335

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(14,326

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

140,009

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

13.9

%

 

 

 

 

 

 

 

 

 

*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)

 

Nine Months Ended September 30, 2023

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales*

 

$

1,034,075

 

 

$

635,476

 

 

$

232,235

 

 

$

98,487

 

 

$

67,877

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

91,099

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

33,268

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

3,216

 

 

 

 

 

 

 

 

 

Other Income

 

 

(1,946

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

125,637

 

 

 

115,626

 

 

 

21,084

 

 

 

3,349

 

 

 

14,928

 

Adjusted Measures*

 

 

12,800

 

 

 

802

 

 

 

6,445

 

 

 

5,217

 

 

 

 

Adjusted Operating Profit

 

 

138,437

 

 

 

116,428

 

 

 

27,529

 

 

 

8,566

 

 

 

14,928

 

Adjusted Operating Margin

 

 

13.4

%

 

 

18.3

%

 

 

11.9

%

 

 

8.7

%

 

 

22.0

%

Adjusted Other Expense**

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization**

 

 

20,574

 

 

 

7,542

 

 

 

6,561

 

 

 

2,850

 

 

 

2,349

 

Less: Japan Depreciation & Amortization

 

 

(561

)

 

 

 

 

 

(561

)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

20,013

 

 

 

7,542

 

 

 

6,000

 

 

 

2,850

 

 

 

2,349

 

Stock Compensation Expense

 

 

7,257

 

 

 

1,135

 

 

 

651

 

 

 

140

 

 

 

212

 

Adjusted EBITDA Recast**

 

$

165,582

 

 

$

125,105

 

 

$

34,180

 

 

$

11,556

 

 

$

17,489

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin Recast**

 

 

16.0

%

 

 

19.7

%

 

 

14.7

%

 

 

11.7

%

 

 

25.8

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Previously Reported

 

$

167,457

 

 

$

125,105

 

 

$

36,252

 

 

$

11,556

 

 

$

17,489

 

Adjusted EBITDA Margin Previously Reported

 

 

16.0

%

 

 

19.7

%

 

 

14.9

%

 

 

11.7

%

 

 

25.8

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

206,656

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(7,976

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

198,680

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

19.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures

**Recast to exclude sale of Japan based solar racking business within the Renewables segment

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)

 

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 Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures

**Recast to exclude sale of Japan based solar racking business within the Renewables segment

 

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

Source: Gibraltar Industries, Inc.

FAQ

What was Gibraltar's (ROCK) Q3 2024 revenue and how did it compare to last year?

Gibraltar's Q3 2024 revenue was $361.2 million, down 7.6% compared to $390.7 million in Q3 2023.

What is Gibraltar's (ROCK) earnings per share for Q3 2024?

Gibraltar reported GAAP EPS of $1.11 and adjusted EPS of $1.27 for Q3 2024.

What is Gibraltar's (ROCK) revenue guidance for full-year 2024?

Gibraltar expects full-year 2024 revenue to range between $1.31 billion and $1.33 billion.

How did Gibraltar's (ROCK) Agtech segment perform in Q3 2024?

Gibraltar's Agtech segment saw sales increase by 30.9% with operating margin improving by 260 basis points to 9.3%.

Gibraltar Industries, Inc.

NASDAQ:ROCK

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2.05B
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0.64%
100.95%
1.32%
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