Gibraltar Announces Third Quarter 2024 Financial Results
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.
- 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
- Overall net sales declined 7.6% to $361.2 million
- Net income decreased 13.5% to $34.0 million
- Renewables segment sales dropped 21.0% with operating margin declining 1110 bps
- Residential segment sales decreased 6.7%
Insights
Gibraltar's Q3 results reveal a mixed performance with notable challenges.
Strong cash flow generation of
The maintained full-year guidance of
The market dynamics affecting Gibraltar present a complex picture. The solar industry faces regulatory headwinds from AD/CVD investigations, creating uncertainty before the December 3 tariff moratorium expiration. This has significantly impacted the Renewables segment, with a
The Agtech sector shows promising momentum, particularly in produce facilities, indicating a shift in market demand toward controlled environment agriculture. Infrastructure segment maintains solid margins despite lower revenue, supported by sustained federal and state investment.
The residential market slowdown affects inventory management and customer transition timing, though margin improvement demonstrates effective pricing strategies. These diverse market conditions require careful navigation but also present opportunities for strategic positioning.
Net Sales:
Strong Operating Cash Flow Generation of
Confirms Updated 2024 Outlook for Revenue:
“Third quarter results were within our previously announced range, with the Renewables and Residential businesses coming in as we anticipated, Agtech sales growing over
Third Quarter 2024 Consolidated Results
($Millions, except EPS) |
|||||||||||||||
Three Months Ended September 30, |
|||||||||||||||
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||||||||
Net Sales |
|
|
(7.6)% |
Adjusted Net Sales |
|
|
(6.2)% |
||||||||
Net Income |
|
|
(13.5)% |
Adjusted Net Income |
|
|
(7.6)% |
||||||||
Diluted EPS |
|
|
(13.3)% |
Adjusted Diluted EPS |
|
|
(7.3)% |
GAAP and adjusted net sales were down
GAAP net income decreased to
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
($Millions) |
|||||||||||||||
Three Months Ended September 30, |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Net Sales |
|
|
|
|
(6.7)% |
Adjusted Net Sales |
|
|
|
|
(6.7)% |
||||
Operating Income |
|
|
|
|
(0.2)% |
Adjusted Operating Income |
|
|
|
|
(0.9)% |
||||
Operating Margin |
|
|
|
|
130 bps |
Adjusted Operating Margin |
|
|
|
|
110 bps |
Net sales decreased
Operating margins expanded through solid execution, effective price/cost management and 80/20 initiatives.
Renewables
($Millions) |
|||||||||||||||
Three Months Ended September 30, |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Net Sales |
|
|
|
|
(21.0)% |
Adjusted Net Sales |
|
|
|
|
(17.2)% |
||||
Operating Income |
|
|
|
|
(93.8)% |
Adjusted Operating Income |
|
|
|
|
(67.8)% |
||||
Operating Margin |
|
|
|
|
(1110)bps |
Adjusted Operating Margin |
|
|
|
|
(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
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
($Millions) |
|||||||||||||||
Three Months Ended September 30, |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Net Sales |
|
|
|
|
|
Adjusted Net Sales |
|
|
|
|
|
||||
Operating Income |
|
|
|
|
|
Adjusted Operating Income |
|
|
|
|
|
||||
Operating Margin |
|
|
|
|
260 bps |
Adjusted Operating Margin |
|
|
|
|
450 bps |
GAAP net sales increased
GAAP and adjusted operating margin expansion was driven by volume, product mix, 80/20 initiatives, and solid field execution.
Infrastructure
($Millions) |
|||||||||||||||
Three Months Ended September 30, |
|||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
Net Sales |
|
|
|
|
(7.2)% |
Adjusted Net Sales |
|
|
|
|
(7.2)% |
||||
Operating Income |
|
|
|
|
|
Adjusted Operating Income |
|
|
|
|
|
||||
Operating Margin |
|
|
|
|
230 bps |
Adjusted Operating Margin |
|
|
|
|
230 bps |
Net sales decreased by
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
Third Quarter 2024 Conference Call Details
About
Forward-Looking Statements
Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of 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,
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.
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
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.
|
|||||||
|
September 30,
|
|
December 31,
|
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
228,879 |
|
|
$ |
99,426 |
|
Trade receivables, net of allowance of |
|
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, |
|
— |
|
|
|
— |
|
Common stock, |
|
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.
|
|||||||
|
Nine Months Ended
|
||||||
|
|
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.
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
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.
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
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 |
||||||||||||||||||||||||
|
GIBRALTAR INDUSTRIES, INC.
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
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.
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
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 |
||||||||||||||||||||||||
|
GIBRALTAR INDUSTRIES, INC.
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
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 |
||||||||||||||||||||||||
(4) Represents the net sales generated by the Company's processing business liquidated in 2023. |
||||||||||||||||||||||||
|
GIBRALTAR INDUSTRIES, INC.
|
||||||||||||||||||||
|
||||||||||||||||||||
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.
|
||||||||||||||||||||
|
||||||||||||||||||||
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 |
||||||||||||||||||||
**Recast to exclude sale of |
||||||||||||||||||||
|
GIBRALTAR INDUSTRIES, INC.
|
||||||||||||||||||||
|
||||||||||||||||||||
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.
|
||||||||||||||||||||
|
||||||||||||||||||||
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 |
||||||||||||||||||||
**Recast to exclude sale of |
||||||||||||||||||||
|
GIBRALTAR INDUSTRIES, INC.
|
||||||||||||||||||||
|
||||||||||||||||||||
Year Ended December 31, 2023 |
||||||||||||||||||||
|
|
Consolidated |
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Net Sales* |
|
$ |
1,361,953 |
|
|
$ |
814,803 |
|
|
$ |
319,014 |
|
|
$ |
140,908 |
|
|
$ |
87,228 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income |
|
|
110,533 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for Income Taxes |
|
|
38,459 |
|
|
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
|
3,002 |
|
|
|
|
|
|
|
|
|
||||||||
Other Income |
|
|
(1,265 |
) |
|
|
|
|
|
|
|
|
||||||||
Operating Profit |
|
|
150,729 |
|
|
|
143,068 |
|
|
|
30,160 |
|
|
|
(928 |
) |
|
|
18,529 |
|
Adjusted Measures* |
|
|
22,345 |
|
|
|
4,823 |
|
|
|
9,110 |
|
|
|
8,074 |
|
|
|
— |
|
Adjusted Operating Profit |
|
|
173,074 |
|
|
|
147,891 |
|
|
|
39,270 |
|
|
|
7,146 |
|
|
|
18,529 |
|
Adjusted Operating Margin |
|
|
12.7 |
% |
|
|
18.2 |
% |
|
|
12.3 |
% |
|
|
5.1 |
% |
|
|
21.2 |
% |
Adjusted Other Expense** |
|
|
228 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization** |
|
|
27,378 |
|
|
|
10,079 |
|
|
|
8,670 |
|
|
|
3,790 |
|
|
|
3,137 |
|
Less: Japan Depreciation & Amortization |
|
|
(676 |
) |
|
|
— |
|
|
|
(676 |
) |
|
|
— |
|
|
|
— |
|
Adjusted Depreciation & Amortization |
|
|
26,702 |
|
|
|
10,079 |
|
|
|
7,994 |
|
|
|
3,790 |
|
|
|
3,137 |
|
Stock Compensation Expense |
|
|
9,750 |
|
|
|
1,633 |
|
|
|
881 |
|
|
|
197 |
|
|
|
289 |
|
Adjusted EBITDA Recast** |
|
$ |
209,298 |
|
|
$ |
159,603 |
|
|
$ |
48,145 |
|
|
$ |
11,133 |
|
|
$ |
21,955 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Margin Recast** |
|
|
15.4 |
% |
|
|
19.6 |
% |
|
|
15.1 |
% |
|
|
7.9 |
% |
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Previously Reported |
|
$ |
211,043 |
|
|
$ |
159,603 |
|
|
$ |
50,073 |
|
|
$ |
11,133 |
|
|
$ |
21,955 |
|
Adjusted EBITDA Margin Previously Reported |
|
|
15.4 |
% |
|
|
19.6 |
% |
|
|
15.1 |
% |
|
|
7.9 |
% |
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow - Operating Activities |
|
|
218,476 |
|
|
|
|
|
|
|
|
|
||||||||
Purchase of PPE, Net |
|
|
(13,906 |
) |
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow |
|
|
204,570 |
|
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow - % of Adjusted Net Sales |
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
*Details of recast amounts for the sale of the |
||||||||||||||||||||
**Recast to exclude sale of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030935397/en/
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@lhai.com
Source: Gibraltar Industries, Inc.
FAQ
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