EPS: GAAP up 11%, Adjusted up 23% on Flat
Sales
Backlog at $412 Million, up 15% Sequentially,
up 1% vs. Prior Year
Continued Strong Cash Flow Generation
Increasing 2023 EPS Outlook; Reaffirming 2023
Net Sales Outlook
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and provider of products and services for the
renewable energy, residential, agtech and infrastructure markets,
today reported its financial results for the three-month period
ended June 30, 2023.
“We executed well in the quarter, building on our momentum from
the beginning of the year. Our end market fundamentals remain solid
with our order backlog up 15% sequentially and 1% versus prior
year. On an adjusted basis, operating income improved 18%, EPS
improved 23%, and we generated 20% free cash flow. Given our first
half performance and current outlook for the second half of the
year, we are raising our adjusted EPS guidance range 12% - 13% and
reaffirming our net sales outlook and expect continued strong cash
flow generation,” stated Chairman and CEO Bill Bosway.
Second Quarter 2023 Consolidated Results
Three Months Ended June 30,
$Millions, except EPS
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$364.9
$366.9
(0.5)%
$364.1
$364.2
0.0%
Net Income
$30.7
$29.3
4.8%
$36.3
$31.5
15.2%
Diluted EPS
$1.00
$0.90
11.1%
$1.18
$0.96
22.9%
Net sales were flat, driven by the acquisition of Quality
Aluminum Products, completed in the third quarter of 2022, along
with organic growth in the Residential and Infrastructure segments.
Offsetting growth were market price adjustments in the Residential
segment, continued channel inventory right-sizing, and project
delays in the Renewables and Agtech segments related to solar
module availability, project permitting, and project rescoping.
GAAP earnings increased to $30.7 million, or $1.00 per share.
Adjusted net income increased 15.2% to $36.3 million, or $1.18 per
share, and adjusted EPS increased 22.9% driven by solid execution
in all segments. Free cash flow to net sales of 20.0% was driven by
improved margin performance and working capital management.
Adjusted measures exclude charges for restructuring initiatives,
acquisition-related items, senior leadership transition costs and
the results of the processing business, as further described in the
appended reconciliation of adjusted financial measures.
Second Quarter Segment Results
Renewables
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$77.5
$101.5
(23.6)%
$77.5
$101.5
(23.6)%
Operating Income
$5.9
$6.8
(13.2)%
$9.1
$7.1
28.2%
Operating Margin
7.6%
6.7%
90 bps
11.7%
7.0%
470 bps
Net sales were down 23.6% as module supply and local permitting
delays impacted project timing of contracted and active projects.
New order bookings continued to accelerate from the beginning of
the year with order backlog up 16.7% sequentially and 6.3% versus
prior year. Solar module supply remains a challenge but continues
to improve as additional module importers come up the Uyghur Forced
Labor Prevention Act (UFLPA) importation learning curve.
Adjusted operating margin increased 470 basis points versus
prior year as the team continued to execute well across the
business. Management expects to deliver improved sales and margin
performance in the second half of the year as module supply
improves further.
Residential
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$228.2
$200.2
14.0%
$228.2
$200.2
14.0%
Operating Income
$44.0
$35.7
23.2%
$44.0
$37.0
18.9%
Operating Margin
19.3%
17.8%
150 bps
19.3%
18.5%
80 bps
Net sales increased 14.0%, with organic sales contributing 1.3%
and the acquisition of Quality Aluminum Products adding 12.7%.
Organic growth was driven by participation gains across the
business, which helped offset the year-over-year impact of market
price adjustments made in prior quarters in response to lower
commodity prices and some remaining channel inventory
right-sizing.
Adjusted operating income improved 18.9% with increased volume,
improved alignment of price/cost, implementation of additional
80/20 initiatives, and favorable product line mix. Operating margin
expanded 80 basis points and management expects solid performance
to continue in the second half of the year.
Agtech
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$35.0
$43.7
(19.9)%
$34.3
$40.9
(16.1)%
Operating Income
$(1.1)
$1.5
NMF
$3.3
$2.7
22.2%
Operating Margin
(3.2)%
3.5%
(670) bps
9.5%
6.7%
280 bps
Net sales on an adjusted basis were down 16.1% as the commercial
business experienced customer delays in project starts. New orders
in the produce business helped increase backlog 16.2% sequentially,
which is expected to drive improved sales in the second half of
2023.
Adjusted operating margin improved 280 basis points driven by
80/20 initiatives, supply chain optimization initiatives, and
improvement in project management systems. Margin performance is
expected to be solid for the rest of the year.
During the quarter, Gibraltar elected to exit the processing
equipment business, resulting in a GAAP operating loss in the
segment. This liquidation is underway and expected to be
substantially completed during the third quarter of 2023.
Infrastructure
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$24.2
$21.5
12.6%
$24.2
$21.5
12.6%
Operating Income
$5.8
$2.9
100.0%
$5.8
$2.9
100.0%
Operating Margin
24.1%
13.4%
1070 bps
24.1%
13.4%
1070 bps
Net sales and order backlog increased 12.6% and 46.1%
respectively driven by strong end market demand and market
participation gains. The Infrastructure Investment and Jobs Act
continues to provide a strong tailwind for the market and
management expects positive momentum to continue in the second half
of the year.
Adjusted operating income doubled and adjusted operating margins
improved 1,070 basis points driven by strong execution, 80/20
productivity, supply chain efficiency, and product line mix.
Business Outlook
Mr. Bosway concluded, “We delivered solid results in the first
half, and we expect this momentum to continue as we enter the
second half. As a result, we are raising our EPS guide and are
reaffirming our 2023 net sales outlook, and expect to deliver
growth, improved profitability, and better cash flow versus last
year.”
Gibraltar is raising its guidance for earnings for the full year
2023. GAAP EPS is now expected to range between $3.46 and $3.66,
compared to $2.56 in 2022, and adjusted EPS is now expected to
range between $3.90 and $4.10, compared to $3.40 in 2022. The
outlook for consolidated net sales is unchanged, between $1.36
billion and $1.41 billion, compared to $1.38 billion in 2022.
Second Quarter 2023 Conference Call Details
Gibraltar will host a conference call today starting at 9:00
a.m. ET to review its results for the second quarter of 2023.
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 renewable energy, residential, 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 translate our
backlog into net sales, other general economic conditions and
conditions in the particular markets in which we operate, increases
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 our IT systems, the impact of regulation
(including the Department of Commerce’s solar panel
anti-circumvention investigation 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 is in the
process of being liquidated. Adjusted net income, operating income
and margin excludes special charges consisting of restructuring
costs primarily associated with 80/20 simplification or lean
initiatives, senior leadership transition costs, acquisition
related costs and the operating losses generated by our processing
business which is in the process of being liquidated. 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 depreciation, amortization and
stock compensation. 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 flows
provides meaningful supplemental data to investors 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 2023
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
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net sales
$
364,914
$
366,949
$
658,181
$
684,814
Cost of sales
268,175
276,678
484,513
529,699
Gross profit
96,739
90,271
173,668
155,115
Selling, general, and administrative
expense
53,662
50,132
101,221
93,781
Income from operations
43,077
40,139
72,447
61,334
Interest expense
1,308
656
2,799
1,141
Other (income) expense
(509
)
281
(906
)
434
Income before taxes
42,278
39,202
70,554
59,759
Provision for income taxes
11,555
9,895
18,732
14,996
Net income
$
30,723
$
29,307
$
51,822
$
44,763
Net earnings per share:
Basic
$
1.01
$
0.90
$
1.69
$
1.37
Diluted
$
1.00
$
0.90
$
1.68
$
1.36
Weighted average shares outstanding:
Basic
30,554
32,585
30,725
32,748
Diluted
30,684
32,660
30,846
32,843
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
June 30, 2023
December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
18,621
$
17,608
Accounts receivable, net of allowance of
$4,849 and $3,746, respectively
266,487
217,156
Inventories, net
159,542
170,360
Prepaid expenses and other current
assets
18,320
18,813
Total current assets
462,970
423,937
Property, plant, and equipment, net
106,130
109,584
Operating lease assets
25,041
26,502
Goodwill
511,961
512,363
Acquired intangibles
131,925
137,526
Other assets
550
701
$
1,238,577
$
1,210,613
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
155,464
$
106,582
Accrued expenses
82,746
73,721
Billings in excess of cost
54,838
35,017
Total current liabilities
293,048
215,320
Long-term debt
9,790
88,762
Deferred income taxes
47,024
47,088
Non-current operating lease
liabilities
18,502
19,041
Other non-current liabilities
19,903
18,303
Stockholders’ equity:
Preferred stock, $0.01 par value;
authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; authorized
100,000 shares; 34,194 and 34,060 shares issued and outstanding in
2023 and 2022
342
340
Additional paid-in capital
327,927
322,873
Retained earnings
679,800
627,978
Accumulated other comprehensive loss
(4,115
)
(3,432
)
Cost of 3,770 and 3,199 common shares held
in treasury in 2023 and 2022
(153,644
)
(125,660
)
Total stockholders’ equity
850,310
822,099
$
1,238,577
$
1,210,613
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 30,
2023
2022
Cash Flows from Operating
Activities
Net income
$
51,822
$
44,763
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
13,665
12,677
Stock compensation expense
5,056
4,125
Exit activity (recoveries) costs,
non-cash
(23
)
1,198
Provision for deferred income taxes
179
29
Other, net
2,680
2,666
Changes in operating assets and
liabilities, excluding the effects of acquisitions:
Accounts receivable
(54,979
)
(40,473
)
Inventories
12,130
(33,616
)
Other current assets and other assets
4,069
(1,612
)
Accounts payable
48,327
(10,501
)
Accrued expenses and other non-current
liabilities
31,168
21,288
Net cash provided by operating
activities
114,094
544
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
554
—
Purchases of property, plant, and
equipment, net
(5,284
)
(11,202
)
Net cash used in investing activities
(4,730
)
(11,202
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
40,800
120,500
Long-term debt payments
(120,000
)
(51,000
)
Purchase of common stock at market
prices
(28,770
)
(53,468
)
Net cash (used in) provided by financing
activities
(107,970
)
16,032
Effect of exchange rate changes on
cash
(381
)
(1,074
)
Net increase in cash and cash
equivalents
1,013
4,300
Cash and cash equivalents at beginning of
year
17,608
12,849
Cash and cash equivalents at end of
period
$
18,621
$
17,149
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended
June 30,2023
As Reported In GAAP
Statements
Restructuring Charges
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
77,459
$
—
$
—
$
—
$
77,459
Residential
228,234
—
—
—
228,234
Agtech
35,028
—
—
(765
)
34,263
Infrastructure
24,193
—
—
—
24,193
Consolidated sales
364,914
—
—
(765
)
364,149
Income from operations
Renewables
5,908
2,997
148
—
9,053
Residential
43,959
—
—
—
43,959
Agtech
(1,117
)
156
11
4,222
3,272
Infrastructure
5,828
—
—
—
5,828
Segments Income
54,578
3,153
159
4,222
62,112
Unallocated corporate expense
(11,501
)
—
42
24
(11,435
)
Consolidated income from operations
43,077
3,153
201
4,246
50,677
Interest expense
1,308
—
—
—
1,308
Other (income) expense
(509
)
—
—
559
50
Income before income taxes
42,278
3,153
201
3,687
49,319
Provision for income taxes
11,555
857
53
569
13,034
Net income
$
30,723
$
2,296
$
148
$
3,118
$
36,285
Net income per share - diluted
$
1.00
$
0.08
$
—
$
0.10
$
1.18
Operating margin
Renewables
7.6
%
3.9
%
0.2
%
—
%
11.7
%
Residential
19.3
%
—
%
—
%
—
%
19.3
%
Agtech
(3.2
)%
0.4
%
—
%
12.1
%
9.5
%
Infrastructure
24.1
%
—
%
—
%
—
%
24.1
%
Segments Margin
15.0
%
0.9
%
—
%
1.2
%
17.1
%
Consolidated
11.8
%
0.9
%
0.1
%
1.2
%
13.9
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended
June 30, 2022
As Reported In GAAP
Statements
Restructuring & Senior
Leadership Transition Costs
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
101,549
$
—
$
—
$
—
$
101,549
Residential
200,245
—
—
—
200,245
Agtech
43,680
—
—
(2,748
)
40,932
Infrastructure
21,475
—
—
—
21,475
Consolidated sales
366,949
—
—
(2,748
)
364,201
Income from operations
Renewables
6,829
68
215
—
7,112
Residential
35,664
1,295
—
—
36,959
Agtech
1,542
97
—
1,109
2,748
Infrastructure
2,887
—
—
—
2,887
Segments Income
46,922
1,460
215
1,109
49,706
Unallocated corporate expense
(6,783
)
174
—
—
(6,609
)
Consolidated income from operations
40,139
1,634
215
1,109
43,097
Interest expense
656
—
—
—
656
Other expense
281
—
—
100
381
Income before income taxes
39,202
1,634
215
1,009
42,060
Provision for income taxes
9,895
398
52
245
10,590
Net income
$
29,307
$
1,236
$
163
$
764
$
31,470
Net income per share - diluted
$
0.90
$
0.03
$
0.01
$
0.02
$
0.96
Operating margin
Renewables
6.7
%
0.1
%
0.2
%
—
%
7.0
%
Residential
17.8
%
0.6
%
—
%
—
%
18.5
%
Agtech
3.5
%
0.2
%
—
%
2.5
%
6.7
%
Infrastructure
13.4
%
—
%
—
%
—
%
13.4
%
Segments Margin
12.8
%
0.4
%
0.1
%
0.3
%
13.6
%
Consolidated
10.9
%
0.4
%
0.1
%
0.3
%
11.8
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Six Months Ended
June 30, 2023
As Reported In GAAP
Statements
Restructuring Charges
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
136,664
$
—
$
—
$
—
$
136,664
Residential
407,729
—
—
—
407,729
Agtech
70,880
—
—
(3,279
)
67,601
Infrastructure
42,908
—
—
—
42,908
Consolidated sales
658,181
—
—
(3,279
)
654,902
Income from operations
Renewables
8,177
2,934
180
—
11,291
Residential
73,468
114
—
—
73,582
Agtech
1,213
717
37
4,857
6,824
Infrastructure
8,542
—
—
—
8,542
Segments Income
91,400
3,765
217
4,857
100,239
Unallocated corporate expense
(18,953
)
(19
)
63
24
(18,885
)
Consolidated income from operations
72,447
3,746
280
4,881
81,354
Interest expense
2,799
—
—
—
2,799
Other (income) expense
(906
)
—
—
1,027
121
Income before income taxes
70,554
3,746
280
3,854
78,434
Provision for income taxes
18,732
997
73
590
20,392
Net income
$
51,822
$
2,749
$
207
$
3,264
$
58,042
Net income per share - diluted
$
1.68
$
0.09
$
—
$
0.11
$
1.88
Operating margin
Renewables
6.0
%
2.1
%
0.1
%
—
%
8.3
%
Residential
18.0
%
—
%
—
%
—
%
18.0
%
Agtech
1.7
%
1.0
%
0.1
%
6.9
%
10.1
%
Infrastructure
19.9
%
—
%
—
%
—
%
19.9
%
Segments Margin
13.9
%
0.6
%
—
%
0.7
%
15.3
%
Consolidated
11.0
%
0.6
%
—
%
0.7
%
12.4
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Six Months Ended
June 30, 2022
As Reported In GAAP
Statements
Restructuring & Senior
Leadership Transition Costs
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
180,332
$
—
$
—
$
—
$
180,332
Residential
379,730
—
—
—
379,730
Agtech
86,108
—
—
(4,571
)
81,537
Infrastructure
38,644
—
—
—
38,644
Consolidated sales
684,814
—
—
(4,571
)
680,243
Income from operations
Renewables
(155
)
2,385
605
—
2,835
Residential
69,099
1,582
—
—
70,681
Agtech
1,573
88
—
3,634
5,295
Infrastructure
4,068
(63
)
—
—
4,005
Segments Income
74,585
3,992
605
3,634
82,816
Unallocated corporate expense
(13,251
)
449
7
—
(12,795
)
Consolidated income from operations
61,334
4,441
612
3,634
70,021
Interest expense
1,141
—
—
—
1,141
Other expense
434
—
—
100
534
Income before income taxes
59,759
4,441
612
3,534
68,346
Provision for income taxes
14,996
1,103
152
879
17,130
Net income
$
44,763
$
3,338
$
460
$
2,655
$
51,216
Net income per share - diluted
$
1.36
$
0.10
$
0.02
$
0.08
$
1.56
Operating margin
Renewables
(0.1
)%
1.3
%
0.3
%
—
%
1.6
%
Residential
18.2
%
0.4
%
—
%
—
%
18.6
%
Agtech
1.8
%
0.1
%
—
%
4.2
%
6.5
%
Infrastructure
10.5
%
(0.2
)%
—
%
—
%
10.4
%
Segments Margin
10.9
%
0.6
%
0.1
%
0.5
%
12.2
%
Consolidated
9.0
%
0.7
%
0.1
%
0.5
%
10.3
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended
June 30,2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
364,914
$
77,459
$
228,234
$
35,028
$
24,193
Less: Processing Net Sales
(765
)
—
—
(765
)
—
Adjusted Net Sales
$
364,149
$
77,459
$
228,234
$
34,263
$
24,193
Net Income
30,723
Provision for Income Taxes
11,555
Interest Expense
1,308
Other Income
(509
)
Operating Profit
43,077
5,908
43,959
(1,117
)
5,828
Adjusted Measures*
7,600
3,145
—
4,389
—
Adjusted Operating Profit
50,677
9,053
43,959
3,272
5,828
Adjusted Operating Margin
13.9
%
11.7
%
19.3
%
9.5
%
24.1
%
Adjusted Other Expense
—
—
—
—
—
Depreciation & Amortization
6,831
2,211
2,463
953
786
Stock Compensation Expense
3,462
233
309
181
56
Adjusted EBITDA
60,970
11,497
46,731
4,406
6,670
Adjusted EBITDA Margin
16.7
%
14.8
%
20.5
%
12.9
%
27.6
%
Cash Flow - Operating Activities
76,049
Purchase of PPE, Net
(3,094
)
Free Cash Flow
72,955
Free Cash Flow - % of Adjusted Net
Sales
20.0
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended
June 30, 2022
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
366,949
$
101,549
$
200,245
$
43,680
$
21,475
Less: Processing Net Sales
(2,748
)
—
—
(2,748
)
—
Adjusted Net Sales
$
364,201
$
101,549
$
200,245
$
40,932
$
21,475
Net Income
29,307
Provision for Income Taxes
9,895
Interest Expense
656
Other Expense
281
Operating Profit
40,139
6,829
35,664
1,542
2,887
Adjusted Measures*
2,958
283
1,295
1,206
—
Adjusted Operating Profit
43,097
7,112
36,959
2,748
2,887
Adjusted Operating Margin
11.8
%
7.0
%
18.5
%
6.7
%
13.4
%
Adjusted Other Expense
371
—
—
—
—
Depreciation & Amortization
6,341
2,113
2,025
1,013
792
Stock Compensation Expense
2,773
195
241
107
41
Adjusted EBITDA
51,840
9,420
39,225
3,868
3,720
Adjusted EBITDA Margin
14.2
%
9.3
%
19.6
%
9.4
%
17.3
%
Cash Flow - Operating Activities
8,298
Purchase of PPE, Net
(6,800
)
Free Cash Flow
1,498
Free Cash Flow - % of Adjusted Net
Sales
0.4
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Six Months Ended
June 30, 2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
658,181
$
136,664
$
407,729
$
70,880
$
42,908
Less: Processing Net Sales
(3,279
)
—
—
(3,279
)
—
Adjusted Net Sales
$
654,902
$
136,664
$
407,729
$
67,601
$
42,908
Net Income
51,822
Provision for Income Taxes
18,732
Interest Expense
2,799
Other Income
(906
)
Operating Profit
72,447
8,177
73,468
1,213
8,542
Adjusted Measures*
8,907
3,114
114
5,611
—
Adjusted Operating Profit
81,354
11,291
73,582
6,824
8,542
Adjusted Operating Margin
12.4
%
8.3
%
18.0
%
10.1
%
19.9
%
Adjusted Other Expense
77
—
—
—
—
Depreciation & Amortization
13,665
4,390
4,956
1,907
1,566
Stock Compensation Expense
5,056
447
607
334
103
Adjusted EBITDA
99,998
16,128
79,145
9,065
10,211
Adjusted EBITDA Margin
15.3
%
11.8
%
19.4
%
13.4
%
23.8
%
Cash Flow - Operating Activities
114,094
Purchase of PPE, Net
(5,284
)
Free Cash Flow
108,810
Free Cash Flow - % of Adjusted Net
Sales
16.6
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Six Months Ended
June 30, 2022
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
684,814
$
180,332
$
379,730
$
86,108
$
38,644
Less: Processing Net Sales
(4,571
)
—
—
(4,571
)
—
Adjusted Net Sales
$
680,243
$
180,332
$
379,730
$
81,537
$
38,644
Net Income
44,763
Provision for Income Taxes
14,996
Interest Expense
1,141
Other Expense
434
Operating Profit
61,334
(155
)
69,099
1,573
4,068
Adjusted Measures*
8,687
2,990
1,582
3,722
(63
)
Adjusted Operating Profit
70,021
2,835
70,681
5,295
4,005
Adjusted Operating Margin
10.3
%
1.6
%
18.6
%
6.5
%
10.4
%
Adjusted Other Expense
524
—
—
—
—
Depreciation & Amortization
12,677
4,256
4,078
2,332
1,575
Less: Processing Business Depreciation
& Amortization
(332
)
—
—
(332
)
—
Adjusted Depreciation &
Amortization
12,345
4,256
4,078
2,000
1,575
Stock Compensation Expense
4,125
448
432
177
74
Less: SLT Related Stock Compensation
Recovery
155
—
—
—
—
Adjusted Stock Compensation Expense
4,280
448
432
177
74
Adjusted EBITDA
86,122
7,539
75,191
7,472
5,654
Adjusted EBITDA Margin
12.7
%
4.2
%
19.8
%
9.2
%
14.6
%
Cash Flow - Operating Activities
544
Purchase of PPE, Net
(11,202
)
Free Cash Flow
(10,658
)
Free Cash Flow - % of Adjusted Net
Sales
(1.6
)%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802488656/en/
LHA Investor Relations Jody Burfening/Carolyn Capaccio (212)
838-3777 rock@lhai.com
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