2023 EPS: GAAP up 40%, Adjusted up 21% on Flat
Net Sales
Strong 2023 Cash Generation on Higher Margins,
Working Capital Management
2024 Growth: Revenue 4-9%, EPS 12-20%
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-and twelve-month
period ended December 31, 2023.
“Fourth quarter results reflected a strong finish to a very good
year for Gibraltar. We delivered 5% revenue growth, 50 basis points
of adjusted operating margin expansion and adjusted EPS growth of
18%. For 2023, we outperformed what we set out to achieve at the
beginning of the year, improving our quality of earnings and
operating execution, generating $218 million of operating cash
flow. As a result, with solid end market fundamentals, improving
business conditions in Renewables and Agtech markets and our more
efficient operating engine, we expect a strong 2024,” stated
Chairman and CEO Bill Bosway.
Fourth Quarter 2023 Consolidated Results
Three Months Ended December
31,
$Millions, except EPS
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$328.8
$313.9
4.7%
$328.8
$312.9
5.1%
Net Income
$19.4
$3.3
NMF
$26.0
$22.4
16.1%
Diluted EPS
$0.63
$0.11
NMF
$0.85
$0.72
18.1%
Net sales increased 5.1% with all segments contributing to
growth and order backlog increasing more than 10% versus last
year.
GAAP earnings increased to $19.4 million, or $0.63 per share.
Adjusted net income increased 16.1% to $26.0 million, or $0.85 per
share, and adjusted EPS increased 18.1%. For the full year, revenue
was essentially flat, GAAP and adjusted EPS and free cash flow all
increased within the higher outlook included in third quarter 2023
reporting.
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.
Fourth Quarter Segment Results
Renewables
Three Months Ended December
31,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$87.7
$86.1
1.9%
$87.7
$86.1
1.9%
Operating Income
$9.1
$11.2
(18.8)%
$11.5
$13.1
(12.2)%
Operating Margin
10.3%
13.0%
(270) bps
13.1%
15.2%
(210) bps
Net sales increased 1.9%, driven by backlog converting to sales
as customers continued to work through scheduling challenges
related to permitting delays and awaited final tax credit guidance
from the Inflation Reduction Act. New bookings continued to be
robust, driving backlog up 20.9% versus last year.
Adjusted operating margin decreased 210 basis points versus the
prior year as strong execution across the business was offset by
warranty cost incurred during the quarter for a project completed
in 2022.
Residential
Three Months Ended December
31,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$179.3
$171.9
4.3%
$179.3
$171.9
4.3%
Operating Income
$27.4
$21.6
26.9%
$31.5
$23.0
37.0%
Operating Margin
15.3%
12.5%
280 bps
17.5%
13.4%
410 bps
Net sales increased 4.3% with organic sales up 3.1% driven by
participation gains and volume, partially offset by pricing
adjustments related to commodity deflation.
Adjusted operating margin expanded 410 basis points, driven by
improved price/cost alignment versus the prior year’s quarter,
volume and 80/20 initiatives.
Agtech
Three Months Ended December
31,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$42.4
$38.5
10.1%
$42.4
$37.6
12.8%
Operating Income
$(4.3)
$(2.4)
(79.2)%
$(1.4)
$1.7
NMF
Operating Margin
(10.1)%
(6.3)%
(380) bps
(3.3)%
4.6%
(790) bps
Net sales on an adjusted basis increased 12.8% as the team
executed on new orders in backlog.
Included in 2023 operating results is a $3.5 million charge to
write down a receivable associated with a distressed cannabis
customer. Before the charge, adjusted operating margin was
approximately 5%, an increase of 40 basis points driven by volume,
customer and product mix, and 80/20 initiatives.
Infrastructure
Three Months Ended December
31,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$19.4
$17.3
12.1%
$19.4
$17.3
12.1%
Operating Income
$3.6
$2.4
50.0%
$3.6
$2.4
50.0%
Operating Margin
18.6%
13.7%
490 bps
18.6%
13.7%
490 bps
Net sales and order backlog increased 12.1% and 3.0%,
respectively, driven by continued solid end market demand and
market participation gains.
Operating margin increased 490 basis points driven by ongoing
strong execution, 80/20 productivity, and improving product and
customer mix.
Business Outlook
Mr. Bosway concluded, “For 2024, we expect strong performances
for all four segments, with Renewables and Agtech returning to
top-line growth and Residential and Infrastructure positioned for
continued performance. We will continue to work our proven
playbook, leveraging our operating engine for scale and driving
revenue growth, continued margin expansion and strong cash flow
generation.”
Gibraltar is providing its guidance for earnings for the full
year 2024. Consolidated revenue is expected to range between $1.43
billion and $1.48 billion, compared to $1.37 billion in 2023. GAAP
EPS is expected to range between $4.04 and $4.29, compared to $3.59
in 2023, and adjusted EPS is expected to range between $4.57 and
$4.82, compared to $4.11 in 2023.
Fourth 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 fourth 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, 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 regulation
(including the Department of Commerce’s solar panel
anti-circumvention investigation, the Auxin Solar challenge to the
Presidential waiver of tariffs 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. Adjusted net income, operating income and margin
exclude 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 has
been 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 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 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
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net sales
$
328,811
$
313,861
$
1,377,736
$
1,389,966
Cost of sales
245,897
244,838
1,015,770
1,071,272
Gross profit
82,914
69,023
361,966
318,694
Selling, general, and administrative
expense
54,025
47,651
207,440
188,592
Intangible asset impairment
3,797
—
3,797
—
Income from operations
25,092
21,372
150,729
130,102
Interest (income) expense, net
(214
)
1,858
3,002
4,047
Other expense (income)
681
13,768
(1,265
)
14,565
Income before taxes
24,625
5,746
148,992
111,490
Provision for income taxes
5,191
2,398
38,459
29,084
Net income
$
19,434
$
3,348
$
110,533
$
82,406
Net earnings per share:
Basic
$
0.64
$
0.11
$
3.61
$
2.57
Diluted
$
0.63
$
0.11
$
3.59
$
2.56
Weighted average shares outstanding:
Basic
30,523
31,135
30,626
32,096
Diluted
30,724
31,257
30,785
32,192
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
December 31, 2023
December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
99,426
$
17,608
Accounts receivable, net of allowance of
$5,572 and $3,746, respectively
224,550
217,156
Inventories, net
120,503
170,360
Prepaid expenses and other current
assets
17,772
18,813
Total current assets
462,251
423,937
Property, plant, and equipment, net
107,603
109,584
Operating lease assets
44,918
26,502
Goodwill
513,383
512,363
Acquired intangibles
125,980
137,526
Other assets
2,316
701
$
1,256,451
$
1,210,613
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
92,124
$
106,582
Accrued expenses
88,719
73,721
Billings in excess of cost
44,735
35,017
Total current liabilities
225,578
215,320
Long-term debt
—
88,762
Deferred income taxes
57,103
47,088
Non-current operating lease
liabilities
35,989
19,041
Other non-current liabilities
22,783
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; 34,219 and 34,060 shares issued and outstanding in
2023 and 2022
342
340
Additional paid-in capital
332,621
322,873
Retained earnings
738,511
627,978
Accumulated other comprehensive loss
(2,114
)
(3,432
)
Cost of 3,778 and 3,199 common shares held
in treasury in 2023 and 2022
(154,362
)
(125,660
)
Total stockholders’ equity
914,998
822,099
$
1,256,451
$
1,210,613
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Twelve Months Ended
December 31,
2023
2022
Cash Flows from Operating
Activities
Net income
$
110,533
$
82,406
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
27,378
26,167
Intangible asset impairment
3,797
—
Stock compensation expense
9,750
8,334
Exit activity costs, non-cash
2,771
16,266
Provision for deferred income taxes
10,800
6,337
Other, net
12,492
1,506
Changes in operating assets and
liabilities net of effects from acquisitions:
Accounts receivable
(15,375
)
32,754
Inventories
45,908
14,377
Other current assets and other assets
514
2,062
Accounts payable
(14,387
)
(76,260
)
Accrued expenses and other non-current
liabilities
24,295
(11,258
)
Net cash provided by operating
activities
218,476
102,691
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
(9,863
)
(51,621
)
Purchases of property, plant, and
equipment, net
(13,906
)
(20,062
)
Net proceeds from sale of business
8,047
—
Net cash used in investing activities
(15,722
)
(71,683
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
50,000
204,500
Long-term debt payments
(141,000
)
(138,000
)
Payment of debt issuance costs
—
(2,013
)
Purchase of common stock at market
prices
(29,329
)
(89,494
)
Net cash used in financing activities
(120,329
)
(25,007
)
Effect of exchange rate changes on
cash
(607
)
(1,242
)
Net increase in cash and cash
equivalents
81,818
4,759
Cash and cash equivalents at beginning of
year
17,608
12,849
Cash and cash equivalents at end of
year
$
99,426
$
17,608
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended
December 31, 2023
As
Reported
In GAAP Statements
Restructuring Charges
Acquisition Related Items
Portfolio Management
Adjusted
Financial Measures
Net Sales
Renewables
$
87,712
$
—
$
—
$
—
$
87,712
Residential
179,327
—
—
—
179,327
Agtech
42,421
—
—
—
42,421
Infrastructure
19,351
—
—
—
19,351
Consolidated sales
328,811
—
—
—
328,811
Income from operations
Renewables
9,076
2,075
331
—
11,482
Residential
27,442
4,021
—
—
31,463
Agtech
(4,277
)
3,196
—
(339
)
(1,420
)
Infrastructure
3,601
—
—
—
3,601
Segment Income
35,842
9,292
331
(339
)
45,126
Unallocated corporate expense
(10,750
)
1
8
(7
)
(10,748
)
Consolidated income from operations
25,092
9,293
339
(346
)
34,378
Interest income
(214
)
—
—
—
(214
)
Other expense
681
—
—
(643
)
38
Income before income taxes
24,625
9,293
339
297
34,554
Provision for income taxes
5,191
2,354
86
908
8,539
Net income
$
19,434
$
6,939
$
253
$
(611
)
$
26,015
Net income per share – diluted
$
0.63
$
0.23
$
0.01
$
(0.02
)
$
0.85
Operating margin
Renewables
10.3
%
2.4
%
0.4
%
—
%
13.1
%
Residential
15.3
%
2.2
%
—
%
—
%
17.5
%
Agtech
(10.1
)%
7.5
%
—
%
(0.8
)%
(3.3
)%
Infrastructure
18.6
%
—
%
—
%
—
%
18.6
%
Segments Margin
10.9
%
2.9
%
0.1
%
(0.1
)%
13.7
%
Consolidated
7.6
%
2.9
%
0.1
%
(0.1
)%
10.5
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended
December 31, 2022
As Reported In GAAP
Statements
Restructuring Charges
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
86,116
$
—
$
—
$
—
$
86,116
Residential
171,926
—
—
—
171,926
Agtech
38,543
—
—
(943
)
37,600
Infrastructure
17,276
—
—
—
17,276
Consolidated sales
313,861
—
—
(943
)
312,918
Income from operations
Renewables
11,182
1,897
51
—
13,130
Residential
21,557
527
951
—
23,035
Agtech
(2,436
)
1,517
—
2,654
1,735
Infrastructure
2,363
—
—
—
2,363
Segments Income
32,666
3,941
1,002
2,654
40,263
Unallocated corporate expense
(11,294
)
2,306
72
—
(8,916
)
Consolidated income from operations
21,372
6,247
1,074
2,654
31,347
Interest expense
1,858
(140
)
—
—
1,718
Other expense (income)
13,768
—
—
(13,990
)
(222
)
Income before income taxes
5,746
6,387
1,074
16,644
29,851
Provision for income taxes
2,398
1,308
265
3,438
7,409
Net income
$
3,348
$
5,079
$
809
$
13,206
$
22,442
Net income per share - diluted
$
0.11
$
0.16
$
0.03
$
0.42
$
0.72
Operating margin
Renewables
13.0
%
2.2
%
0.1
%
—
%
15.2
%
Residential
12.5
%
0.3
%
0.6
%
—
%
13.4
%
Agtech
(6.3
)%
3.9
%
—
%
6.9
%
4.6
%
Infrastructure
13.7
%
—
%
—
%
—
%
13.7
%
Segments Margin
10.4
%
1.3
%
0.3
%
0.8
%
12.9
%
Consolidated
6.8
%
2.0
%
0.3
%
0.8
%
10.0
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Twelve Months Ended
December 31, 2023
As
Reported
In GAAP Statements
Restructuring Charges
Acquisition Related Items
Portfolio Management
Adjusted
Financial Measures
Net Sales
Renewables
$
330,738
$
—
$
—
$
—
$
330,738
Residential
814,803
—
—
—
814,803
Agtech
144,967
—
—
(4,059
)
140,908
Infrastructure
87,228
—
—
—
87,228
Consolidated sales
1,377,736
—
—
(4,059
)
1,373,677
Income from operations
Renewables
30,160
9,394
968
—
40,522
Residential
143,068
4,811
12
—
147,891
Agtech
(928
)
3,918
37
4,119
7,146
Infrastructure
18,529
—
—
—
18,529
Segment Income
190,829
18,123
1,017
4,119
214,088
Unallocated corporate expense
(40,100
)
(51
)
300
89
(39,762
)
Consolidated income from operations
150,729
18,072
1,317
4,208
174,326
Interest expense
3,002
—
—
—
3,002
Other (income) expense
(1,265
)
—
—
1,625
360
Income before income taxes
148,992
18,072
1,317
2,583
170,964
Provision for income taxes
38,459
4,583
334
1,048
44,424
Net income
$
110,533
$
13,489
$
983
$
1,535
$
126,540
Net income per share – diluted
$
3.59
$
0.43
$
0.04
$
0.05
$
4.11
Operating margin
Renewables
9.1
%
2.8
%
0.3
%
—
%
12.3
%
Residential
17.6
%
0.6
%
—
%
—
%
18.2
%
Agtech
(0.6
)%
2.7
%
—
%
2.8
%
5.1
%
Infrastructure
21.2
%
—
%
—
%
—
%
21.2
%
Segments Margin
13.9
%
1.3
%
0.1
%
0.3
%
15.6
%
Consolidated
10.9
%
1.3
%
0.1
%
0.3
%
12.7
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Twelve Months Ended
December 31, 2022
As Reported In GAAP
Statements
Restructuring Charges &
Senior Leadership Transition Costs
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
377,567
$
—
$
—
$
—
$
377,567
Residential
767,248
—
—
—
767,248
Agtech
168,868
—
—
(7,840
)
161,028
Infrastructure
76,283
—
—
—
76,283
Consolidated sales
1,389,966
—
—
(7,840
)
1,382,126
Income from operations
Renewables
25,243
4,240
782
—
30,265
Residential
126,458
2,121
1,427
—
130,006
Agtech
2,914
1,837
—
6,769
11,520
Infrastructure
9,003
(63
)
—
—
8,940
Segments Income
163,618
8,135
2,209
6,769
180,731
Unallocated corporate expense
(33,516
)
2,837
601
—
(30,078
)
Consolidated income from operations
130,102
10,972
2,810
6,769
150,653
Interest expense
4,047
(140
)
—
—
3,907
Other expense
14,565
—
—
(13,890
)
675
Income before income taxes
111,490
11,112
2,810
20,659
146,071
Provision for income taxes
29,084
2,485
702
4,441
36,712
Net income
$
82,406
$
8,627
$
2,108
$
16,218
$
109,359
Net income per share - diluted
$
2.56
$
0.26
$
0.07
$
0.51
$
3.40
Operating margin
Renewables
6.7
%
1.1
%
0.2
%
—
%
8.0
%
Residential
16.5
%
0.2
%
0.2
%
—
%
16.9
%
Agtech
1.7
%
1.1
%
—
%
4.0
%
7.2
%
Infrastructure
11.8
%
(0.1
)%
—
%
—
%
11.7
%
Segments Margin
11.8
%
0.6
%
0.2
%
0.5
%
13.1
%
Consolidated
9.4
%
0.8
%
0.2
%
0.5
%
10.9
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended
December 31, 2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
328,811
$
87,712
$
179,327
$
42,421
$
19,351
Less: Processing Net Sales
—
—
—
—
—
Adjusted Net Sales
$
328,811
$
87,712
$
179,327
$
42,421
$
19,351
Net Income
19,434
Provision for Income Taxes
5,191
Interest Income
(214
)
Other Expense
681
Operating Profit
25,092
9,076
27,442
(4,277
)
3,601
Adjusted Measures*
9,286
2,406
4,021
2,857
—
Adjusted Operating Profit
34,378
11,482
31,463
(1,420
)
3,601
Adjusted Operating Margin
10.5
%
13.1
%
17.5
%
(3.3
)%
18.6
%
Adjusted Other Expense
89
—
—
—
—
Depreciation & Amortization
6,804
2,109
2,537
940
788
Stock Compensation Expense
2,493
230
498
57
77
Adjusted EBITDA
$
43,586
$
13,821
$
34,498
$
(423
)
$
4,466
Adjusted EBITDA Margin
13.3
%
15.8
%
19.2
%
(1.0
)%
23.1
%
Cash Flow - Operating Activities
11,820
Purchase of PPE, Net
(5,930
)
Free Cash Flow
5,890
Free Cash Flow - % of Adjusted Net
Sales
1.8
%
*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
December 31, 2022
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
313,861
$
86,116
$
171,926
$
38,543
$
17,276
Less: Processing Net Sales
(943
)
—
—
(943
)
—
Adjusted Net Sales
$
312,918
$
86,116
$
171,926
$
37,600
$
17,276
Net Income
3,348
Provision for Income Taxes
2,398
Interest Expense
1,858
Other Expense
13,768
Operating Profit
21,372
11,182
21,557
(2,436
)
2,363
Adjusted Measures*
9,975
1,948
1,478
4,171
—
Adjusted Operating Profit
31,347
13,130
23,035
1,735
2,363
Adjusted Operating Margin
10.0
%
15.2
%
13.4
%
4.6
%
13.7
%
Adjusted Other Income
(193
)
—
—
—
—
Depreciation & Amortization
6,975
2,123
2,609
1,030
786
Stock Compensation Expense
2,445
195
245
108
41
Less: SLT Related Stock Compensation
Expense
(838
)
—
—
—
—
Adjusted Stock Compensation Expense
1,607
195
245
108
41
Adjusted EBITDA
$
40,122
$
15,448
$
25,889
$
2,873
$
3,190
Adjusted EBITDA Margin
12.8
%
17.9
%
15.1
%
7.6
%
18.5
%
Cash Flow - Operating Activities
64,130
Purchase of PPE, Net
(4,358
)
Free Cash Flow
59,772
Free Cash Flow - % of Adjusted Net
Sales
19.1
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Twelve Months Ended
December 31, 2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
1,377,736
$
330,738
$
814,803
$
144,967
$
87,228
Less: Processing Net Sales
(4,059
)
—
—
(4,059
)
—
Adjusted Net Sales
$
1,373,677
$
330,738
$
814,803
$
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
30,160
143,068
(928
)
18,529
Adjusted Measures*
23,597
10,362
4,823
8,074
—
Adjusted Operating Profit
174,326
40,522
147,891
7,146
18,529
Adjusted Operating Margin
12.7
%
12.3
%
18.2
%
5.1
%
21.2
%
Adjusted Other Expense
411
—
—
—
—
Depreciation & Amortization
27,378
8,670
10,079
3,790
3,137
Stock Compensation Expense
9,750
881
1,633
197
289
Adjusted EBITDA
$
211,043
$
50,073
$
159,603
$
11,133
$
21,955
Adjusted EBITDA Margin
15.4
%
15.1
%
19.6
%
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
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Twelve Months Ended
December 31, 2022
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
1,389,966
$
377,567
$
767,248
$
168,868
$
76,283
Less: Processing Net Sales
(7,840
)
—
—
(7,840
)
—
Adjusted Net Sales
$
1,382,126
$
377,567
$
767,248
$
161,028
$
76,283
Net Income
82,406
Provision for Income Taxes
29,084
Interest Expense
4,047
Other Expense
14,565
Operating Profit
130,102
25,243
126,458
2,914
9,003
Adjusted Measures*
20,551
5,022
3,548
8,606
(63
)
Adjusted Operating Profit
150,653
30,265
130,006
11,520
8,940
Adjusted Operating Margin
10.9
%
8.0
%
16.9
%
7.2
%
11.7
%
Adjusted Other Expense
695
—
—
—
—
Depreciation & Amortization
26,167
8,467
8,983
4,377
3,150
Less: Processing Business Depreciation
& Amortization
(332
)
—
—
(332
)
—
Adjusted Depreciation &
Amortization
25,835
8,467
8,983
4,045
3,150
Stock Compensation Expense
8,334
939
990
427
170
Less: SLT Related Stock Compensation
Expense
(683
)
—
—
—
—
Adjusted Stock Compensation Expense
7,651
939
990
427
170
Adjusted EBITDA
$
183,444
$
39,671
$
139,979
$
15,992
$
12,260
Adjusted EBITDA Margin
13.3
%
10.5
%
18.2
%
9.9
%
16.1
%
Cash Flow - Operating Activities
102,691
Purchase of PPE, Net
(20,062
)
Free Cash Flow
82,629
Free Cash Flow - % of Adjusted Net
Sales
6.0
%
*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/20240221275453/en/
LHA Investor Relations Jody Burfening/Carolyn Capaccio (212)
838-3777 rock@lhai.com
Grafico Azioni Gibraltar Industries (NASDAQ:ROCK)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Gibraltar Industries (NASDAQ:ROCK)
Storico
Da Gen 2024 a Gen 2025
