Net Sales: GAAP Essentially Flat, Adjusted
+1.3%; EPS: GAAP +19.1%, Adjusted +12.7%
Strong Operating Cash Flow Generation of $53.2
Million
Reaffirming 2024 Outlook for 4-9% Revenue,
12-20% EPS Growth
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 March 31, 2024.
“2024 started as we planned for the first quarter, with revenue
growth in our Residential, Agtech, and Infrastructure businesses
offsetting an anticipated slower start to the year in our
Renewables business. Our execution and participation gains continue
to leverage solid end market trends, and we continue to expect all
four segments to head in the same direction in 2024, with
Renewables and Agtech returning to top-line growth and driving
sales growth, margin expansion and strong cash flow generation
across the business,” stated Chairman and CEO Bill Bosway.
First Quarter 2024 Consolidated Results
Three Months Ended March 31,
$Millions, except EPS
GAAP
Adjusted
2024
2023
Change
2024
2023
Change
Net Sales
$292.5
$293.3
(0.3)%
$292.5
$288.8
1.3%
Net Income
$24.9
$21.1
18.0%
$24.5
$22.0
11.4%
Diluted EPS
$0.81
$0.68
19.1%
$0.80
$0.71
12.7%
Residential, Infrastructure and Agtech collectively generated
4.1% year-over-year net sales growth, offsetting the anticipated
slower quarter in Renewables. Agtech orders that were expected to
be signed in March were signed in April. As a result of this
timing, consolidated first quarter backlog was down 3% versus last
year.
GAAP net income increased to $24.9 million, or $0.81 per share.
Adjusted net income increased 11.4% to $24.5 million, or $0.80 per
share, and adjusted EPS increased 12.7%.
Adjusted measures exclude charges for restructuring initiatives,
acquisition-related items, senior leadership transition costs,
portfolio management actions, and the results of the Japan
renewables business, which was sold on December 1, 2023, as further
described in the appended reconciliation of adjusted financial
measures.
First Quarter Segment Results
Renewables
Three Months Ended March 31,
$Millions
GAAP
Adjusted
2024
2023
Change
2024
2023
Change
Net Sales
$51.5
$59.2
(13.0)%
$51.5
$57.3
(10.1)%
Operating Income
$1.6
$2.3
(30.4)%
$2.0
$2.7
(25.9)%
Operating Margin
3.2%
3.8%
(60) bps
3.9%
4.7%
(80) bps
As expected during the quarter, adjusted net sales decreased
10.1% due to the rapid customer transition to the new 1P tracker
product line, which currently has longer lead times as the supply
chain ramps up capacity. Adjusted net sales exclude the results of
the sale of the Japan renewables business in 2023. Backlog
increased 8% versus last year, on pace with expectations as end
market demand remains positive even as customers continue to await
final domestic content tax credit guidance and manage
project-specific permitting delays.
Adjusted operating margin decreased 80 basis points versus prior
year on lower volumes and product line mix associated with the ramp
up of the 1P tracker product line.
Residential
Three Months Ended March 31,
$Millions
GAAP
Adjusted
2024
2023
Change
2024
2023
Change
Net Sales
$185.1
$179.5
3.1%
$185.1
$179.5
3.1%
Operating Income
$34.3
$29.5
16.3%
$34.3
$29.6
15.9%
Operating Margin
18.6%
16.4%
220 bps
18.5%
16.5%
200 bps
Net sales increased 3.1%, with 2.4% organic growth driven by
participation gains with new and existing customers and through
additional geographic expansion in the Rocky Mountain region.
Adjusted operating margin expanded 200 basis points, driven by
solid execution and effective price/cost management.
Agtech
Three Months Ended March 31,
$Millions
GAAP
Adjusted
2024
2023
Change
2024
2023
Change
Net Sales
$34.0
$35.9
(5.3)%
$34.0
$33.3
2.1%
Operating Income
$2.6
$2.3
13.0%
$2.7
$3.6
(25.0)%
Operating Margin
7.7%
6.5%
120 bps
8.1%
10.7%
(260) bps
Adjusted net sales increased 2.1% and new bookings accelerated
significantly in April with over $40 million signed. The delay of
new bookings from March to April caused quarter end backlog to be
down 21% versus prior year. The Company has begun executing these
new orders and expects additional bookings in the coming
months.
Adjusted operating income decreased due to project start date
delays and market segment mix across the business.
Infrastructure
Three Months Ended March 31,
$Millions
GAAP
Adjusted
2024
2023
Change
2024
2023
Change
Net Sales
$21.9
$18.7
17.1%
$21.9
$18.7
17.1%
Operating Income
$4.9
$2.7
81.5%
$4.9
$2.7
81.5%
Operating Margin
22.4%
14.5%
790 bps
22.4%
14.5%
790 bps
Net sales increased 17.1%, driven by strong execution, continued
solid end market demand and market participation gains. Backlog
decreased 10% as expected due to the continued progress on a large
project; demand, project design and quoting remain strong, and
management expects order flow to increase progressively over the
course of the year.
Operating margin increased 790 basis points driven by volume,
price / cost alignment, ongoing strong execution, 80/20
productivity, and improving product mix.
Business Outlook
Mr. Bosway concluded, “Our outlook for 2024 is unchanged. Our
first quarter results and momentum to date in the second quarter
validate our expectation for strong performance in all four
segments, with Renewables and Agtech returning to top-line growth
and Residential and Infrastructure positioned to continue executing
well. We are focused on leveraging our operating engine for scale
and driving revenue growth, continued margin expansion and strong
cash flow generation.”
Gibraltar is reaffirming its full year 2024 guidance.
Consolidated net sales are 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 $4.09 in 2023.
First Quarter 2024 Conference Call Details
Gibraltar will host a conference call today starting at 9:00
a.m. ET to review its results for the first quarter of 2024.
Interested parties may access the webcast through the Investors
section of the Company’s website at www.gibraltar1.com, where
related presentation materials will also be posted prior to the
conference call. The call also may be accessed by dialing (877)
407-3088 or (201) 389-0927. For interested individuals unable to
join the live conference call, a webcast replay will be available
on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and
services for the 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 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 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 and our Japan renewables business which was sold on
December 1, 2023. Adjusted net income, operating income and margin
exclude special charges consisting of restructuring costs primarily
associated with 80/20 simplification or lean initiatives, senior
leadership transition costs, acquisition related costs, and the
operating results generated by our processing business which has
been liquidated and our Japan renewables business which has been
sold. 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 2024
guidance have not been provided due to the unreasonable efforts it
would take to provide such reconciliations due to the high
variability, complexity and uncertainty with respect to forecasting
and quantifying certain amounts that are necessary for such
reconciliations.
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share
data)
(unaudited)
Three Months Ended March 31,
2024
2023
Net sales
$
292,506
$
293,267
Cost of sales
208,118
216,338
Gross profit
84,388
76,929
Selling, general, and administrative
expense
52,652
47,559
Income from operations
31,736
29,370
Interest (income) expense
(750
)
1,491
Other income
(1,021
)
(397
)
Income before taxes
33,507
28,276
Provision for income taxes
8,561
7,177
Net income
$
24,946
$
21,099
Net earnings per share:
Basic
$
0.82
$
0.68
Diluted
$
0.81
$
0.68
Weighted average shares outstanding:
Basic
30,572
30,897
Diluted
30,793
31,024
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
March 31, 2024
December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
146,665
$
99,426
Accounts receivable, net of allowance of
$5,578 and $5,572, respectively
230,971
224,550
Inventories, net
137,878
120,503
Prepaid expenses and other current
assets
15,205
17,772
Total current assets
530,719
462,251
Property, plant, and equipment, net
108,028
107,603
Operating lease assets
42,592
44,918
Goodwill
511,797
513,383
Acquired intangibles
124,257
125,980
Other assets
2,464
2,316
$
1,319,857
$
1,256,451
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
127,533
$
92,124
Accrued expenses
82,805
88,719
Billings in excess of cost
53,261
44,735
Total current liabilities
263,599
225,578
Deferred income taxes
57,106
57,103
Non-current operating lease
liabilities
33,793
35,989
Other non-current liabilities
25,174
22,783
Stockholders’ equity:
Preferred stock, $0.01 par value;
authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; authorized
100,000 shares; 34,266 and 34,219 shares issued and outstanding in
2024 and 2023
343
342
Additional paid-in capital
335,259
332,621
Retained earnings
763,457
738,511
Accumulated other comprehensive loss
(3,078
)
(2,114
)
Cost of 3,797 and 3,778 common shares held
in treasury in 2024 and 2023
(155,796
)
(154,362
)
Total stockholders’ equity
940,185
914,998
$
1,319,857
$
1,256,451
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Three Months Ended March 31,
2024
2023
Cash Flows from Operating
Activities
Net income
$
24,946
$
21,099
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
6,663
6,834
Stock compensation expense
2,639
1,594
Exit activity recoveries, non-cash
(72
)
(63
)
Provision for (benefit of) deferred income
taxes
—
(51
)
Other, net
1,691
1,023
Changes in operating assets and
liabilities net of effects from acquisitions:
Accounts receivable
(6,950
)
(18,004
)
Inventories
(17,231
)
(1,586
)
Other current assets and other assets
453
2,536
Accounts payable
35,455
23,077
Accrued expenses and other non-current
liabilities
5,587
1,586
Net cash provided by operating
activities
53,181
38,045
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
—
554
Purchases of property, plant, and
equipment, net
(4,366
)
(2,190
)
Net cash used in investing activities
(4,366
)
(1,636
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
—
11,000
Long-term debt payments
—
(50,000
)
Purchase of common stock at market
prices
(1,434
)
(7,509
)
Net cash used in financing activities
(1,434
)
(46,509
)
Effect of exchange rate changes on
cash
(142
)
(11
)
Net increase (decrease) in cash and cash
equivalents
47,239
(10,111
)
Cash and cash equivalents at beginning of
year
99,426
17,608
Cash and cash equivalents at end of
period
$
146,665
$
7,497
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended March 31,
2024
As Reported In GAAP
Statements
Restructuring Charges
Acquisition Related Items
Portfolio Management
Adjusted Financial Measures
Net Sales
Renewables
$
51,496
$
—
$
—
$
—
$
51,496
Residential
185,111
—
—
—
185,111
Agtech
34,027
—
—
—
34,027
Infrastructure
21,872
—
—
—
21,872
Consolidated sales
292,506
—
—
—
292,506
Income from operations
Renewables
1,644
269
120
—
2,033
Residential
34,346
(72
)
—
—
34,274
Agtech
2,608
138
—
—
2,746
Infrastructure
4,896
—
—
—
4,896
Segments Income
43,494
335
120
—
43,949
Unallocated corporate expense
(11,758
)
110
13
8
(11,627
)
Consolidated income from operations
31,736
445
133
8
32,322
Interest income
(750
)
—
—
—
(750
)
Other (income) expense
(1,021
)
—
—
1,153
132
Income before income taxes
33,507
445
133
(1,145
)
32,940
Provision for income taxes
8,561
(162
)
34
(21
)
8,412
Net income
$
24,946
$
607
$
99
$
(1,124
)
$
24,528
Net income per share - diluted
$
0.81
$
0.02
$
—
$
(0.03
)
$
0.80
Operating margin
Renewables
3.2
%
0.5
%
0.2
%
—
%
3.9
%
Residential
18.6
%
—
%
—
%
—
%
18.5
%
Agtech
7.7
%
0.4
%
—
%
—
%
8.1
%
Infrastructure
22.4
%
—
%
—
%
—
%
22.4
%
Segments Margin
14.9
%
0.1
%
—
%
—
%
15.0
%
Consolidated
10.8
%
0.1
%
—
%
—
%
11.1
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended March 31,
2023
As Reported In GAAP
Statements
Restructuring & Senior
Leadership Transition Costs
Portfolio Management &
Acquisition Related Items
Adjusted Financial Measures
Portfolio Management *
Adjusted Financial Measures *
Net Sales
Renewables
$
59,205
$
—
$
—
$
59,205
$
(1,950
)
$
57,255
Residential
179,495
—
—
179,495
—
179,495
Agtech
35,852
—
(2,514
)
33,338
—
33,338
Infrastructure
18,715
—
—
18,715
—
18,715
Consolidated sales
293,267
—
(2,514
)
290,753
(1,950
)
288,803
Income from operations
Renewables
2,269
(63
)
32
2,238
450
2,688
Residential
29,509
114
—
29,623
—
29,623
Agtech
2,330
561
661
3,552
—
3,552
Infrastructure
2,714
—
—
2,714
—
2,714
Segments Income
36,822
612
693
38,127
450
38,577
Unallocated corporate expense
(7,452
)
(19
)
21
(7,450
)
—
(7,450
)
Consolidated income from operations
29,370
593
714
30,677
450
31,127
Interest expense
1,491
—
—
1,491
—
1,491
Other (income) expense
(397
)
—
468
71
(42
)
29
Income before income taxes
28,276
593
246
29,115
492
29,607
Provision for income taxes
7,177
140
41
7,358
260
7,618
Net income
$
21,099
$
453
$
205
$
21,757
$
232
$
21,989
Net income per share - diluted
$
0.68
$
0.02
$
—
$
0.70
$
0.01
$
0.71
Operating margin
Renewables
3.8
%
(0.1
)%
0.1
%
3.8
%
0.9
%
4.7
%
Residential
16.4
%
0.1
%
—
%
16.5
%
—
%
16.5
%
Agtech
6.5
%
1.6
%
1.9
%
10.7
%
—
%
10.7
%
Infrastructure
14.5
%
—
%
—
%
14.5
%
—
%
14.5
%
Segments Margin
12.6
%
0.2
%
0.2
%
13.1
%
0.3
%
13.4
%
Consolidated
10.0
%
0.2
%
0.2
%
10.6
%
0.2
%
10.8
%
* Recast to exclude sale of Japan-based
solar racking business within the Renewables segment.
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
Portfolio Management &
Acquisition Related Items
Adjusted Financial Measures
Portfolio Management *
Adjusted Financial Measures *
Net Sales
Renewables
$
330,738
$
—
$
—
$
330,738
$
(11,724
)
$
319,014
Residential
814,803
—
—
814,803
—
814,803
Agtech
144,967
—
(4,059
)
140,908
—
140,908
Infrastructure
87,228
—
—
87,228
—
87,228
Consolidated sales
1,377,736
—
(4,059
)
1,373,677
(11,724
)
1,361,953
Income from operations
Renewables
30,160
9,394
968
40,522
(1,252
)
39,270
Residential
143,068
4,811
12
147,891
—
147,891
Agtech
(928
)
3,918
4,156
7,146
—
7,146
Infrastructure
18,529
—
—
18,529
—
18,529
Segments Income
190,829
18,123
5,136
214,088
(1,252
)
212,836
Unallocated corporate expense
(40,100
)
(51
)
389
(39,762
)
—
(39,762
)
Consolidated income from operations
150,729
18,072
5,525
174,326
(1,252
)
173,074
Interest expense
3,002
—
—
3,002
—
3,002
Other (income) expense
(1,265
)
—
1,625
360
(183
)
177
Income before income taxes
148,992
18,072
3,900
170,964
(1,069
)
169,895
Provision for income taxes
38,459
4,583
1,382
44,424
(322
)
44,102
Net income
$
110,533
$
13,489
$
2,518
$
126,540
$
(747
)
$
125,793
Net income per share - diluted
$
3.59
$
0.43
$
0.09
$
4.11
$
(0.02
)
$
4.09
Operating margin
Renewables
9.1
%
2.8
%
0.3
%
12.3
%
—
%
12.3
%
Residential
17.6
%
0.6
%
—
%
18.2
%
—
%
18.2
%
Agtech
(0.6
)%
2.7
%
2.8
%
5.1
%
—
%
5.1
%
Infrastructure
21.2
%
—
%
—
%
21.2
%
—
%
21.2
%
Segments Margin
13.9
%
1.3
%
0.4
%
15.6
%
—
%
15.6
%
Consolidated
10.9
%
1.3
%
0.4
%
12.7
%
—
%
12.7
%
* Recast to exclude sale of Japan-based
solar racking business within the Renewables segment.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended March 31,
2024
Consolidated
Renewables
Residential
Agtech
Infrastructure
Adjusted Net Sales
$
292,506
$
51,496
$
185,111
$
34,027
$
21,872
Net Income
24,946
Provision for Income Taxes
8,561
Interest Income
(750
)
Other Income
(1,021
)
Operating Profit
31,736
1,644
34,346
2,608
4,896
Adjusted Measures*
586
389
(72
)
138
—
Adjusted Operating Profit
32,322
2,033
34,274
2,746
4,896
Adjusted Operating Margin
11.1
%
3.9
%
18.5
%
8.1
%
22.4
%
Adjusted Other Expense
132
—
—
—
—
Depreciation & Amortization
6,663
1,900
2,591
830
745
Stock Compensation Expense
2,639
215
413
94
54
Adjusted EBITDA
$
41,492
$
4,148
$
37,278
$
3,670
$
5,695
Adjusted EBITDA Margin
14.2
%
8.1
%
20.1
%
10.8
%
26.0
%
Cash Flow - Operating Activities
53,181
Purchase of PPE, Net
(4,366
)
Free Cash Flow
48,815
Free Cash Flow - % of Adjusted Net
Sales
16.7
%
*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 March 31,
2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Adjusted Net Sales*
$
288,803
$
57,255
$
179,495
$
33,338
$
18,715
Net Income
21,099
Provision for Income Taxes
7,177
Interest Expense
1,491
Other Income
(397
)
Operating Profit
29,370
2,269
29,509
2,330
2,714
Adjusted Measures*
1,757
419
114
1,222
—
Adjusted Operating Profit
31,127
2,688
29,623
3,552
2,714
Adjusted Operating Margin
10.8
%
4.7
%
16.5
%
10.7
%
14.5
%
Adjusted Other Expense**
35
—
—
—
—
Depreciation & Amortization**
6,834
2,179
2,493
954
780
Less: Japan Depreciation &
Amortization
(195
)
(195
)
—
—
—
Adjusted Depreciation &
Amortization
6,639
1,984
2,493
954
780
Stock Compensation Expense
1,594
214
298
153
47
Adjusted EBITDA Recast**
$
39,325
$
4,886
$
32,414
$
4,659
$
3,541
Adjusted EBITDA Margin Recast**
13.6
%
8.5
%
18.1
%
14.0
%
18.9
%
Adjusted EBITDA Previously Reported
$
39,028
$
4,631
$
32,414
$
4,659
$
3,541
Adjusted EBITDA Margin Previously
Reported
13.4
%
7.8
%
18.1
%
14.0
%
18.9
%
Cash Flow - Operating Activities
38,045
Purchase of PPE, Net
(2,190
)
Free Cash Flow
35,855
Free Cash Flow - % of Adjusted Net
Sales
12.3
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of Adjusted
Financial Measures
**Recast to exclude sale of Japan based
solar racking business within the Renewables segment
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Twelve Months Ended December 31,
2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Adjusted Net Sales*
$
1,361,953
$
319,014
$
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*
22,345
9,110
4,823
8,074
—
Adjusted Operating Profit
173,074
39,270
147,891
7,146
18,529
Adjusted Operating Margin
12.7
%
12.3
%
18.2
%
5.1
%
21.2
%
Adjusted Other Expense**
228
—
—
—
—
Depreciation & Amortization**
27,378
8,670
10,079
3,790
3,137
Less: Japan Depreciation &
Amortization
(676
)
(676
)
—
—
—
Adjusted Depreciation &
Amortization
26,702
7,994
10,079
3,790
3,137
Stock Compensation Expense
9,750
881
1,633
197
289
Adjusted EBITDA Recast**
$
209,298
$
48,145
$
159,603
$
11,133
$
21,955
Adjusted EBITDA Margin Recast**
15.4
%
15.1
%
19.6
%
7.9
%
25.2
%
Adjusted EBITDA Previously Reported
$
211,043
$
50,073
$
159,603
$
11,133
$
21,955
Adjusted EBITDA Margin Previously
Reported
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
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of Adjusted
Financial Measures
**Recast to exclude sale of Japan based
solar racking business within the Renewables segment
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501787282/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
