Net Sales: GAAP -3.3%, Adjusted -2.0%; EPS:
GAAP +5.0%, Adjusted +2.6%
Strong Operating Cash Flow Generation, $36
Million
2024 Outlook: Moderating Revenue Growth, EPS
Unchanged
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and provider of products and services for the
residential, renewable energy, agtech and infrastructure markets,
today reported its financial results for the three- and six-month
period ended June 30, 2024.
“We delivered solid execution and strong operating cash flow
performance across Gibraltar, generating $36 million, while
overcoming two market headwinds that impacted growth in our
Residential and Renewables businesses in the quarter. The
residential market experienced unexpected channel destocking which
started in late May / early June. We offset some of this impact
through participation gains, which will support our residential
growth plan in the second half. Although net sales for Renewables
were up versus prior year, it was less than expected as some
customers continued to have project delays related to ongoing trade
and regulatory issues. Agtech bookings surpassed $90 million in the
quarter, a record for the business, and support strong revenue
growth in the second half. We continue to work toward achieving
growth in all four segments in 2024 while expanding margin and
driving cash flow, and we feel positive about our full year
outlook,” stated Chairman and CEO Bill Bosway.
Second Quarter 2024 Consolidated Results
($Millions, except EPS)
Three Months Ended June 30,
2024
2023
Change
2024
2023
Change
Net Sales
$353.0
$364.9
(3.3)%
Adjusted Net Sales
$353.0
$360.1
(2.0)%
Net Income
$32.2
$30.7
4.9%
Adjusted Net Income
$36.4
$35.4
2.8%
Diluted EPS
$1.05
$1.00
5.0%
Adjusted Diluted EPS
$1.18
$1.15
2.6%
GAAP net sales were down 3.3% while adjusted net sales were down
2.0% driven by a slowing market in Residential. Agtech bookings are
up significantly and support strong revenue growth in the second
half, and Infrastructure performance is expected to remain positive
going forward.
GAAP net income increased 4.9% to $32.2 million, or $1.05 per
share, and adjusted net income increased 2.8% to $36.4 million, or
$1.18 per share.
Adjusted measures exclude charges for restructuring initiatives,
acquisition-related items, senior leadership transition costs, and
portfolio management actions, as further described in the appended
reconciliation of adjusted financial measures.
Second Quarter Segment Results
Residential
($Millions)
Three Months Ended June 30,
2024
2023
Change
2024
2023
Change
Net Sales
$214.3
$228.2
(6.1)%
Adjusted Net Sales
$214.3
$228.2
(6.1)%
Operating Income
$43.3
$44.0
(1.6)%
Adjusted Operating Income
$43.5
$44.0
(1.1)%
Operating Margin
20.2%
19.3%
90 bps
Adjusted Operating Margin
20.3%
19.3%
100 bps
Net sales decreased 6.1% driven by a slowing market and
unexpected channel destocking in the second half of the quarter,
partially offset by participation gains with new and existing
customers, growth in ventilation product lines, and expansion
initiatives in the Rocky Mountain region.
Operating margins expanded through solid execution, 80/20
initiatives, and effective price/cost management.
Renewables
($Millions)
Three Months Ended June 30,
2024
2023
Change
2024
2023
Change
Net Sales
$79.4
$77.5
2.5%
Adjusted Net Sales
$79.4
$73.4
8.2%
Operating Income
$1.6
$5.9
(72.9)%
Adjusted Operating Income
$6.2
$7.7
(19.5)%
Operating Margin
2.1%
7.6%
(550) bps
Adjusted Operating Margin
7.8%
10.5%
(270) bps
GAAP net sales increased 2.5% and adjusted net sales increased
8.2%, which excludes the Japan renewables business divested in
2023. Net sales were driven by strong demand from new and existing
customers for the new 1P tracker product. Despite a growing
pipeline of new projects across all product lines, order backlog
decreased 10% during the quarter as some customers paused signing
new contracts as they work through trade and/or regulatory items
specific to their projects.
Both GAAP and adjusted operating margins were impacted by
product mix as the 1P tracker product moves through its launch
process learning curve to permanently tooled production for
suppliers and an efficient field installation process. GAAP margins
were further impacted by restructuring activities and prior year
portfolio management actions.
Agtech
($Millions)
Three Months Ended June 30,
2024
2023
Change
2024
2023
Change
Net Sales
$34.5
$35.0
(1.4)%
Adjusted Net Sales
$34.5
$34.3
0.6%
Operating Income
$2.3
$(1.1)
309.1%
Adjusted Operating Income
$2.3
$3.3
(30.3)%
Operating Margin
6.6%
(3.2)%
980 bps
Adjusted Operating Margin
6.6%
9.5%
(290) bps
GAAP net sales decreased 1.4% and adjusted net sales increased
0.6%, which excludes the Processing business liquidated in 2023.
Revenue was impacted by new projects starting later in the quarter,
with June revenue up significantly over May. New bookings reached
$90 million in the quarter increasing nearly 400% over Q1 resulting
in backlog up 32% over prior year.
Both GAAP and adjusted operating margins were impacted by
project timing and mix, while GAAP was more than offset by the
liquidation of the processing business in 2023.
Infrastructure
($Millions)
Three Months Ended June 30,
2024
2023
Change
2024
2023
Change
Net Sales
$24.8
$24.2
2.5%
Adjusted Net Sales
$24.8
$24.2
2.5%
Operating Income
$6.2
$5.8
6.9%
Adjusted Operating Income
$6.2
$5.8
6.9%
Operating Margin
25.1%
24.1%
100 bps
Adjusted Operating Margin
25.1%
24.1%
100 bps
Net sales increased 2.5%, driven by continued strong execution
and market participation gains. Backlog decreased 12% as expected
due to a large project booked in 2023 reaching its final stages;
bookings increased 3% on a sequential basis reflecting consistent
customer activity. Demand and quoting remain strong, and management
expects order flow to increase in the second half of the year.
Operating margins increased 100 basis points driven by price /
cost alignment, ongoing strong execution, 80/20 productivity, and
improving product mix.
Business Outlook
Mr. Bosway continued, “We are making a slight adjustment to our
net sales outlook for the year to reflect recent slower market
conditions in both Residential and Renewables end markets offset by
strength in both Agtech and Infrastructure. We remain focused on
driving participation gains as we work toward achieving growth in
all four segments, with operational improvements to support solid
second half and full year margin expansion and cash flow
growth.”
Consolidated net sales are now expected to range between $1.38
billion and $1.42 billion, compared to $1.38 billion in 2023, or
$1.36 billion on an adjusted basis. The outlook for both GAAP and
adjusted EPS is unchanged, with GAAP EPS continuing to range
between $4.04 and $4.29, compared to $3.59 in 2023, and adjusted
EPS continuing to range between $4.57 and $4.82, compared to $4.09
in 2023.
Second 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 second quarter of 2024.
Interested parties may access the webcast through the Investors
section of the Company’s website at www.gibraltar1.com, where
related presentation materials will also be posted prior to the
conference call. The call also may be accessed by dialing (877)
407-3088 or (201) 389-0927. For interested individuals unable to
join the live conference call, a webcast replay will be available
on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and
services for the residential, renewable energy, agtech, and
infrastructure markets. Gibraltar’s mission, to make life better
for people and the planet, is fueled by advancing the disciplines
of engineering, science, and technology. Gibraltar is innovating to
reshape critical markets in comfortable living, sustainable power,
and productive growing throughout North America. For more please
visit www.gibraltar1.com.
Forward-Looking Statements
Certain information set forth in this news release, other than
historical statements, contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based, in whole or in part, on current expectations,
estimates, forecasts, and projections about the Company’s business,
and management’s beliefs about future operations, results, and
financial position. These statements are not guarantees of future
performance and are subject to a number of risk factors,
uncertainties, and assumptions. Actual events, performance, or
results could differ materially from the anticipated events,
performance, or results expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from current expectations include, among other
things, the availability and pricing of our principal raw materials
and component parts, supply chain challenges causing project delays
and field operations inefficiencies and disruptions, the loss of
any key customers, adverse effects of inflation, our ability to
continue to improve operating margins, our ability to generate
order flow and sales and increase backlog; our ability to translate
our backlog into net sales, other general economic conditions and
conditions in the particular markets in which we operate, changes
in spending due to laws and government incentives, such as the
Infrastructure Investment and Jobs Act, changes in customer demand
and capital spending, competitive factors and pricing pressures,
our ability to develop and launch new products in a cost-effective
manner, our ability to realize synergies from newly acquired
businesses, disruptions to IT systems, the impact of trade and
regulation (including the latest Department of Commerce’s solar
panel anti-circumvention investigation, the bifacial exemption
revocation, the Auxin Solar challenge to the Presidential waiver of
tariffs, deadline to install certain modules under the waiver, and
the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits
and incentives and variations in government spending and our
ability to derive expected benefits from restructuring,
productivity initiatives, liquidity enhancing actions, and other
cost reduction actions. Before making any investment decisions
regarding our company, we strongly advise you to read the section
entitled “Risk Factors” in our most recent annual report on Form
10-K which can be accessed under the “SEC Filings” link of the
“Investor Info” page of our website at www.Gibraltar1.com. The
Company undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable law or
regulation.
Adjusted Financial Measures
To supplement Gibraltar’s consolidated financial statements
presented on a GAAP basis, Gibraltar also presented certain
adjusted financial measures in this news release and its quarterly
conference call, including adjusted net sales, adjusted operating
income and margin, adjusted net income, adjusted earnings per share
(EPS), free cash flow and adjusted earnings before interest, taxes,
depreciation and amortization (Adjusted EBITDA), each a non-GAAP
financial measure. Adjusted net sales reflects the removal of net
sales associated with our Processing business, which has been
liquidated and our Japan renewables business which was sold on
December 1, 2023. Adjusted net income, operating income and margin
exclude special charges consisting of restructuring costs
(primarily comprised of exit activities costs and impairment of
both tangible and intangible assets associated with 80/20
simplification, lean initiatives and / or discontinued products),
senior leadership transition costs (associated with new and / or
terminated senior executive roles), acquisition related costs
(legal and consulting fees for recent business acquisitions), and
portfolio management (which represents the operating results
generated by our processing business which was liquidated in 2023
and our Japan renewables business which was sold in 2023). These
special charges are excluded since they may not be considered
directly related to the Company’s ongoing business operations. The
aforementioned exclusions along with other adjustments to other
income below operating profit are excluded from adjusted EPS.
Adjusted EBITDA further excludes interest, taxes, depreciation,
amortization and stock compensation expense. In evaluating its
business, the Company considers and uses these non-GAAP financial
measures as supplemental measures of its operating performance.
Free cash flow is operating cash flow less capital expenditures and
the related margin is free cash flow divided by net sales. The
Company believes that the presentation of adjusted measures and
free cash flow provides meaningful supplemental data to investors
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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net sales
$
353,005
$
364,914
$
645,511
$
658,181
Cost of sales
257,132
268,175
465,250
484,513
Gross profit
95,873
96,739
180,261
173,668
Selling, general, and administrative
expense
53,404
53,662
106,056
101,221
Income from operations
42,469
43,077
74,205
72,447
Interest (income) expense
(1,495
)
1,308
(2,245
)
2,799
Other expense (income)
347
(509
)
(674
)
(906
)
Income before taxes
43,617
42,278
77,124
70,554
Provision for income taxes
11,419
11,555
19,980
18,732
Net income
$
32,198
$
30,723
$
57,144
$
51,822
Net earnings per share:
Basic
$
1.05
$
1.01
$
1.87
$
1.69
Diluted
$
1.05
$
1.00
$
1.86
$
1.68
Weighted average shares outstanding:
Basic
30,588
30,554
30,580
30,725
Diluted
30,791
30,684
30,801
30,846
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
June 30, 2024
December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
179,102
$
99,426
Accounts receivable, net of allowance of
$5,563 and $5,572, respectively
259,358
224,550
Inventories, net
134,493
120,503
Prepaid expenses and other current
assets
18,912
17,772
Total current assets
591,865
462,251
Property, plant, and equipment, net
108,314
107,603
Operating lease assets
41,134
44,918
Goodwill
511,590
513,383
Acquired intangibles
121,567
125,980
Other assets
2,471
2,316
$
1,376,941
$
1,256,451
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
140,888
$
92,124
Accrued expenses
85,099
88,719
Billings in excess of cost
59,498
44,735
Total current liabilities
285,485
225,578
Deferred income taxes
57,110
57,103
Non-current operating lease
liabilities
32,601
35,989
Other non-current liabilities
26,074
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; 34,274 and 34,219 shares issued and outstanding in
2024 and 2023
343
342
Additional paid-in capital
338,978
332,621
Retained earnings
795,655
738,511
Accumulated other comprehensive loss
(3,496
)
(2,114
)
Cost of 3,797 and 3,778 common shares held
in treasury in 2024 and 2023
(155,809
)
(154,362
)
Total stockholders’ equity
975,671
914,998
$
1,376,941
$
1,256,451
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 30,
2024
2023
Cash Flows from Operating
Activities
Net income
$
57,144
$
51,822
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
13,416
13,665
Stock compensation expense
6,358
5,056
Exit activity costs (recoveries),
non-cash
163
(23
)
Provision for deferred income taxes
—
179
Other, net
2,347
2,680
Changes in operating assets and
liabilities net of effects from acquisitions:
Accounts receivable
(33,828
)
(54,979
)
Inventories
(13,794
)
12,130
Other current assets and other assets
(3,791
)
4,069
Accounts payable
48,518
48,327
Accrued expenses and other non-current
liabilities
13,120
31,168
Net cash provided by operating
activities
89,653
114,094
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
—
554
Purchases of property, plant, and
equipment, net
(8,707
)
(5,284
)
Net proceeds from sale of business
350
—
Net cash used in investing activities
(8,357
)
(4,730
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
—
40,800
Long-term debt payments
—
(120,000
)
Purchase of common stock at market
prices
(1,447
)
(28,770
)
Net cash used in financing activities
(1,447
)
(107,970
)
Effect of exchange rate changes on
cash
(173
)
(381
)
Net increase in cash and cash
equivalents
79,676
1,013
Cash and cash equivalents at beginning of
year
99,426
17,608
Cash and cash equivalents at end of
period
$
179,102
$
18,621
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended June 30,
2024
As Reported In GAAP
Statements
Restructuring Charges
Acquisition & Senior
Leadership Transition Costs
Portfolio Management
Adjusted Financial Measures
Net Sales
Residential
$
214,316
$
—
$
—
$
—
$
214,316
Renewables
79,381
—
—
—
79,381
Agtech
34,508
—
—
—
34,508
Infrastructure
24,800
—
—
—
24,800
Consolidated sales
353,005
—
—
—
353,005
Income from operations
Residential
43,313
145
—
—
43,458
Renewables
1,647
4,449
113
—
6,209
Agtech
2,282
11
—
—
2,293
Infrastructure
6,215
—
—
—
6,215
Segments Income
53,457
4,605
113
—
58,175
Unallocated corporate expense
(10,988
)
4
96
—
(10,888
)
Consolidated income from operations
42,469
4,609
209
—
47,287
Interest income
(1,495
)
—
—
—
(1,495
)
Other expense
347
—
—
(324
)
23
Income before income taxes
43,617
4,609
209
324
48,759
Provision for income taxes
11,419
1,170
(274
)
72
12,387
Net income
$
32,198
$
3,439
$
483
$
252
$
36,372
Net income per share - diluted
$
1.05
$
0.11
$
0.01
$
0.01
$
1.18
Operating margin
Residential
20.2
%
0.1
%
—
%
—
%
20.3
%
Renewables
2.1
%
5.6
%
0.1
%
—
%
7.8
%
Agtech
6.6
%
—
%
—
%
—
%
6.6
%
Infrastructure
25.1
%
—
%
—
%
—
%
25.1
%
Segments Margin
15.1
%
1.3
%
—
%
—
%
16.5
%
Consolidated
12.0
%
1.3
%
—
%
—
%
13.4
%
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 & Senior
Leadership Transition
Portfolio Management &
Acquisition Costs
Adjusted Financial Measures
Portfolio Management *
Adjusted Financial Measures *
Net Sales
Residential
$
228,234
$
—
$
—
$
228,234
$
—
$
228,234
Renewables
77,459
—
—
77,459
(4,081
)
73,378
Agtech
35,028
—
(765
)
34,263
—
34,263
Infrastructure
24,193
—
—
24,193
—
24,193
Consolidated sales
364,914
—
(765
)
364,149
(4,081
)
360,068
Income from operations
Residential
43,959
—
—
43,959
—
43,959
Renewables
5,908
2,997
148
9,053
(1,358
)
7,695
Agtech
(1,117
)
156
4,233
3,272
—
3,272
Infrastructure
5,828
—
—
5,828
—
5,828
Segments Income
54,578
3,153
4,381
62,112
(1,358
)
60,754
Unallocated corporate expense
(11,501
)
—
66
(11,435
)
—
(11,435
)
Consolidated income from operations
43,077
3,153
4,447
50,677
(1,358
)
49,319
Interest expense
1,308
—
—
1,308
—
1,308
Other income
(509
)
—
559
50
(57
)
(7
)
Income before income taxes
42,278
3,153
3,888
49,319
(1,301
)
48,018
Provision for income taxes
11,555
857
622
13,034
(420
)
12,614
Net income
$
30,723
$
2,296
$
3,266
$
36,285
$
(881
)
$
35,404
Net income per share - diluted
$
1.00
$
0.08
$
0.10
$
1.18
$
(0.03
)
$
1.15
Operating margin
Residential
19.3
%
—
%
—
%
19.3
%
—
%
19.3
%
Renewables
7.6
%
3.9
%
0.2
%
11.7
%
(1.2
)%
10.5
%
Agtech
(3.2
)%
0.4
%
12.1
%
9.5
%
—
%
9.5
%
Infrastructure
24.1
%
—
%
—
%
24.1
%
—
%
24.1
%
Segments Margin
15.0
%
0.9
%
1.2
%
17.1
%
(0.2
)%
16.9
%
Consolidated
11.8
%
0.9
%
1.3
%
13.9
%
(0.2
)%
13.7
%
* Recast to exclude sale of Japan-based
solar racking business within the Renewables segment.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Six Months Ended June 30,
2024
As Reported In GAAP
Statements
Restructuring Charges
Acquisition & Senior
Leadership Transition Costs
Portfolio Management
Adjusted Financial Measures
Net Sales
Residential
$
399,427
$
—
$
—
$
—
$
399,427
Renewables
130,877
—
—
—
130,877
Agtech
68,535
—
—
—
68,535
Infrastructure
46,672
—
—
—
46,672
Consolidated sales
645,511
—
—
—
645,511
Income from operations
Residential
77,659
73
—
—
77,732
Renewables
3,291
4,718
233
—
8,242
Agtech
4,890
149
—
—
5,039
Infrastructure
11,111
—
—
—
11,111
Segments Income
96,951
4,940
233
—
102,124
Unallocated corporate expense
(22,746
)
4
219
8
(22,515
)
Consolidated income from operations
74,205
4,944
452
8
79,609
Interest income
(2,245
)
—
—
—
(2,245
)
Other (income) expense
(674
)
—
—
829
155
Income before income taxes
77,124
4,944
452
(821
)
81,699
Provision for income taxes
19,980
1,228
(460
)
51
20,799
Net income
$
57,144
$
3,716
$
912
$
(872
)
$
60,900
Net income per share - diluted
$
1.86
$
0.12
$
0.03
$
(0.03
)
$
1.98
Operating margin
Residential
19.4
%
—
%
—
%
—
%
19.5
%
Renewables
2.5
%
3.6
%
0.2
%
—
%
6.3
%
Agtech
7.1
%
0.2
%
—
%
—
%
7.4
%
Infrastructure
23.8
%
—
%
—
%
—
%
23.8
%
Segments Margin
15.0
%
0.8
%
—
%
—
%
15.8
%
Consolidated
11.5
%
0.8
%
—
%
—
%
12.3
%
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 & Senior
Leadership Transition
Portfolio Management &
Acquisition Costs
Adjusted Financial Measures
Portfolio Management *
Adjusted Financial Measures *
Net Sales
Residential
$
407,729
$
—
$
—
$
407,729
$
—
$
407,729
Renewables
136,664
—
—
136,664
(6,031
)
130,633
Agtech
70,880
—
(3,279
)
67,601
—
67,601
Infrastructure
42,908
—
—
42,908
—
42,908
Consolidated sales
658,181
—
(3,279
)
654,902
(6,031
)
648,871
Income from operations
Residential
73,468
114
—
73,582
—
73,582
Renewables
8,177
2,934
180
11,291
(908
)
10,383
Agtech
1,213
717
4,894
6,824
—
6,824
Infrastructure
8,542
—
—
8,542
—
8,542
Segments Income
91,400
3,765
5,074
100,239
(908
)
99,331
Unallocated corporate expense
(18,953
)
(19
)
87
(18,885
)
—
(18,885
)
Consolidated income from operations
72,447
3,746
5,161
81,354
(908
)
80,446
Interest expense
2,799
—
—
2,799
—
2,799
Other (income) expense
(906
)
—
1,027
121
(99
)
22
Income before income taxes
70,554
3,746
4,134
78,434
(809
)
77,625
Provision for income taxes
18,732
997
663
20,392
(160
)
20,232
Net income
$
51,822
$
2,749
$
3,471
$
58,042
$
(649
)
$
57,393
Net income per share - diluted
$
1.68
$
0.09
$
0.11
$
1.88
$
(0.02
)
$
1.86
Operating margin
Residential
18.0
%
—
%
—
%
18.0
%
—
%
18.0
%
Renewables
6.0
%
2.1
%
0.1
%
8.3
%
(0.4
)%
7.9
%
Agtech
1.7
%
1.0
%
7.0
%
10.1
%
—
%
10.1
%
Infrastructure
19.9
%
—
%
—
%
19.9
%
—
%
19.9
%
Segments Margin
13.9
%
0.6
%
0.7
%
15.3
%
—
%
15.3
%
Consolidated
11.0
%
0.6
%
0.7
%
12.4
%
—
%
12.4
%
* 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 Month Ended December 31,
2023
As Reported In GAAP
Statements
Restructuring Charges
Portfolio Management &
Acquisition Costs
Adjusted Financial Measures
Portfolio Management *
Adjusted Financial Measures *
Net Sales
Residential
$
814,803
$
—
$
—
$
814,803
$
—
$
814,803
Renewables
330,738
—
—
330,738
(11,724
)
319,014
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
Residential
143,068
4,811
12
147,891
—
147,891
Renewables
30,160
9,394
968
40,522
(1,252
)
39,270
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
Residential
17.6
%
0.6
%
—
%
18.2
%
—
%
18.2
%
Renewables
9.1
%
2.8
%
0.3
%
12.3
%
—
%
12.3
%
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 June 30,
2024
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales
$
353,005
$
214,316
$
79,381
$
34,508
$
24,800
Net Income
32,198
Provision for Income Taxes
11,419
Interest Income
(1,495
)
Other Expense
347
Operating Profit
42,469
43,313
1,647
2,282
6,215
Adjusted Measures*
4,818
145
4,562
11
—
Adjusted Operating Profit
47,287
43,458
6,209
2,293
6,215
Adjusted Operating Margin
13.4
%
20.3
%
7.8
%
6.6
%
25.1
%
Adjusted Other Expense
23
—
—
—
—
Depreciation & Amortization
6,753
2,507
2,050
808
747
Stock Compensation Expense
3,719
464
234
94
64
Adjusted EBITDA
$
57,736
$
46,429
$
8,493
$
3,195
$
7,026
Adjusted EBITDA Margin
16.4
%
21.7
%
10.7
%
9.3
%
28.3
%
Cash Flow - Operating Activities
36,472
Purchase of PPE, Net
(4,341
)
Free Cash Flow
32,131
Free Cash Flow - % of Adjusted Net
Sales
9.1
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended June 30,
2023
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
360,068
$
228,234
$
73,378
$
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
43,959
5,908
(1,117
)
5,828
Adjusted Measures*
6,242
—
1,787
4,389
—
Adjusted Operating Profit
49,319
43,959
7,695
3,272
5,828
Adjusted Operating Margin
13.7
%
19.3
%
10.5
%
9.5
%
24.1
%
Adjusted Other Income**
(57
)
—
—
—
—
Depreciation & Amortization**
6,831
2,463
2,211
953
786
Less: Japan Depreciation &
Amortization
(188
)
—
(188
)
—
—
Adjusted Depreciation &
Amortization
6,643
2,463
2,023
953
786
Stock Compensation Expense
3,462
309
233
181
56
Adjusted EBITDA Recast**
$
59,481
$
46,731
$
9,951
$
4,406
$
6,670
Adjusted EBITDA Margin Recast**
16.5
%
20.5
%
13.6
%
12.9
%
27.6
%
Adjusted EBITDA Previously Reported
$
60,970
$
46,731
$
11,497
$
4,406
$
6,670
Adjusted EBITDA Margin Previously
Reported
16.7
%
20.5
%
14.8
%
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
%
*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)
Six Months Ended June 30,
2024
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales
$
645,511
$
399,427
$
130,877
$
68,535
$
46,672
Net Income
57,144
Provision for Income Taxes
19,980
Interest Income
(2,245
)
Other Income
(674
)
Operating Profit
74,205
77,659
3,291
4,890
11,111
Adjusted Measures*
5,404
73
4,951
149
—
Adjusted Operating Profit
79,609
77,732
8,242
5,039
11,111
Adjusted Operating Margin
12.3
%
19.5
%
6.3
%
7.4
%
23.8
%
Adjusted Other Expense
155
—
—
—
—
Depreciation & Amortization
13,416
5,098
3,950
1,638
1,492
Stock Compensation Expense
6,358
877
449
188
118
Adjusted EBITDA
$
99,228
$
83,707
$
12,641
$
6,865
$
12,721
Adjusted EBITDA Margin
15.4
%
21.0
%
9.7
%
10.0
%
27.3
%
Cash Flow - Operating Activities
89,653
Purchase of PPE, Net
(8,707
)
Free Cash Flow
80,946
Free Cash Flow - % of Adjusted Net
Sales
12.5
%
*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
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
648,871
$
407,729
$
130,633
$
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
73,468
8,177
1,213
8,542
Adjusted Measures*
7,999
114
2,206
5,611
—
Adjusted Operating Profit
80,446
73,582
10,383
6,824
8,542
Adjusted Operating Margin
12.4
%
18.0
%
7.9
%
10.1
%
19.9
%
Adjusted Other Income**
(22
)
—
—
—
—
Depreciation & Amortization**
13,665
4,956
4,390
1,907
1,566
Less: Japan Depreciation &
Amortization
(383
)
—
(383
)
—
—
Adjusted Depreciation &
Amortization
13,282
4,956
4,007
1,907
1,566
Stock Compensation Expense
5,056
607
447
334
103
Adjusted EBITDA Recast**
$
98,806
$
79,145
$
14,837
$
9,065
$
10,211
Adjusted EBITDA Margin Recast**
15.2
%
19.4
%
11.4
%
13.4
%
23.8
%
Adjusted EBITDA Previously Reported
$
99,998
$
79,145
$
16,128
$
9,065
$
10,211
Adjusted EBITDA Margin Previously
Reported
15.3
%
19.4
%
11.8
%
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
%
*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 Month Ended December 31,
2023
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
1,361,953
$
814,803
$
319,014
$
140,908
$
87,228
Net Income
110,533
Provision for Income Taxes
38,459
Interest Expense
3,002
Other Income
(1,265
)
Operating Profit
150,729
143,068
30,160
(928
)
18,529
Adjusted Measures*
22,345
4,823
9,110
8,074
—
Adjusted Operating Profit
173,074
147,891
39,270
7,146
18,529
Adjusted Operating Margin
12.7
%
18.2
%
12.3
%
5.1
%
21.2
%
Adjusted Other Expense**
228
—
—
—
—
Depreciation & Amortization**
27,378
10,079
8,670
3,790
3,137
Less: Japan Depreciation &
Amortization
(676
)
—
(676
)
—
—
Adjusted Depreciation &
Amortization
26,702
10,079
7,994
3,790
3,137
Stock Compensation Expense
9,750
1,633
881
197
289
Adjusted EBITDA Recast**
$
209,298
$
159,603
$
48,145
$
11,133
$
21,955
Adjusted EBITDA Margin Recast**
15.4
%
19.6
%
15.1
%
7.9
%
25.2
%
Adjusted EBITDA Previously Reported
$
211,043
$
159,603
$
50,073
$
11,133
$
21,955
Adjusted EBITDA Margin Previously
Reported
15.4
%
19.6
%
15.1
%
7.9
%
25.2
%
Cash Flow - Operating Activities
218,476
Purchase of PPE, Net
(13,906
)
Free Cash Flow
204,570
Free Cash Flow - % of Adjusted Net
Sales
14.9
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of 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/20240731430258/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
