Net Sales: $361 Million; EPS: GAAP $1.11,
Adjusted $1.27
Strong Operating Cash Flow Generation of $65
Million
Confirms Updated 2024 Outlook for Revenue:
$1.31-$1.33B, GAAP, Adjusted EPS: $3.57-$3.71, $4.11-$4.25,
Respectively
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 nine-month
period ended September 30, 2024.
“Third quarter results were within our previously announced
range, with the Renewables and Residential businesses coming in as
we anticipated, Agtech sales growing over 30%, and three of our
four segments delivering margin growth translating to $65 million
in cash flow generation on solid execution and working capital
management. We are managing well in a challenging sales environment
and are well positioned to weather current market disruptions,”
stated Chairman and CEO Bill Bosway.
Third Quarter 2024 Consolidated Results
($Millions, except EPS)
Three Months Ended September
30,
2024
2023
Change
2024
2023
Change
Net Sales
$361.2
$390.7
(7.6)%
Adjusted Net Sales
$361.2
$385.2
(6.2)%
Net Income
$34.0
$39.3
(13.5)%
Adjusted Net Income
$38.9
$42.1
(7.6)%
Diluted EPS
$1.11
$1.28
(13.3)%
Adjusted Diluted EPS
$1.27
$1.37
(7.3)%
GAAP and adjusted net sales were down 7.6% and 6.2%,
respectively, driven by solar industry headwinds impacting the
Renewables business and a slowdown in the Residential market,
partially offset by growth in Agtech.
GAAP net income decreased to $34.0 million, or $1.11 per share,
and adjusted net income decreased to $38.9 million, or $1.27 per
share.
Adjusted measures exclude charges for restructuring initiatives,
acquisition-related items, senior leadership transition costs, and
portfolio management actions, as further described in the appended
reconciliation of adjusted financial measures.
Third Quarter Segment Results
Residential
($Millions)
Three Months Ended September
30,
2024
2023
Change
2024
2023
Change
Net Sales
$212.4
$227.7
(6.7)%
Adjusted Net Sales
$212.4
$227.7
(6.7)%
Operating Income
$42.1
$42.2
(0.2)%
Adjusted Operating Income
$42.4
$42.8
(0.9)%
Operating Margin
19.8%
18.5%
130 bps
Adjusted Operating Margin
19.9%
18.8%
110 bps
Net sales decreased 6.7% driven by a slower residential market,
including the repair and remodel sector, which is impeding the
timing and benefit of participation gains as customers take longer
to flush inventory from incumbent suppliers.
Operating margins expanded through solid execution, effective
price/cost management and 80/20 initiatives.
Renewables
($Millions)
Three Months Ended September
30,
2024
2023
Change
2024
2023
Change
Net Sales
$84.1
$106.4
(21.0)%
Adjusted Net Sales
$84.1
$101.6
(17.2)%
Operating Income
$0.8
$12.9
(93.8)%
Adjusted Operating Income
$5.5
$17.1
(67.8)%
Operating Margin
1.0%
12.1%
(1110)bps
Adjusted Operating Margin
6.5%
16.9%
(1040)bps
Net sales and new project bookings were impacted by trade and
regulatory headwinds associated with the two independent AD/CVD
investigations, which are forcing the industry to put major focus
on completing panel installations and the administrative reporting
requirements ahead of the December 3, 2024 expiration of the tariff
moratorium for panels granted through the Presidential Proclamation
associated with the first investigation. Correspondingly, backlog
decreased 24%.
GAAP and adjusted operating margins were impacted by lower
volume and product mix associated with the launch and learning
curve of the 1P tracker while dealing with the abovementioned
industry challenges. GAAP margins were additionally impacted by
planned operational improvements, restructuring activities and
prior-year portfolio management actions.
Agtech
($Millions)
Three Months Ended September
30,
2024
2023
Change
2024
2023
Change
Net Sales
$41.5
$31.7
30.9%
Adjusted Net Sales
$41.5
$30.9
34.3%
Operating Income
$3.9
$2.1
85.7%
Adjusted Operating Income
$4.2
$1.7
147.1%
Operating Margin
9.3%
6.7%
260 bps
Adjusted Operating Margin
10.1%
5.6%
450 bps
GAAP net sales increased 30.9% and adjusted net sales increased
34.3% driven mainly by projects starting to accelerate in the
Produce division including facilities to grow strawberries,
lettuce, melons, and vine crops. Additional new projects in both
the Produce and Commercial divisions are anticipated to be booked
as design work is completed and projects are finalized for launch,
the timing of which decreased backlog 3%.
GAAP and adjusted operating margin expansion was driven by
volume, product mix, 80/20 initiatives, and solid field
execution.
Infrastructure
($Millions)
Three Months Ended September
30,
2024
2023
Change
2024
2023
Change
Net Sales
$23.2
$25.0
(7.2)%
Adjusted Net Sales
$23.2
$25.0
(7.2)%
Operating Income
$6.5
$6.4
1.6%
Adjusted Operating Income
$6.5
$6.4
1.6%
Operating Margin
27.9%
25.6%
230 bps
Adjusted Operating Margin
27.9%
25.6%
230 bps
Net sales decreased by 7.2%, impacted by the timing on a large
project in the prior year. Backlog increased 3%. Demand and quoting
remain strong, supported by ongoing investment at the federal and
state levels.
Operating margins increased 230 basis points, driven by product
line mix, new products, 80/20 initiatives, and strong
execution.
Business Outlook
Mr. Bosway continued, “Our outlook is unchanged from our recent
update, and although we are dealing with some challenging end
markets, we expect to deliver earnings growth this year through
operational improvement. Our operating teams continue to
proactively work through their end market dynamics, and we are
focused on supporting our customers while simultaneously growing
our participation with them.”
Consolidated net sales are expected to range between $1.31
billion and $1.33 billion, compared to $1.38 billion in 2023, or
$1.36 billion on an adjusted basis. GAAP and adjusted EPS are
expected to range, respectively, between $3.57 and $3.71, compared
to $3.59 in 2023, and between $4.11 and $4.25, compared to $4.09 in
2023.
Third 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 third 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 East and Gulf
coast port strikes, the impact of trade and regulation (including
the latest Department of Commerce’s solar panel anti-circumvention
investigation, the bifacial exemption revocation, the Auxin Solar
challenge to the Presidential waiver of tariffs, deadline to
install certain modules under the waiver, and the Uyghur Forced
Labor Prevention Act (UFLPA)), rebates, credits and incentives and
variations in government spending and our ability to derive
expected benefits from restructuring, productivity initiatives,
liquidity enhancing actions, and other cost reduction actions.
Before making any investment decisions regarding our company, we
strongly advise you to read the section entitled “Risk Factors” in
our most recent annual report on Form 10-K which can be accessed
under the “SEC Filings” link of the “Investor Info” page of our
website at www.Gibraltar1.com. The Company undertakes no obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by applicable law or regulation.
Adjusted Financial Measures
To supplement Gibraltar’s consolidated financial statements
presented on a GAAP basis, 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,
as well as management, 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 September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net sales
$
361,196
$
390,744
$
1,006,707
$
1,048,925
Cost of sales
267,670
285,360
732,920
769,873
Gross profit
93,526
105,384
273,787
279,052
Selling, general, and administrative
expense
49,528
52,194
155,584
153,415
Income from operations
43,998
53,190
118,203
125,637
Interest (income) expense
(1,931
)
417
(4,176
)
3,216
Other expense (income)
455
(1,040
)
(219
)
(1,946
)
Income before taxes
45,474
53,813
122,598
124,367
Provision for income taxes
11,435
14,536
31,415
33,268
Net income
$
34,039
$
39,277
$
91,183
$
91,099
Net earnings per share:
Basic
$
1.11
$
1.29
$
2.98
$
2.97
Diluted
$
1.11
$
1.28
$
2.96
$
2.96
Weighted average shares outstanding:
Basic
30,530
30,485
30,564
30,638
Diluted
30,750
30,715
30,788
30,808
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS (in thousands, except per share
data)
September 30, 2024
December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
228,879
$
99,426
Trade receivables, net of allowance of
$5,418 and $5,351, respectively
206,842
172,736
Costs in excess of billings, net
41,603
51,814
Inventories, net
138,171
120,503
Prepaid expenses and other current
assets
26,796
17,772
Total current assets
642,291
462,251
Property, plant, and equipment, net
109,811
107,603
Operating lease assets
39,153
44,918
Goodwill
511,941
513,383
Acquired intangibles
118,983
125,980
Other assets
2,411
2,316
$
1,424,590
$
1,256,451
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
163,295
$
92,124
Accrued expenses
89,510
88,719
Billings in excess of cost
53,788
44,735
Total current liabilities
306,593
225,578
Deferred income taxes
56,497
57,103
Non-current operating lease
liabilities
30,990
35,989
Other non-current liabilities
27,277
22,783
Stockholders’ equity:
Preferred stock, $0.01 par value;
authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; authorized
100,000 shares; 34,298 and 34,219 shares issued and outstanding in
2024 and 2023
343
342
Additional paid-in capital
341,306
332,621
Retained earnings
829,694
738,511
Accumulated other comprehensive loss
(2,793
)
(2,114
)
Cost of 3,944 and 3,778 common shares held
in treasury in 2024 and 2023
(165,317
)
(154,362
)
Total stockholders’ equity
1,003,233
914,998
$
1,424,590
$
1,256,451
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
(unaudited)
Nine Months Ended September
30,
2024
2023
Cash Flows from Operating
Activities
Net income
$
91,183
$
91,099
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
20,237
20,574
Stock compensation expense
8,686
7,257
Exit activity costs, non-cash
163
572
(Benefit of) provision for deferred income
taxes
(615
)
179
Other, net
4,160
2,945
Changes in operating assets and
liabilities net of effects from acquisitions:
Trade receivables and costs in excess of
billings
(23,995
)
(44,331
)
Inventories
(18,131
)
30,431
Other current assets and other assets
(11,781
)
(1,426
)
Accounts payable
70,867
53,198
Accrued expenses and other non-current
liabilities
13,561
46,158
Net cash provided by operating
activities
154,335
206,656
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
—
(9,863
)
Purchases of property, plant, and
equipment, net
(14,326
)
(7,976
)
Net proceeds from sale of business
350
—
Net cash used in investing activities
(13,976
)
(17,839
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
—
50,000
Long-term debt payments
—
(141,000
)
Purchase of common stock at market
prices
(10,940
)
(29,182
)
Net cash used in financing activities
(10,940
)
(120,182
)
Effect of exchange rate changes on
cash
34
(778
)
Net increase in cash and cash
equivalents
129,453
67,857
Cash and cash equivalents at beginning of
year
99,426
17,608
Cash and cash equivalents at end of
period
$
228,879
$
85,465
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures (in
thousands, except per share data) (unaudited)
Three Months Ended September 30,
2024
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
45,474
$
11,435
$
34,039
$
1.11
Restructuring Charges (1)
5,106
1,128
3,978
0.13
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
1,194
276
918
0.03
Adjusted Financial Measures
$
51,774
$
12,839
$
38,935
$
1.27
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
19.8
%
1.0
%
9.3
%
27.9
%
n/a
12.2
%
Restructuring Charges (1)
—
%
5.5
%
0.8
%
—
%
n/a
1.4
%
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
0.1
%
—
%
—
%
—
%
n/a
0.3
%
Adjusted Operating Margin
19.9
%
6.5
%
10.1
%
27.9
%
n/a
13.9
%
Income from Operations
$
42,055
$
825
$
3,853
$
6,494
$
(9,229
)
$
43,998
Restructuring Charges (1)
106
4,641
328
—
31
5,106
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
195
—
—
—
817
1,012
Adjusted Income from Operations
$
42,356
$
5,466
$
4,181
$
6,494
$
(8,381
)
$
50,116
Net Sales & Adjusted Net Sales (3)
$
212,363
$
84,064
$
41,527
$
23,242
$
—
$
361,196
(1) Comprised primarily of exit activities
costs associated with 80/20 simplification, lean initiatives and /
or discontinued operations.
(2) Represents senior leadership
transition costs associated with changes in leadership positions,
acquisition related expenses including due diligence costs and
portfolio management costs resulting from terminated or liquidated
businesses.
(3) There were no Non-GAAP adjustments to
Net Sales in 2024.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures (in
thousands, except per share data) (unaudited)
Three Months Ended September 30,
2023
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
53,813
$
14,536
$
39,277
$
1.28
Restructuring Charges (1)
5,033
1,232
3,801
0.12
Acquisition Related Items (2)
698
175
523
0.02
Portfolio Management (3)
(1,568
)
(450
)
(1,118
)
(0.04
)
Adjusted Financial Measures Previously
Reported
$
57,976
$
15,493
$
42,483
$
1.38
Portfolio Management (4)
(505
)
(105
)
(400
)
(0.01
)
Adjusted Financial Measures Recast
$
57,471
$
15,388
$
42,083
$
1.37
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
18.5
%
12.1
%
6.7
%
25.6
%
n/a
13.6
%
Restructuring Charges (1)
0.3
%
4.2
%
—
%
—
%
n/a
1.3
%
Acquisition Related Items (2)
—
%
0.4
%
—
%
—
%
n/a
0.2
%
Portfolio Management (3)
—
%
—
%
(1.3
)%
—
%
n/a
(0.1
)%
Adjusted Operating Margin Previously
Reported
18.8
%
16.7
%
5.6
%
25.6
%
n/a
15.0
%
Portfolio Management (4)
—
%
0.2
%
—
%
—
%
n/a
0.1
%
Adjusted Operating Margin Recast
18.8
%
16.9
%
5.6
%
25.6
%
n/a
15.1
%
Income from Operations
$
42,158
$
12,907
$
2,136
$
6,386
$
(10,397
)
$
53,190
Restructuring Charges (1)
676
4,385
5
—
(33
)
5,033
Acquisition Related Items (2)
12
457
—
—
229
698
Portfolio Management (3)
—
—
(399
)
—
72
(327
)
Adjusted Income from Operations Previously
Reported
$
42,846
$
17,749
$
1,742
$
6,386
$
(10,129
)
$
58,594
Portfolio Management (4)
—
(603
)
—
—
—
(603
)
Adjusted Income from Operations Recast
$
42,846
$
17,146
$
1,742
$
6,386
$
(10,129
)
$
57,991
Net Sales
$
227,747
$
106,362
$
31,666
$
24,969
$
—
$
390,744
Portfolio Management (3)
—
—
(780
)
—
—
(780
)
Adjusted Net Sales Previously Reported
$
227,747
$
106,362
$
30,886
$
24,969
$
—
$
389,964
Portfolio Management (4)
—
(4,760
)
—
—
—
(4,760
)
Adjusted Net Sales Recast
$
227,747
$
101,602
$
30,886
$
24,969
$
—
$
385,204
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued operations
and costs associated with new and / or terminated senior leadership
positions.
(2) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations.
(3) Represents the results generated by
the Company's processing business liquidated in 2023.
(4) Represents the results generated by
the Company's Japan renewables business sold in 2023.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures (in
thousands, except per share data) (unaudited)
Nine Months Ended September 30,
2024
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
122,598
$
31,415
$
91,183
$
2.96
Restructuring Charges (1)
10,050
2,356
7,694
0.25
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
825
(133
)
958
0.03
Adjusted Financial Measures
$
133,473
$
33,638
$
99,835
$
3.24
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
19.6
%
1.9
%
7.9
%
25.2
%
n/a
11.7
%
Restructuring Charges (1)
—
%
4.4
%
0.4
%
—
%
n/a
1.0
%
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
—
%
0.1
%
—
%
—
%
n/a
0.1
%
Adjusted Operating Margin
19.6
%
6.4
%
8.4
%
25.2
%
n/a
12.9
%
Income from Operations
$
119,714
$
4,116
$
8,743
$
17,605
$
(31,975
)
$
118,203
Restructuring Charges (1)
179
9,359
477
—
35
10,050
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
195
233
—
—
1,044
1,472
Adjusted Income from Operations
$
120,088
$
13,708
$
9,220
$
17,605
$
(30,896
)
$
129,725
Net Sales & Adjusted Net Sales (3)
$
611,790
$
214,941
$
110,062
$
69,914
$
—
$
1,006,707
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued
operations.
(2) Represents senior leadership
transition costs associated with changes in leadership positions,
acquisition related expenses including due diligence costs and
portfolio management costs resulting from terminated or liquidated
businesses.
(3) There were no Non-GAAP adjustments to
Net Sales in 2024.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures (in
thousands, except per share data) (unaudited)
Nine Months Ended September 30,
2023
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
124,367
$
33,268
$
91,099
$
2.96
Restructuring Charges (1)
8,779
2,229
6,550
0.21
Acquisition Related Items (2)
978
248
730
0.02
Portfolio Management (3)
2,286
140
2,146
0.07
Adjusted Financial Measures Previously
Reported
$
136,410
$
35,885
$
100,525
$
3.26
Portfolio Management (4)
(1,314
)
(265
)
(1,049
)
(0.03
)
Adjusted Financial Measures Recast
$
135,096
$
35,620
$
99,476
$
3.23
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
18.2
%
8.7
%
3.3
%
22.0
%
n/a
12.0
%
Restructuring Charges (1)
0.1
%
3.0
%
0.7
%
—
%
n/a
0.8
%
Acquisition Related Items (2)
—
%
0.3
%
—
%
—
%
n/a
0.1
%
Portfolio Management (3)
—
%
—
%
4.3
%
—
%
n/a
0.4
%
Adjusted Operating Margin Previously
Reported
18.3
%
11.9
%
8.7
%
22.0
%
n/a
13.4
%
Portfolio Management (4)
—
%
—
%
—
%
—
%
n/a
—
%
Adjusted Operating Margin Recast
18.3
%
11.9
%
8.7
%
22.0
%
n/a
13.4
%
Income from Operations
$
115,626
$
21,084
$
3,349
$
14,928
$
(29,350
)
$
125,637
Restructuring Charges (1)
790
7,319
722
—
(52
)
8,779
Acquisition Related Items (2)
12
637
37
—
292
978
Portfolio Management (3)
—
—
4,458
—
96
4,554
Adjusted Income from Operations Previously
Reported
$
116,428
$
29,040
$
8,566
$
14,928
$
(29,014
)
$
139,948
Portfolio Management (4)
—
(1,511
)
—
—
—
(1,511
)
Adjusted Income from Operations Recast
$
116,428
$
27,529
$
8,566
$
14,928
$
(29,014
)
$
138,437
Net Sales
$
635,476
$
243,026
$
102,546
$
67,877
$
—
$
1,048,925
Portfolio Management (3)
—
—
(4,059
)
—
—
(4,059
)
Adjusted Net Sales Previously Reported
$
635,476
$
243,026
$
98,487
$
67,877
$
—
$
1,044,866
Portfolio Management (4)
—
(10,791
)
—
—
—
(10,791
)
Adjusted Net Sales Recast
$
635,476
$
232,235
$
98,487
$
67,877
$
—
$
1,034,075
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued operations
and costs associated with new and / or terminated senior leadership
positions.
(2) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations.
(3) Represents the results generated by
the Company's processing business liquidated in 2023.
(4) Represents the results generated by
the Company's Japan renewables business sold in 2023.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures (in
thousands, except per share data) (unaudited)
Year Ended December 31, 2023
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
148,992
$
38,459
$
110,533
$
3.59
Restructuring Charges (1)
18,072
4,583
13,489
0.43
Portfolio Management & Acquisition
Related Items (2)
3,900
1,382
2,518
0.09
Adjusted Financial Measures Previously
Reported
$
170,964
$
44,424
$
126,540
$
4.11
Portfolio Management (3)
(1,069
)
(322
)
(747
)
(0.02
)
Adjusted Financial Measures Recast
$
169,895
$
44,102
$
125,793
$
4.09
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
17.6
%
9.1
%
(0.6
)%
21.2
%
n/a
10.9
%
Restructuring Charges (1)
0.6
%
2.8
%
2.7
%
—
%
n/a
1.3
%
Portfolio Management & Acquisition
Related Items (2)
—
%
0.3
%
2.8
%
—
%
n/a
0.4
%
Adjusted Operating Margin Previously
Reported
18.2
%
12.3
%
5.1
%
21.2
%
n/a
12.7
%
Portfolio Management (3)
—
%
—
%
—
%
—
%
n/a
—
%
Adjusted Operating Margin Recast
18.2
%
12.3
%
5.1
%
21.2
%
n/a
12.7
%
Income from Operations
$
143,068
$
30,160
$
(928
)
$
18,529
$
(40,100
)
$
150,729
Restructuring Charges (1)
4,811
9,394
3,918
—
(51
)
18,072
Portfolio Management & Acquisition
Related Items (2)
12
968
4,156
—
389
5,525
Adjusted Income from Operations Previously
Reported
$
147,891
$
40,522
$
7,146
$
18,529
$
(39,762
)
$
174,326
Portfolio Management (3)
—
(1,252
)
—
—
—
(1,252
)
Adjusted Income from Operations Recast
$
147,891
$
39,270
$
7,146
$
18,529
$
(39,762
)
$
173,074
Net Sales
$
814,803
$
330,738
$
144,967
$
87,228
$
—
$
1,377,736
Portfolio Management (4)
—
—
(4,059
)
—
—
(4,059
)
Adjusted Net Sales Previously Reported
$
814,803
$
330,738
$
140,908
$
87,228
$
—
$
1,373,677
Portfolio Management (3)
—
(11,724
)
—
—
—
(11,724
)
Adjusted Net Sales Recast
$
814,803
$
319,014
$
140,908
$
87,228
$
—
$
1,361,953
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued operations
and costs associated with new and / or terminated senior leadership
positions.
(2) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations, along with the results generated by the Company's
processing business liquidated in 2023.
(3) Represents the results generated by
the Company's Japan renewables business sold in 2023.
(4) Represents the net sales generated by
the Company's processing business liquidated in 2023.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures (in thousands)
(unaudited)
Three Months Ended September 30,
2024
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales
$
361,196
$
212,363
$
84,064
$
41,527
$
23,242
Net Income
34,039
Provision for Income Taxes
11,435
Interest Income
(1,931
)
Other Expense
455
Operating Profit
43,998
42,055
825
3,853
6,494
Adjusted Measures*
6,118
301
4,641
328
—
Adjusted Operating Profit
50,116
42,356
5,466
4,181
6,494
Adjusted Operating Margin
13.9
%
19.9
%
6.5
%
10.1
%
27.9
%
Adjusted Other Expense
273
—
—
—
—
Depreciation & Amortization
6,821
2,545
2,102
782
744
Stock Compensation Expense
2,328
464
235
95
63
Less: SLT Related Stock Compensation
Expense
(59
)
—
—
—
—
Adjusted Stock Compensation Expense
2,269
464
235
95
63
Adjusted EBITDA
$
58,933
$
45,365
$
7,803
$
5,058
$
7,301
Adjusted EBITDA Margin
16.3
%
21.4
%
9.3
%
12.2
%
31.4
%
Cash Flow - Operating Activities
64,682
Purchase of PPE, Net
(5,619
)
Free Cash Flow
59,063
Free Cash Flow - % of Adjusted Net
Sales
16.4
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of GAAP and Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures (in thousands)
(unaudited)
Three Months Ended September 30,
2023
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
385,204
$
227,747
$
101,602
$
30,886
$
24,969
Net Income
39,277
Provision for Income Taxes
14,536
Interest Expense
417
Other Income
(1,040
)
Operating Profit
53,190
42,158
12,907
2,136
6,386
Adjusted Measures*
4,801
688
4,239
(394
)
—
Adjusted Operating Profit
57,991
42,846
17,146
1,742
6,386
Adjusted Operating Margin
15.1
%
18.8
%
16.9
%
5.6
%
25.6
%
Adjusted Other Expense**
147
—
—
—
—
Depreciation & Amortization**
6,909
2,586
2,171
943
783
Less: Japan Depreciation &
Amortization
(178
)
—
(178
)
—
—
Adjusted Depreciation &
Amortization
6,731
2,586
1,993
943
783
Stock Compensation Expense
2,201
528
204
(194
)
109
Adjusted EBITDA Recast**
$
66,776
$
45,960
$
19,343
$
2,491
$
7,278
Adjusted EBITDA Margin Recast**
17.3
%
20.2
%
19.0
%
8.1
%
29.1
%
Adjusted EBITDA Previously Reported
$
67,459
$
45,960
$
20,124
$
2,491
$
7,278
Adjusted EBITDA Margin Previously
Reported
17.3
%
20.2
%
18.9
%
8.1
%
29.1
%
Cash Flow - Operating Activities
92,562
Purchase of PPE, Net
(2,692
)
Free Cash Flow
89,870
Free Cash Flow - % of Adjusted Net
Sales
23.0
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of GAAP and
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)
Nine Months Ended September 30,
2024
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales
$
1,006,707
$
611,790
$
214,941
$
110,062
$
69,914
Net Income
91,183
Provision for Income Taxes
31,415
Interest Income
(4,176
)
Other Income
(219
)
Operating Profit
118,203
119,714
4,116
8,743
17,605
Adjusted Measures*
11,522
374
9,592
477
—
Adjusted Operating Profit
129,725
120,088
13,708
9,220
17,605
Adjusted Operating Margin
12.9
%
19.6
%
6.4
%
8.4
%
25.2
%
Adjusted Other Expense
428
—
—
—
—
Depreciation & Amortization
20,237
7,643
6,052
2,420
2,236
Stock Compensation Expense
8,686
1,341
684
283
181
Less: SLT Related Stock Compensation
Expense
(59
)
—
—
—
—
Adjusted Stock Compensation Expense
8,627
1,341
684
283
181
Adjusted EBITDA
$
158,161
$
129,072
$
20,444
$
11,923
$
20,022
Adjusted EBITDA Margin
15.7
%
21.1
%
9.5
%
10.8
%
28.6
%
Cash Flow - Operating Activities
154,335
Purchase of PPE, Net
(14,326
)
Free Cash Flow
140,009
Free Cash Flow - % of Adjusted Net
Sales
13.9
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of GAAP and Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures (in thousands)
(unaudited)
Nine Months Ended September 30,
2023
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
1,034,075
$
635,476
$
232,235
$
98,487
$
67,877
Net Income
91,099
Provision for Income Taxes
33,268
Interest Expense
3,216
Other Income
(1,946
)
Operating Profit
125,637
115,626
21,084
3,349
14,928
Adjusted Measures*
12,800
802
6,445
5,217
—
Adjusted Operating Profit
138,437
116,428
27,529
8,566
14,928
Adjusted Operating Margin
13.4
%
18.3
%
11.9
%
8.7
%
22.0
%
Adjusted Other Expense**
125
—
—
—
—
Depreciation & Amortization**
20,574
7,542
6,561
2,850
2,349
Less: Japan Depreciation &
Amortization
(561
)
—
(561
)
—
—
Adjusted Depreciation &
Amortization
20,013
7,542
6,000
2,850
2,349
Stock Compensation Expense
7,257
1,135
651
140
212
Adjusted EBITDA Recast**
$
165,582
$
125,105
$
34,180
$
11,556
$
17,489
Adjusted EBITDA Margin Recast**
16.0
%
19.7
%
14.7
%
11.7
%
25.8
%
Adjusted EBITDA Previously Reported
$
167,457
$
125,105
$
36,252
$
11,556
$
17,489
Adjusted EBITDA Margin Previously
Reported
16.0
%
19.7
%
14.9
%
11.7
%
25.8
%
Cash Flow - Operating Activities
206,656
Purchase of PPE, Net
(7,976
)
Free Cash Flow
198,680
Free Cash Flow - % of Adjusted Net
Sales
19.0
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of GAAP and
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)
Year Ended December 31, 2023
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
1,361,953
$
814,803
$
319,014
$
140,908
$
87,228
Net Income
110,533
Provision for Income Taxes
38,459
Interest Expense
3,002
Other Income
(1,265
)
Operating Profit
150,729
143,068
30,160
(928
)
18,529
Adjusted Measures*
22,345
4,823
9,110
8,074
—
Adjusted Operating Profit
173,074
147,891
39,270
7,146
18,529
Adjusted Operating Margin
12.7
%
18.2
%
12.3
%
5.1
%
21.2
%
Adjusted Other Expense**
228
—
—
—
—
Depreciation & Amortization**
27,378
10,079
8,670
3,790
3,137
Less: Japan Depreciation &
Amortization
(676
)
—
(676
)
—
—
Adjusted Depreciation &
Amortization
26,702
10,079
7,994
3,790
3,137
Stock Compensation Expense
9,750
1,633
881
197
289
Adjusted EBITDA Recast**
$
209,298
$
159,603
$
48,145
$
11,133
$
21,955
Adjusted EBITDA Margin Recast**
15.4
%
19.6
%
15.1
%
7.9
%
25.2
%
Adjusted EBITDA Previously Reported
$
211,043
$
159,603
$
50,073
$
11,133
$
21,955
Adjusted EBITDA Margin Previously
Reported
15.4
%
19.6
%
15.1
%
7.9
%
25.2
%
Cash Flow - Operating Activities
218,476
Purchase of PPE, Net
(13,906
)
Free Cash Flow
204,570
Free Cash Flow - % of Adjusted Net
Sales
14.9
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of GAAP and
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/20241030935397/en/
LHA Investor Relations Jody Burfening/Carolyn Capaccio (212)
838-3777 rock@lhai.com
Gibraltar Industries (NASDAQ:ROCK)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Gibraltar Industries (NASDAQ:ROCK)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
