Gibraltar Announces First Quarter 2024 Financial Results

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

 

Contacts

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

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