Reports Revenues of $240.9 Million, In Line
with Expectations
GAAP EPS of $0.40 and Adjusted EPS of $0.47
Exceed Guidance Range
Effective Material Cost Management and 80/20
Initiatives Yield Results
New Leadership to Enhance 80/20 Simplification
Strategy and Focus on Accelerating Growth Through Innovation and
Acquisitions
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and distributor of building products for the
residential, industrial, infrastructure, and renewable energy and
conservation markets, today reported its financial results for the
three- and twelve-month periods ended December 31, 2018. All
financial metrics in this release reflect only the Company’s
continuing operations unless otherwise noted.
Fourth-quarter Consolidated Results
Gibraltar reported the following consolidated results:
Three Months Ended December 31, Dollars in
millions, except EPS
GAAP
Adjusted
2018
2017
%
Change
2018
2017
%
Change
Net Sales $240.9 $258.1 (6.7)% $240.9 $258.1 (6.7)% Net Income
$13.1 $25.2 (48.0)% $15.2 $13.2 15.2% Diluted EPS $0.40 $0.78
(48.7)% $0.47 $0.41 14.6%
The Company reported fourth-quarter 2018 net sales of $240.9
million, in line with its guidance as noted in its third-quarter
2018 earnings release. The 6.7 percent decrease was mainly due to
unfavorable year-over-year comparisons in the Residential Products
and Renewable Energy & Conservation segments as favorable
weather last year extended construction seasons into the fourth
quarter of 2017.
GAAP and adjusted earnings exceeded guidance provided in the
Company’s third-quarter 2018 earnings release, reflecting growth in
the Industrial and Infrastructure segment, effective price-material
cost management and ongoing benefits from 80/20 simplification
initiatives. The adjusted amounts for the fourth quarter of 2018
and 2017 remove special items from both periods, as described in
the appended reconciliation of adjusted financial measures.
As previously announced, as part of the Company’s planned
succession strategy, effective January 2, 2019, William T. Bosway
was appointed as President and Chief Executive Officer, and
Director. Frank Heard remains with the Company in the newly created
role of Vice Chairman of the Board through March 3, 2020, with the
principal responsibility of ensuring a smooth leadership
transition.
During the fourth quarter, the Company announced the repayment
of its Senior Subordinated 6.25% Notes, which were due February 1,
2021. Gibraltar anticipates annualized savings of $13 million in
interest payments from the repayment of the Notes, which occurred
on February 1, 2019. For 2019, the reduced interest expense will
result in a $0.22 increase to diluted earnings per share.
In January, the Company announced that it had closed on a new
$400 million five-year revolving credit facility, which replaces a
$300 million secured revolving credit agreement due to mature in
December 2020. The Company has the option to increase the size of
the facility by up to an additional $300 million, subject to
certain conditions. The new agreement reduces costs and relaxes
certain restrictions related to acquisitions and capital
distributions, providing enhanced flexibility for capital
allocation.
Management Comments
“We closed the fourth year of our transformation of Gibraltar
delivering fourth-quarter revenues in line with our expectations
and GAAP and adjusted earnings that exceeded our guidance,” said
Vice Chairman Frank Heard. “By executing on our four-pillar
strategy, we recovered increased material costs, benefitted from
higher-margin innovative products and drove profitable growth in
the Industrial & Infrastructure segment.
“For the fourth year in a row we delivered on our promise of
making more money at a higher rate of return with a more efficient
use of capital. For the full year, revenues of $1 billion were in
line with our guidance, while GAAP earnings of $1.96 and adjusted
earnings of $2.14 exceeded our expectations. Furthermore, we
managed price cost relationships well during a period of
significant material cost volatility, continued to benefit from
80/20 simplification initiatives, increased the percentage of
higher-margin patented products, and positioned the Company for the
next step in its transformation by repaying our outstanding notes
and bringing on a new CEO with proven expertise in achieving
organic and M&A growth.
“Bill comes to Gibraltar with significant experience leading
complex businesses at Fortune 500 global industrial companies, and
valuable expertise in driving organic growth accelerated by
strategic acquisitions as well as proficiency in manufacturing
operations. He is uniquely qualified to lead Gibraltar in its next
phase of growth,” concluded Heard.
“My focus will be on accelerating organic growth through
innovative products and strategic acquisitions, while enhancing our
80/20 simplification strategy,” said President and Chief Executive
Officer William Bosway. “The Company has achieved tremendous
progress in the past four years of transformation, and those
successes have created even greater opportunities ahead. Through
executing our four-pillar strategy, our businesses have more upside
potential and little downside risk. Now, with the recent repayment
of our notes, we enter year five of Gibraltar’s transformation with
a strong platform to accelerate growth through innovation and
acquisitions and create long-term value for our shareholders.”
Fourth-quarter Segment Results
Residential Products
For the fourth quarter, the Residential Products segment
reported:
Three Months Ended December 31, Dollars in
millions
GAAP Adjusted
2018
2017
%
Change
2018
2017
%
Change
Net Sales $102.2 $105.3 (2.9)% $102.2 $105.3 (2.9)% Operating
Margin 12.0% 14.2% (220) bps 13.4% 14.3% (90) bps
Fourth-quarter 2018 revenues in Gibraltar’s Residential Products
segment were down 3 percent versus prior year, primarily due to an
unfavorable year-over-year comparison as a higher level of
storm-related activity and subsequent milder weather last year
extended the roofing activity season into the fourth quarter of
2017.
The lower fourth-quarter operating margin resulted from
unfavorable product mix, and to a lesser extent, volume leverage,
partially offset by benefits from 80/20 simplification initiatives.
The adjusted operating margin for the fourth quarter of 2018 and
2017 removes the special charges for restructuring initiatives
under the 80/20 program from both periods.
Industrial & Infrastructure Products
For the fourth quarter, the Industrial & Infrastructure
Products segment reported:
Three Months Ended December 31, Dollars in
millions
GAAP Adjusted
2018
2017
%
Change
2018
2017
%
Change
Net Sales $50.5 $49.1 2.9% $50.5 $49.1 2.9% Operating Margin 6.4%
4.6% 180 bps 6.7% 4.3% 240 bps
Fourth-quarter 2018 revenues in Gibraltar’s Industrial &
Infrastructure Products segment were up 3 percent year over year,
driven by increased activity in the Infrastructure business.
GAAP and adjusted operating margin improvement for the segment
resulted from more favorable product mix, effective management of
material costs to customer selling prices, and the continued
benefit from 80/20 simplification initiatives. This segment’s
adjusted operating margin for the fourth quarter of 2018 and 2017
removes the special charges for restructuring initiatives under the
80/20 program and portfolio management activities.
Renewable Energy & Conservation
For the fourth quarter, the Renewable Energy & Conservation
segment reported:
Three Months Ended December 31, Dollars in
millions
GAAP Adjusted
2018
2017
%
Change
2018
2017
%
Change
Net Sales $88.1 $103.7 (15.0)% $88.1 $103.7 (15.0)% Operating
Margin 9.9% 11.4% (150) bps 11.6% 12.0% (40) bps
Renewable Energy & Conservation segment revenues were down
15 percent year over year as continued demand for its innovative
tracker solution was more than offset by a difficult comparison
resulting from an extended construction season last year due to
favorable weather in the fourth quarter of 2017.
On the bottom line, volume and product mix, partially offset by
ongoing benefits from 80/20 simplification initiatives and
effective material cost to customer price management, contributed
to the decrease in fourth-quarter 2018 GAAP and adjusted operating
margins. This segment’s adjusted operating margin for the fourth
quarter of 2018 and 2017 removes the special charges for
restructuring initiatives and portfolio management activities.
Business Outlook
“We enter 2019 with confidence in the end markets we target
across our businesses but are cautious about the general economy
and continued volatility in material costs,” said Bosway. “Our plan
is to accelerate innovative product development, continue to drive
80/20, and seek acquisitions in attractive end markets. At the end
of the year, we expect to deliver increased profits and make
excellent progress in establishing a robust platform for
sustainable organic growth.”
Gibraltar is providing its guidance for revenues and earnings
for the full year 2019. Gibraltar expects 2019 consolidated
revenues to be in excess of $1 billion. GAAP EPS for full year 2019
are expected to be between $1.95 and $2.10, or $2.40 to $2.55 on an
adjusted basis, compared with $1.96 and $2.14, respectively, in
2018.
For the first quarter of 2019, the Company is expecting revenue
in the range of $218 million to $224 million. GAAP EPS for the
first quarter 2019 are expected to be between $0.14 and $0.19, or
$0.27 to $0.32 on an adjusted basis.
FY 2019 Guidance
Reconciliation
Gibraltar Industries Dollars in millions, except EPS
Operating Income Net
DilutedEarnings
Income Margin Taxes Income
Per Share GAAP Measures $ 93-100
9.0-9.5% $ 26-28 $ 64-69 $ 1.95-2.10
Restructuring Costs 17 1.6% 3 15 $0.45
Adjusted Measures $ 110-117
10.6-11.1% $ 29-31 $ 79-84 $ 2.40-2.55
Fourth-quarter Conference Call Details
Gibraltar has scheduled a conference call today starting at 9:00
a.m. ET to review its results for the fourth quarter of 2018.
Interested parties may access the call by dialing (877) 407-5790 or
(201) 689-8328. The presentation slides that will be discussed in
the conference call are expected to be available this morning,
prior to the start of the call. The slides may be downloaded from
the Gibraltar website: www.gibraltar1.com. A webcast replay of the
conference call and a copy of the transcript will be available on
the website following the call.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor
of building products for the residential, industrial,
infrastructure, and renewable energy and conservation markets. With
a four-pillar strategy focused on operational improvement, product
innovation, portfolio management and acquisitions, Gibraltar’s
mission is to drive best-in-class performance. Gibraltar serves
customers primarily throughout North America and to a lesser extent
Asia. Comprehensive information about Gibraltar can be found on its
website at www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than
historical information, contains forward-looking statements and is
subject to a number of risk factors, uncertainties, and
assumptions. Risk factors that could affect these statements
include, but are not limited to, the following: the availability of
raw materials and the effects of changing raw material prices on
the Company’s results of operations; energy prices and usage;
changing demand for the Company’s products and services; changes in
the liquidity of the capital and credit markets; risks associated
with the integration and performance of acquisitions; and changes
in interest and tax rates. In addition, such forward-looking
statements could also be affected by general industry and market
conditions, as well as macroeconomic factors including government
monetary and trade policies, such as tariffs and expiration of tax
credits along with currency fluctuations and general political
conditions. Other risks and uncertainties that arise from time to
time are described in Item 1A “Risk Factors” of the Company’s
Annual Report on Form 10-K. 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. Adjusted
financial measures exclude special charges consisting of
restructuring costs primarily associated with the 80/20
simplification initiative and portfolio management actions,
acquisition-related items, and other reclassifications. These
adjustments are shown in the reconciliation of adjusted financial
measures excluding special charges provided in the supplemental
financial schedules that accompany this news release. The Company
believes that the presentation of results excluding special charges
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.
Special charges are excluded since they may not be considered
directly related to the Company’s ongoing business operations.
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.
Next Earnings Announcement
Gibraltar expects to release its financial results for the
three-month period ending March 31, 2019, on Friday, May 3, 2019,
and hold its earnings conference call later that morning, starting
at 9:00 a.m. ET.
GIBRALTAR INDUSTRIES, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS(in thousands, except per share
data)(unaudited)
Three Months EndedDecember 31, Twelve Months EndedDecember
31, 2018 2017 2018 2017 Net Sales $ 240,913 $ 258,112
$ 1,002,372 $ 986,918 Cost of sales 187,653 201,383
760,012 750,374 Gross profit 53,260 56,729 242,360
236,544 Selling, general, and administrative expense 33,261 34,135
146,840 143,448 Intangible asset impairment 1,552 47
1,552 247 Income from operations 18,447 22,547 93,968
92,849 Interest expense 2,759 3,420 12,064 14,032 Other expense
2,009 98 1,959 909 Income before taxes
13,679 19,029 79,945 77,908 Provision for (benefit of) income taxes
562 (6,147 ) 16,136 14,943 Income from
continuing operations 13,117 25,176 63,809 62,965 Discontinued
operations: Loss before taxes — — — (644 ) Benefit of income taxes
— — — (239 ) Loss from discontinued operations
— — — (405 ) Net income $ 13,117 $
25,176 $ 63,809 $ 62,560 Net earnings per
share – Basic: Income from continuing operations $ 0.41 $ 0.79 $
2.00 $ 1.98 Loss from discontinued operations — — —
(0.01 ) Net income $ 0.41 $ 0.79 $ 2.00
$ 1.97
Weighted average shares outstanding –
Basic
32,148 31,771 31,979 31,701
Net earnings per share – Diluted:
Income from continuing operations $ 0.40 $ 0.78 $ 1.96 $ 1.95 Loss
from discontinued operations — — — (0.01 ) Net
income $ 0.40 $ 0.78 $ 1.96 $ 1.94
Weighted average shares outstanding –
Diluted
32,562 32,420 32,534 32,250
GIBRALTAR INDUSTRIES, INC.CONSOLIDATED
BALANCE SHEETS(in thousands, except per share data)
December 31,2018
December 31,2017
(unaudited)
Assets Current assets: Cash and cash equivalents
$ 297,006 $ 222,280 Accounts receivable, net 140,283 145,385
Inventories 98,913 86,372 Other current assets 8,351 8,727
Total current assets 544,553 462,764 Property, plant, and
equipment, net 95,830 97,098 Goodwill 323,671 321,074 Acquired
intangibles 96,375 105,768 Other assets 1,216 4,681 $
1,061,645 $ 991,385
Liabilities and Shareholders’
Equity Current liabilities: Accounts payable $ 79,136 $ 82,387
Accrued expenses 87,074 75,467 Billings in excess of cost 17,857
12,779 Current maturities of long-term debt 208,805 400
Total current liabilities 392,872 171,033 Long-term debt
1,600 209,621 Deferred income taxes 36,530 31,237 Other non-current
liabilities 33,950 47,775 Shareholders’ equity: Preferred stock,
$0.01 par value; authorized 10,000 shares; none outstanding — —
Common stock, $0.01 par value; authorized 50,000 shares; 32,887 and
32,332 shares issued in 2018 and 2017 329 323 Additional paid-in
capital 282,525 271,957 Retained earnings 338,995 274,562
Accumulated other comprehensive loss (7,234 ) (4,366 ) Cost of 796
and 615 common shares held in treasury in 2018 and 2017 (17,922 )
(10,757 ) Total shareholders’ equity 596,693 531,719
$ 1,061,645 $ 991,385
GIBRALTAR INDUSTRIES, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS(in thousands)(unaudited)
Twelve Months EndedDecember 31, 2018 2017
Cash
Flows from Operating Activities Net income $ 63,809 $ 62,560
Loss from discontinued operations — (405 ) Income from
continuing operations 63,809 62,965 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
and amortization 20,374 21,690 Intangible asset impairment 1,552
247 Stock compensation expense 9,189 7,122 Net gain on sale of
assets (143 ) (123 ) Exit activity costs (recoveries), non-cash
1,344 (1,877 ) Provision for (benefit of) deferred income taxes
4,781 (7,105 ) Other, net 1,386 2,118 Changes in operating assets
and liabilities (excluding the effects of acquisitions): Accounts
receivable 9,737 (21,806 ) Inventories (16,951 ) 870 Other current
assets and other assets (22 ) (2,629 ) Accounts payable (4,828 )
11,332 Accrued expenses and other non-current liabilities 7,317
(2,734 ) Net cash provided by operating activities 97,545
70,070
Cash Flows from Investing Activities
Purchases of property, plant, and equipment (12,457 ) (11,399 )
Acquisitions, net of cash acquired (5,241 ) (18,494 ) Net proceeds
from sale of property and equipment 3,149 13,096 Net
cash used in investing activities (14,549 ) (16,797 )
Cash Flows
from Financing Activities Long-term debt payments (400 ) (400 )
Purchase of treasury stock at market prices (7,165 ) (2,872 ) Net
proceeds from issuance of common stock 1,385 674 Net
cash used in financing activities (6,180 ) (2,598 ) Effect of
exchange rate changes on cash (2,090 ) 1,428 Net increase in
cash and cash equivalents 74,726 52,103 Cash and cash equivalents
at beginning of year 222,280 170,177 Cash and cash
equivalents at end of year $ 297,006 $ 222,280
GIBRALTAR INDUSTRIES, INC.Reconciliation
of Adjusted Financial Measures(in thousands, except per share
data)(unaudited)
Three Months EndedDecember 31, 2018
AsReportedIn GAAPStatements
Restructuring&AcquisitionRelated
Items
SeniorLeadershipTransitionCosts
TaxReform
AdjustedFinancialMeasures
Net Sales Residential Products $ 102,301 $ — $ — $ — $ 102,301
Industrial & Infrastructure Products 50,788 — — — 50,788 Less
Inter-Segment Sales (242 ) — — — (242 ) 50,546
— — — 50,546 Renewable Energy & Conservation 88,066 —
— — 88,066 Consolidated sales 240,913 —
— — 240,913 Income from operations Residential Products
12,266 1,425 — — 13,691 Industrial & Infrastructure Products
3,238 140 — — 3,378 Renewable Energy & Conservation 8,733
1,447 — — 10,180 Segment Income
24,237 3,012 — — 27,249 Unallocated corporate expense (5,790 ) 33
(430 ) — (6,187 ) Consolidated income from operations
18,447 3,045 (430 ) — 21,062 Interest expense 2,759 — — —
2,759 Other expense (income) 2,009 (3,060 ) — —
(1,051 ) Income before income taxes 13,679 6,105 (430 ) —
19,354 Provision for income taxes 562 3,978 (370 )
(48 ) 4,122 Income from continuing operations $ 13,117
$ 2,127 $ (60 ) $ 48 $ 15,232 Income
from continuing operations per share – diluted $ 0.40 $ 0.07
$ — $ — $ 0.47 Operating margin
Residential Products 12.0 % 1.4 % — % — % 13.4 % Industrial &
Infrastructure Products 6.4 % 0.3 % — % — % 6.7 % Renewable Energy
& Conservation 9.9 % 1.6 % — % — % 11.6 % Segments Margin 10.1
% 1.2 % — % — % 11.3 % Consolidated 7.7 % 1.2 % (0.2 )% — % 8.7 %
GIBRALTAR INDUSTRIES, INC.Reconciliation
of Adjusted Financial Measures(in thousands, except per share
data)(unaudited)
Three Months EndedDecember 31, 2017
AsReportedIn GAAPStatements
Restructuring&AcquisitionRelatedItems
SeniorLeadershipTransitionCosts
PortfolioManagement
TaxReform
AdjustedFinancialMeasures
Net Sales Residential Products $ 105,299 $ — $ — $ — $ — $ 105,299
Industrial & Infrastructure Products 49,405 — — — — 49,405 Less
Inter-Segment Sales (253 ) — — — — (253
) 49,152 — — — — 49,152 Renewable Energy & Conservation 103,661
— — — — 103,661
Consolidated sales 258,112 — — — — 258,112 Income from
operations Residential Products 14,909 150 — — — 15,059 Industrial
& Infrastructure Products 2,245 64 — (195 ) — 2,114 Renewable
Energy & Conservation 11,837 621 — (2 ) —
12,456 Segment Income 28,991 835 — (197 ) — 29,629
Unallocated corporate expense (6,444 ) 82 535 —
— (5,827 ) Consolidated income from operations 22,547
917 535 (197 ) — 23,802 Interest expense 3,420 — — — — 3,420
Other expense 98 — — — — 98
Income before income taxes 19,029 917 535 (197 ) — 20,284
(Benefit of) provision for income taxes (6,147 ) 305 203
150 12,535 7,046 Income from continuing
operations $ 25,176 $ 612 $ 332 $ (347 ) $
(12,535 ) $ 13,238 Income from continuing operations per
share – diluted $ 0.78 $ 0.02 $ 0.01 $ (0.01 )
$ (0.39 ) $ 0.41 Operating margin Residential
Products 14.2 % 0.1 % — % — % — % 14.3 % Industrial &
Infrastructure Products 4.6 % 0.1 % — % (0.4 )% — % 4.3 % Renewable
Energy & Conservation 11.4 % 0.6 % — % — % — % 12.0 % Segments
Margin 11.2 % 0.3 % — % (0.1 )% — % 11.5 % Consolidated 8.7 % 0.3 %
0.2 % (0.1 )% — % 9.2 %
GIBRALTAR INDUSTRIES, INC.Reconciliation
of Adjusted Financial Measures(in thousands, except per share
data)(unaudited)
Twelve Months EndedDecember 31, 2018
AsReportedIn GAAPStatements
Restructuring&AcquisitionRelatedItems
SeniorLeadershipTransitionCosts
TaxReform
AdjustedFinancialMeasures
Net Sales Residential Products $ 463,216 $ — $ — $ — $ 463,216
Industrial & Infrastructure Products 223,006 — — — 223,006 Less
Inter-Segment Sales (1,103 ) — — — (1,103 )
221,903 — — — 221,903 Renewable Energy & Conservation 317,253
— — — 317,253 Consolidated sales
1,002,372 — — — 1,002,372 Income from operations Residential
Products 69,838 3,107 — — 72,945 Industrial & Infrastructure
Products 15,336 1,402 — — 16,738 Renewable Energy &
Conservation 37,423 1,424 178 — 39,025
Segment Income 122,597 5,933 178 — 128,708 Unallocated
corporate expense (28,629 ) 935 414 — (27,280
) Consolidated income from operations 93,968 6,868 592 — 101,428
Interest expense 12,064 — — — 12,064 Other expense (income)
1,959 (3,060 ) — — (1,101 ) Income before
income taxes 79,945 9,928 592 — 90,465 Provision for income taxes
16,136 4,889 (106 ) (225 ) 20,694 Income from
continuing operations $ 63,809 $ 5,039 $ 698 $
225 $ 69,771 Income from continuing operations per
share – diluted $ 1.96 $ 0.15 $ 0.02 $ 0.01
$ 2.14 Operating margin Residential Products
15.1 % 0.6 % — % — % 15.7 % Industrial & Infrastructure
Products 6.9 % 0.6 % — % — % 7.5 % Renewable Energy &
Conservation 11.8 % 0.4 % 0.1 % — % 12.3 % Segments Margin 12.2 %
0.6 % — % — % 12.8 % Consolidated 9.4 % 0.7 % 0.1 % — % 10.1 %
GIBRALTAR INDUSTRIES, INC.Reconciliation
of Adjusted Financial Measures(in thousands, except per share
data)(unaudited)
Twelve Months EndedDecember 31, 2017
AsReportedIn GAAPStatements
Restructuring&AcquisitionRelatedItems
SeniorLeadershipTransitionCosts
PortfolioManagement
TaxReform
AdjustedFinancialMeasures
Net Sales Residential Products $ 466,603 $ — $ — $ — $ — $ 466,603
Industrial & Infrastructure Products 215,211 — — — — 215,211
Less Inter-Segment Sales (1,247 ) — — — —
(1,247 ) 213,964 — — — — 213,964 Renewable Energy &
Conservation 306,351 — — — —
306,351 Consolidated sales 986,918 — — — — 986,918
Income from operations Residential Products 76,893 1,403 — — —
78,296 Industrial & Infrastructure Products 8,159 49 260 287 —
8,755 Renewable Energy & Conservation 30,218 1,155
252 2,340 — 33,965 Segment
Income 115,270 2,607 512 2,627 — 121,016 Unallocated corporate
expense (22,421 ) 407 193 — — (21,821 )
Consolidated income from operations 92,849 3,014 705 2,627 — 99,195
Interest expense 14,032 — — — — 14,032 Other expense 909
— — — — 909 Income before
income taxes 77,908 3,014 705 2,627 — 84,254 Provision for income
taxes 14,943 1,118 272 80 12,535
28,948 Income from continuing operations $ 62,965 $
1,896 $ 433 $ 2,547 $ (12,535 ) $ 55,306
Income from continuing operations per share – diluted $ 1.95
$ 0.06 $ 0.01 $ 0.08 $ (0.39 ) $ 1.71
Operating margin Residential Products 16.5 % 0.3 % —
% — % — % 16.8 % Industrial & Infrastructure Products 3.8 % — %
0.1 % 0.1 % — % 4.1 % Renewable Energy & Conservation 9.9 % 0.4
% 0.1 % 0.8 % — % 11.1 % Segments Margin 11.7 % 0.2 % 0.1 % 0.3 % —
% 12.3 % Consolidated 9.4 % 0.3 % 0.1 % 0.3 % — % 10.1 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190221005468/en/
Timothy MurphyChief Financial Officer(716) 826-6500 ext.
3277tfmurphy@gibraltar1.com
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