Q2 Revenue Increases 37%, including 14% Organic
and 23% Growth from Acquisitions
GAAP and Adjusted EPS Up 8% and 7%,
Respectively, to $0.80
Record Order Backlog Exceeds $400 Million, Led
by Renewables
Reaffirming Full Year Revenue and EPS
Guidance
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 June 30, 2021.
“In the midst of a dynamic and inflationary market environment,
we delivered solid performance with revenue growth of 37%, adjusted
operating income growth of 8%, adjusted EPS growth of 7%, and order
backlog increased 54%, or 32% on a proforma basis, to over $400
million, the highest level in the history of the company,”
President and Chief Executive Officer Bill Bosway stated. “Material
cost inflation continued to accelerate as we exited the first
quarter, and labor, freight, and logistics inflation and
availability began to surface as we entered the second quarter.
Working closely with customers and suppliers starting during fourth
quarter 2020 and implementing ongoing pricing and productivity
initiatives has helped us manage these dynamics and deliver this
quarter’s results. Additionally, the integrations of TerraSmart and
Sunfig are on track, our Agtech business is recovering as planned,
and overall demand is currently in line with expectations.”
Second Quarter 2021 Consolidated Results from Continuing
Operations
Net sales from continuing operations increased 36.5% to $348.4
million, with organic growth contributing 14.0% and recent
acquisitions 22.5%. Organic growth was driven by strong end market
demand and participation gains in all four segments.
GAAP earnings increased 7.8% to $26.4 million, or $0.80 per
share, and adjusted earnings increased 6.9% to $26.3 million, or
$0.80 per share, the result of continued execution across the
business segments, the TerraSmart acquisition, and 80/20
productivity initiatives, partially offset by timing and alignment
of higher input costs and price increases, supply chain
disruptions, and shifts in project timing in the Agtech and
Renewables segments. Adjusted measures remove charges for
restructuring initiatives, acquisition-related items, senior
leadership transition costs, and other reclassifications, as
further described in the appended reconciliation of adjusted
financial measures.
Below are second quarter 2021 consolidated results from
continuing operations:
Three Months Ended June 30,
$Millions, except EPS
GAAP
Adjusted
2021
2020
% Change
2021
2020
% Change
Net Sales
$
348.4
$
255.2
36.5
%
$
348.4
$
255.2
36.5
%
Net Income
$
26.4
$
24.5
7.8
%
$
26.3
$
24.6
6.9
%
Diluted EPS
$
0.80
$
0.74
8.1
%
$
0.80
$
0.75
6.7
%
Second Quarter Segment Results
Renewables
The headwinds impacting the solar industry in the first quarter,
including steel inflation, supply chain challenges with panels, and
the safe harbor ITC extension announced in December 2020, continued
into the second quarter. Despite this, the Renewable business
continued to accelerate, delivering year-over-year revenue growth
of 92.5% through the combination of the legacy and TerraSmart
businesses and pro forma organic growth of 25%. Growth was driven
by strong demand across Gibraltar’s broad offering of fixed tilt,
tracker, canopy, and eBos product solutions serving the community
and commercial and industrial market segments. Order backlog
exceeded $218 million at the end of the quarter, up 54% from last
year on a proforma basis, its highest level in the company’s
history. The integration of the legacy and TerraSmart businesses
remains on track, and the combination of the two is resonating well
in the market.
Adjusted operating income improved 45.2% while adjusted
operating margin contracted 380 basis points, the majority of which
was anticipated, and related to the integration of TerraSmart. The
TerraSmart integration is delivering as expected with adjusted
operating margins nearly doubling over the first quarter as demand
continued to accelerate and 80/20 productivity initiatives were
implemented, and TerraSmart’s full-year margin plan remains on
track. Of the remaining shortfall, approximately half was related
to a one-time tariff credit received in Q2 2020, with the remaining
the result of timing and alignment of price actions with input cost
inflation and project movement related to supply chain schedule and
logistics challenges.
For the second quarter, the Renewables segment reported:
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2021
2020
% Change
2021
2020
% Change
Net Sales
$
107.8
$
56.0
92.5
%
$
107.8
$
56.0
92.5
%
Operating Income
$
9.5
$
8.4
13.1
%
$
12.2
$
8.4
45.2
%
Operating Margin
8.8
%
15.1
%
(630) bps
11.3
%
15.1
%
(380) bps
Residential
Revenue increased 17.7% with strong organic growth of 12% driven
by increased pricing and volume, despite supply chain dynamics
related to material, labor and logistics availability;
Architectural Mailboxes, acquired in 2020, contributed 6% of the
quarter’s growth and integration remains on track.
The business delivered adjusted operating margin of 16.6%, a
decrease versus last year, driven by the impact of accelerated
inflation, material and labor availability, and the timing and
alignment of price actions with input costs. Gibraltar has
implemented multiple price increases, and will continue to do so
until inflation subsides. In accordance with customer supply
agreements, each price action will take time to align with
accelerating inflation, with operating margin historically
recovering within a one or two quarter period. In the near term,
management will continue to maximize operating profit dollars with
focus on execution and 80/20 productivity initiatives.
For the second quarter, the Residential segment reported:
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2021
2020
% Change
2021
2020
% Change
Net Sales
$
164.2
$
139.5
17.7
%
$
164.2
$
139.5
17.7
%
Operating Income
$
27.2
$
28.0
(2.9
%)
$
27.2
$
28.2
(3.5
%)
Operating Margin
16.5
%
20.0
%
(350) bps
16.6
%
20.2
%
(360) bps
Agtech
Revenue increased 27.0% with solid activity across the produce,
commercial, car wash, retail, and processing equipment segments.
Although demand continued to improve, the business experienced
project movement from the second quarter into the second half of
2021 as schedules have been impacted by permit delays, rescoping of
projects, and supply chain disruptions. Order backlog experienced a
slight and temporary contraction during the quarter due to
rescoping of projects and the impact of supply chain disruptions.
July customer order activity is accelerating backlog momentum, and
the segment remains on track with expectations for the year.
Adjusted operating income was flat year-over-year and adjusted
operating margin expanded 180 basis points on a sequential basis as
the processing equipment business continued to improve along with
continuing benefits of integration in the produce business.
Adjusted operating margin contracted year-over-year due to business
mix, the movement of certain abovementioned projects into the
second half of the year, higher input costs and logistics
challenges. These temporary headwinds were partially offset by
improvements in legacy greenhouse structures, cannabis greenhouse
structures, and cannabis and hemp processing equipment
businesses.
For the second quarter, the Agtech segment reported:
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2021
2020
% Change
2021
2020
% Change
Net Sales
$
53.7
$
42.3
27.0
%
$
53.7
$
42.3
27.0
%
Operating Income
$
1.0
$
0.8
25.0
%
$
2.3
$
2.3
--
Operating Margin
1.8
%
1.8
%
-- bps
4.2
%
5.5
%
(130) bps
Infrastructure
Revenue increased 29.7% as demand for fabricated and
non-fabricated products increased as State D.O.T. project funding
improved with the strengthening of the U.S. economy. Order backlog
increased 11% to more than $46 million during the quarter
indicating growing strength across the business.
Improvement in adjusted operating margin was driven by mix of
higher-margin non-fabricated products and solutions, strong
execution on higher volumes, and continued investment in 80/20
productivity initiatives.
For the second quarter, the Infrastructure segment reported:
Three Months Ended June 30,
$Millions
GAAP
Adjusted
2021
2020
% Change
2021
2020
% Change
Net Sales
$
22.7
$
17.5
29.7
%
$
22.7
$
17.5
29.7
%
Operating Income
$
4.2
$
2.8
50.0
%
$
4.2
$
2.8
50.0
%
Operating Margin
18.4
%
16.0
%
240 bps
18.4
%
16.0
%
240 bps
Business Outlook
“We expect today’s business environment, which has been very
dynamic since the beginning of January, to remain so throughout the
second half of 2021. We will continue to manage inflation, minimize
supply chain disruptions, operate in a tight labor market, and
continue with our COVID operating protocols. We are currently
positioned well with solid end market demand, record order backlog,
a very healthy balance sheet, and strong focus on daily execution,
acquisition integrations, and further strengthening our
organization and operating systems,“ commented Mr. Bosway. “We
remain confident in our existing full year 2021 guidance for
revenue and earnings. We base this on our performance to date in
2021, which is consistent with historical patterns, and our current
outlook and initiatives for improving profitability across each
business. Consolidated revenue is expected to range between $1.3
billion and $1.35 billion. GAAP EPS from continuing operations is
expected to range between $2.78 and $2.95 compared to $2.53 in
2020, and adjusted EPS from continuing operations is expected to
range between $3.30 and $3.47 compared to $2.73 in 2020.”
Second Quarter 2021 Conference Call Details
Gibraltar will host a conference call today starting at 9:00
a.m. ET to review its results for the second quarter of 2021.
Interested parties may access the webcast through the Investors
section of the Company’s website at www.gibraltar1.com or dial into
the call at (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 Industries is a leading manufacturer and provider of
products and services for the renewable energy, residential, agtech
and infrastructure markets. With a three-pillar strategy focused on
business systems, portfolio management, and organization and talent
development, Gibraltar’s mission is to create compounding and
sustainable value with strong leadership positions in higher
growth, profitable end markets. Gibraltar serves customers
primarily throughout North America. Comprehensive information about
Gibraltar can be found on its website at 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 impacts of COVID-19 on the global economy and on our
customers, suppliers, employees, operations, business, liquidity
and cash flows, other general economic conditions and conditions in
the particular markets in which we operate, 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, 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. Adjusted
financial measures exclude special charges consisting of
restructuring costs primarily associated with 80/20 simplification
initiatives, senior leadership transition costs, acquisition
related costs, 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.
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share
data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Net Sales
$
348,389
$
255,184
$
635,981
$
470,585
Cost of sales
267,458
189,623
495,032
355,163
Gross profit
80,931
65,561
140,949
115,422
Selling, general, and administrative
expense
49,522
34,813
96,725
71,897
Income from operations
31,409
30,748
44,224
43,525
Interest expense
245
222
689
266
Other income
(4,666
)
(1,892
)
(4,351
)
(1,374
)
Income before taxes
35,830
32,418
47,886
44,633
Provision for income taxes
9,457
7,961
11,017
10,274
Income from continuing operations
26,373
24,457
36,869
34,359
Discontinued operations:
(Loss) income before taxes
(502
)
3,746
2,068
6,576
(Benefit of) provision for income
taxes
(78
)
911
226
1,584
(Loss) income from discontinued
operations
(424
)
2,835
1,842
4,992
Net income
$
25,949
$
27,292
$
38,711
$
39,351
Net earnings per share – Basic:
Income from continuing operations
$
0.80
$
0.75
$
1.12
$
1.05
(Loss) income from discontinued
operations
(0.01
)
0.09
0.06
0.16
Net income
$
0.79
$
0.84
$
1.18
$
1.21
Weighted average shares outstanding --
Basic
32,790
32,605
32,791
32,596
Net earnings per share – Diluted:
Income from continuing operations
$
0.80
$
0.74
$
1.11
$
1.05
(Loss) income from discontinued
operations
(0.01
)
0.09
0.06
0.15
Net income
$
0.79
$
0.83
$
1.17
$
1.20
Weighted average shares outstanding --
Diluted
33,056
32,860
33,071
32,868
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
June 30, 2021
December 31, 2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
16,963
$
32,054
Accounts receivable, net of allowance of
$5,294 and $3,529
225,315
197,990
Inventories, net
133,625
98,307
Prepaid expenses and other current
assets
23,641
19,671
Assets of discontinued operations
—
77,438
Total current assets
399,544
425,460
Property, plant, and equipment, net
95,837
89,562
Operating lease assets
21,651
25,229
Goodwill
508,857
514,279
Acquired intangibles
159,734
156,365
Other assets
510
1,599
$
1,186,133
$
1,212,494
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
168,917
$
134,738
Accrued expenses
68,677
83,505
Billings in excess of cost
49,215
34,702
Liabilities of discontinued operations
—
49,295
Total current liabilities
286,809
302,240
Long-term debt
32,309
85,636
Deferred income taxes
37,555
39,057
Non-current operating lease
liabilities
14,391
17,730
Other non-current liabilities
27,461
24,026
Stockholders’ equity:
Preferred stock, $0.01 par value;
authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; 100,000 and
50,000 shares authorized at June 30, 2021 and December 31, 2020,
respectively; 33,718 shares and 33,568 shares issued and
outstanding in 2021 and 2020
337
336
Additional paid-in capital
310,728
304,870
Retained earnings
508,654
469,943
Accumulated other comprehensive income
(loss)
1,552
(2,461
)
Cost of 1,083 and 1,028 common shares held
in treasury in 2021 and 2020
(33,663
)
(28,883
)
Total stockholders’ equity
787,608
743,805
$
1,186,133
$
1,212,494
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
2021
2020
Cash Flows from Operating
Activities
Net income
$
38,711
$
39,351
Income from discontinued operations
1,842
4,992
Income from continuing operations
36,869
34,359
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization
16,014
9,942
Stock compensation expense
4,935
4,171
Gain on sale of business
—
(1,881
)
Exit activity costs, non-cash
1,193
346
Benefit of deferred income taxes
(36
)
(195
)
Other, net
349
429
Changes in operating assets and
liabilities, excluding the effects of acquisitions:
Accounts receivable
(29,150
)
(26,289
)
Inventories
(42,686
)
3,289
Other current assets and other assets
(611
)
1,893
Accounts payable
35,174
(989
)
Accrued expenses and other non-current
liabilities
(9,274
)
(36,042
)
Net cash provided by (used in) operating
activities of continuing operations
12,777
(10,967
)
Net cash (used in) provided by operating
activities of discontinued operations
(2,002
)
3,712
Net cash provided by (used in) operating
activities
10,775
(7,255
)
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
(2
)
(54,385
)
Net proceeds from sale of property and
equipment
—
59
Purchases of property, plant, and
equipment
(9,474
)
(4,178
)
Net proceeds from sale of business
39,991
704
Net cash provided by (used in) investing
activities of continuing operations
30,515
(57,800
)
Net cash used in investing activities of
discontinued operations
(176
)
(1,053
)
Net cash provided by (used in) investing
activities
30,339
(58,853
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
31,200
—
Long-term debt payments
(83,636
)
—
Purchase of treasury stock at market
prices
(4,780
)
(4,462
)
Net proceeds from issuance of common
stock
924
78
Net cash used in financing activities
(56,292
)
(4,384
)
Effect of exchange rate changes on
cash
87
(12
)
Net decrease in cash and cash
equivalents
(15,091
)
(70,504
)
Cash and cash equivalents at beginning of
year
32,054
191,363
Cash and cash equivalents at end of
period
$
16,963
$
120,859
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended June
30,2021
As Reported In GAAP
Statements
Restructuring Charges
Senior Leadership Transition
Costs
Acquisition Related Items
Adjusted Financial Measures
Net Sales
Renewables
$
107,751
—
—
—
$
107,751
Residential
164,209
—
—
—
164,209
Agtech
53,696
—
—
—
53,696
Infrastructure
22,733
—
—
—
22,733
Consolidated sales
348,389
—
—
—
348,389
Income from operations
Renewables
9,510
786
—
1,858
12,154
Residential
27,155
29
—
—
27,184
Agtech
977
1,287
—
—
2,264
Infrastructure
4,186
—
—
—
4,186
Segments Income
41,828
2,102
—
1,858
45,788
Unallocated corporate expense
(10,419
)
59
18
32
(10,310
)
Consolidated income from operations
31,409
2,161
18
1,890
35,478
Interest expense
245
—
—
—
245
Other (income) expense
(4,666
)
—
—
4,747
81
Income before income taxes
35,830
2,161
18
(2,857
)
35,152
Provision for income taxes
9,457
507
5
(1,149
)
8,820
Income from continuing operations
$
26,373
$
1,654
$
13
$
(1,708
)
$
26,332
Income from continuing operations per
share - diluted
$
0.80
$
0.05
$
—
$
(0.05
)
$
0.80
Operating margin
Renewables
8.8
%
0.7
%
—
%
1.7
%
11.3
%
Residential
16.5
%
—
%
—
%
—
%
16.6
%
Agtech
1.8
%
2.4
%
—
%
—
%
4.2
%
Infrastructure
18.4
%
—
%
—
%
—
%
18.4
%
Segments Margin
12.0
%
0.6
%
—
%
0.5
%
13.1
%
Consolidated
9.0
%
0.6
%
—
%
0.5
%
10.2
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended June 30,
2020
As Reported In GAAP
Statements
Restructuring & Senior
Leadership Transition Costs
Acquisition Costs
Gain on Sale of Business
Adjusted Financial Measures
Net Sales
Renewables
$
55,950
$
—
$
—
$
—
$
55,950
Residential
139,472
—
—
—
139,472
Agtech
42,309
—
—
—
42,309
Infrastructure
17,453
—
—
—
17,453
Consolidated sales
255,184
—
—
—
255,184
Income from operations
Renewables
8,422
—
—
—
8,422
Residential
27,964
263
—
—
28,227
Agtech
766
388
1,172
—
2,326
Infrastructure
2,801
—
—
—
2,801
Segments Income
39,953
651
1,172
—
41,776
Unallocated corporate expense
(9,205
)
161
50
—
(8,994
)
Consolidated income from operations
30,748
812
1,222
—
32,782
Interest expense
222
—
—
—
222
Other income
(1,892
)
—
—
1,881
(11
)
Income before income taxes
32,418
812
1,222
(1,881
)
32,571
Provision for income taxes
7,961
170
274
(469
)
7,936
Income from continuing operations
$
24,457
$
642
$
948
$
(1,412
)
$
24,635
Income from continuing operations per
share - diluted
$
0.74
$
0.02
$
0.03
$
(0.04
)
$
0.75
Operating margin
Renewables
15.1
%
—
%
—
%
—
%
15.1
%
Residential
20.0
%
0.2
%
—
%
—
%
20.2
%
Agtech
1.8
%
0.9
%
2.8
%
—
%
5.5
%
Infrastructure
16.0
%
—
%
—
%
—
%
16.0
%
Segments Margin
15.7
%
0.3
%
0.5
%
—
%
16.4
%
Consolidated
12.0
%
0.3
%
0.5
%
—
%
12.8
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Six Months Ended June 30,
2021
As Reported In GAAP
Statements
Restructuring Charges
Senior Leadership Transition
Costs
Acquisition Related Items
Adjusted Financial Measures
Net Sales
Renewables
$
193,263
—
—
—
$
193,263
Residential
304,426
—
—
—
304,426
Agtech
100,435
—
—
—
100,435
Infrastructure
37,857
—
—
—
37,857
Consolidated sales
635,981
—
—
—
635,981
Income from operations
Renewables
8,989
5,757
—
3,758
18,504
Residential
50,089
94
—
—
50,183
Agtech
1,906
1,491
—
—
3,397
Infrastructure
6,223
—
—
—
6,223
Segments Income
67,207
7,342
—
3,758
78,307
Unallocated corporate expense
(22,983
)
59
1,307
915
(20,702
)
Consolidated income from operations
44,224
7,401
1,307
4,673
57,605
Interest expense
689
—
—
—
689
Other (income) expense
(4,351
)
—
—
4,747
396
Income before income taxes
47,886
7,401
1,307
(74
)
56,520
Provision for income taxes
11,017
1,880
311
(442
)
12,766
Income from continuing operations
$
36,869
$
5,521
$
996
$
368
$
43,754
Income from continuing operations per
share - diluted
$
1.11
$
0.17
$
0.03
$
0.01
$
1.32
Operating margin
Renewables
4.7
%
3.0
%
—
%
1.9
%
9.6
%
Residential
16.5
%
—
%
—
%
—
%
16.5
%
Agtech
1.9
%
1.5
%
—
%
—
%
3.4
%
Infrastructure
16.4
%
—
%
—
%
—
%
16.4
%
Segments Margin
10.6
%
1.2
%
—
%
0.6
%
12.3
%
Consolidated
7.0
%
1.2
%
0.2
%
0.7
%
9.1
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Six Months Ended June 30,
2020
As Reported In GAAP
Statements
Restructuring & Senior
Leadership Transition Costs
Acquisition Costs
Gain on Sale of Business
Adjusted Financial Measures
Net Sales
Renewables
$
103,213
$
—
$
—
$
—
$
103,213
Residential
242,891
—
—
—
242,891
Agtech
91,543
—
—
—
91,543
Infrastructure
32,938
—
—
—
32,938
Consolidated sales
470,585
—
—
—
470,585
Income from operations
Renewables
12,781
18
—
—
12,799
Residential
41,689
484
—
—
42,173
Agtech
2,106
388
2,173
—
4,667
Infrastructure
4,377
—
—
—
4,377
Segments Income
60,953
890
2,173
—
64,016
Unallocated corporate expense
(17,428
)
2,441
309
—
(14,678
)
Consolidated income from operations
43,525
3,331
2,482
—
49,338
Interest expense
266
—
—
—
266
Other (income) expense
(1,374
)
—
—
1,881
507
Income before income taxes
44,633
3,331
2,482
(1,881
)
48,565
Provision for income taxes
10,274
229
590
(469
)
10,624
Income from continuing operations
$
34,359
$
3,102
$
1,892
$
(1,412
)
$
37,941
Income from continuing operations per
share - diluted
$
1.05
$
0.09
$
0.05
$
(0.04
)
$
1.15
Operating margin
Renewables
12.4
%
—
%
—
%
—
%
12.4
%
Residential
17.2
%
0.2
%
—
%
—
%
17.4
%
Agtech
2.3
%
0.4
%
2.4
%
—
%
5.1
%
Infrastructure
13.3
%
—
%
—
%
—
%
13.3
%
Segments Margin
13.0
%
0.2
%
0.5
%
—
%
13.6
%
Consolidated
9.2
%
0.7
%
0.5
%
—
%
10.5
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803005278/en/
LHA Investor Relations Jody Burfening/Carolyn Capaccio (212)
838-3777 rock@lhai.com
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