EPS: GAAP up 19%, Adjusted up 23% on Flat Net
Sales
Strong Cash Generation on Higher Margins,
Working Capital Management
Backlog up 5%, End Market Demand Remains
Strong
Raising 2023 EPS; Narrowing 2023 Net Sales
Outlook
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 September 30, 2023.
“Our focus in 2023 has been to drive quality of earnings through
profitability expansion and cash flow improvement, and this has
paid off. In the third quarter, on an adjusted basis, operating
income increased 19%, EPS increased over 23%, and we generated 23%
free cash flow on flat net sales. Our results year to date allow us
to increase our earnings and free cash flow guidance and narrow our
revenue guide. With order backlog up over 5% versus last year, our
fundamentals are solid, and we are positioned for a strong end to
the year,” stated Chairman and CEO Bill Bosway.
Third Quarter 2023 Consolidated Results
Three Months Ended September
30,
$Millions, except EPS
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$390.7
$391.3
(0.2)%
$390.0
$389.0
0.3%
Net Income
$39.3
$34.3
14.6%
$42.5
$35.7
19.0%
Diluted EPS
$1.28
$1.08
18.5%
$1.38
$1.12
23.2%
Net sales were flat, driven by the timing of active projects
shifting from the third quarter in project-based businesses, and
price management initiatives in the Residential business. These
headwinds were positively offset by revenue from recent
acquisitions and market participation gains across the
business.
GAAP earnings increased to $39.3 million, or $1.28 per share.
Adjusted net income increased 19.0% to $42.5 million, or $1.38 per
share, and adjusted EPS increased 23.2% driven by solid execution.
Free cash flow to net sales of 23.0% compared to 8.6% in the prior
year was driven by improved margin performance and working capital
management.
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
Renewables
Three Months Ended September
30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$106.4
$111.1
(4.2)%
$106.4
$111.1
(4.2)%
Operating Income
$12.9
$14.2
(9.2)%
$17.7
$14.3
23.8%
Operating Margin
12.1%
12.8%
(70) bps
16.7%
12.9%
380 bps
Net sales were down 4.2% as module supply, local permitting
delays, and further delay of the final Inflation Reduction Act tax
credit guidelines impacted customer start dates of contracted and
active projects in the quarter. New order bookings remained robust
with order backlog up 13.3% versus prior year.
Adjusted operating margin increased 380 basis points versus the
prior year as the team continued to execute well across the
business. Assuming no change in industry dynamics, management
expects relatively flat net sales in the fourth quarter, with net
sales in the second half accelerating from the first half.
Residential
Three Months Ended September
30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$227.7
$215.6
5.6%
$227.7
$215.6
5.6%
Operating Income
$42.2
$35.8
17.9%
$42.8
$36.3
17.9%
Operating Margin
18.5%
16.6%
190 bps
18.8%
16.8%
200 bps
Net sales increased 5.6% with recent acquisitions adding 8.8%.
Organic sales decreased 3.2% driven by price adjustments in
response to the downward movement in commodity prices, and 80/20
initiatives targeting less attractive product lines. The company
continues to grow participation with new and existing customers in
its core products, and through expansion into new regions.
Adjusted operating income improved 17.9% with increased volume,
improved alignment of price/cost, implementation of additional
80/20 initiatives, and favorable product line mix. Adjusted
operating margin expanded 200 basis points and management expects
continued strong performance through year-end.
Agtech
Three Months Ended September
30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$31.7
$44.2
(28.3)%
$30.9
$41.9
(26.3)%
Operating Income
$2.1
$3.8
(44.7)%
$1.7
$4.5
(62.2)%
Operating Margin
6.7%
8.5%
(180) bps
5.6%
10.7%
(510) bps
Net sales on an adjusted basis were down 26.3% as the start of
new project construction was delayed within the quarter. New orders
continued to accelerate, increasing backlog 9.4% sequentially; the
company expects these orders, combined with projects now underway,
to drive revenue acceleration in the fourth quarter.
Adjusted operating margin decreased 510 basis points as net
sales shifted from the third to the fourth quarter.
Infrastructure
Three Months Ended September
30,
$Millions
GAAP
Adjusted
2023
2022
Change
2023
2022
Change
Net Sales
$25.0
$20.4
22.5%
$25.0
$20.4
22.5%
Operating Income
$6.4
$2.6
146.2%
$6.4
$2.6
146.2%
Operating Margin
25.6%
12.6%
1300 bps
25.6%
12.6%
1300 bps
Net sales and order backlog increased 22.5% and 6.2%
respectively driven by solid end market demand and market
participation gains, and management expects positive momentum to
continue for the remainder of the year.
Operating income increased 146.2% and operating margins improved
1,300 basis points driven by strong execution, 80/20 productivity,
supply chain efficiency, and product line mix.
Business Outlook
Mr. Bosway concluded, “Given our results for the first nine
months and the momentum we carry into the fourth quarter, we are
adjusting our outlook for EPS upward, and narrowing our 2023 net
sales outlook. We expect to deliver improved profitability and cash
flow.”
Gibraltar is raising its guidance for earnings for the full year
2023. GAAP EPS is now expected to range between $3.51 and $3.71,
compared to $2.56 in 2022, and adjusted EPS is now expected to
range between $4.05 and $4.15, compared to $3.40 in 2022. The
outlook for consolidated net sales narrows to between $1.37 billion
and $1.40 billion, compared to $1.38 billion in 2022.
Third Quarter 2023 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 2023.
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 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 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 is in the
process of being liquidated. 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 losses generated by our processing
business which is in the process of being liquidated. 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 depreciation, amortization and
stock compensation. 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 2023
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,
2023
2022
2023
2022
Net sales
$
390,744
$
391,291
$
1,048,925
$
1,076,105
Cost of sales
285,360
296,735
769,873
826,434
Gross profit
105,384
94,556
279,052
249,671
Selling, general, and administrative
expense
52,194
47,160
153,415
140,941
Income from operations
53,190
47,396
125,637
108,730
Interest expense
417
1,048
3,216
2,189
Other (income) expense
(1,040
)
363
(1,946
)
797
Income before taxes
53,813
45,985
124,367
105,744
Provision for income taxes
14,536
11,690
33,268
26,686
Net income
$
39,277
$
34,295
$
91,099
$
79,058
Net earnings per share:
Basic
$
1.29
$
1.08
$
2.97
$
2.44
Diluted
$
1.28
$
1.08
$
2.96
$
2.43
Weighted average shares outstanding:
Basic
30,485
31,707
30,638
32,396
Diluted
30,715
31,812
30,808
32,503
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
September 30, 2023
December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
85,465
$
17,608
Accounts receivable, net of allowance of
$4,069 and $3,746, respectively
256,400
217,156
Inventories, net
141,008
170,360
Prepaid expenses and other current
assets
24,817
18,813
Total current assets
507,690
423,937
Property, plant, and equipment, net
105,537
109,584
Operating lease assets
23,004
26,502
Goodwill
515,344
512,363
Acquired intangibles
134,047
137,526
Other assets
2,424
701
$
1,288,046
$
1,210,613
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
160,742
$
106,582
Accrued expenses
100,657
73,721
Billings in excess of cost
51,616
35,017
Total current liabilities
313,015
215,320
Long-term debt
—
88,762
Deferred income taxes
47,007
47,088
Non-current operating lease
liabilities
16,901
19,041
Other non-current liabilities
21,274
18,303
Stockholders’ equity:
Preferred stock, $0.01 par value;
authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; authorized
100,000 shares; 34,212 and 34,060 shares issued and outstanding in
2023 and 2022
342
340
Additional paid-in capital
330,128
322,873
Retained earnings
719,077
627,978
Accumulated other comprehensive loss
(5,483
)
(3,432
)
Cost of 3,776 and 3,199 common shares held
in treasury in 2023 and 2022
(154,215
)
(125,660
)
Total stockholders’ equity
889,849
822,099
$
1,288,046
$
1,210,613
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 30,
2023
2022
Cash Flows from Operating
Activities
Net income
$
91,099
$
79,058
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
20,574
19,192
Stock compensation expense
7,257
5,889
Exit activity costs, non-cash
572
1,427
Provision for deferred income taxes
179
181
Other, net
2,945
3,620
Changes in operating assets and
liabilities, net of effects from acquisitions:
Accounts receivable
(44,331
)
(25,538
)
Inventories
30,431
(19,840
)
Other current assets and other assets
(1,426
)
393
Accounts payable
53,198
(24,756
)
Accrued expenses and other non-current
liabilities
46,158
(1,065
)
Net cash provided by operating
activities
206,656
38,561
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
(9,863
)
(51,621
)
Purchases of property, plant, and
equipment, net
(7,976
)
(15,704
)
Net cash used in investing activities
(17,839
)
(67,325
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
50,000
197,800
Long-term debt payments
(141,000
)
(100,000
)
Purchase of common stock at market
prices
(29,182
)
(58,125
)
Net cash (used in) provided by financing
activities
(120,182
)
39,675
Effect of exchange rate changes on
cash
(778
)
(1,841
)
Net increase in cash and cash
equivalents
67,857
9,070
Cash and cash equivalents at beginning of
year
17,608
12,849
Cash and cash equivalents at end of
period
$
85,465
$
21,919
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended
September 30, 2023
As Reported
In GAAP
Statements
Restructuring
Charges
Acquisition
Related
Items
Portfolio
Management
Adjusted
Financial
Measures
Net Sales
Renewables
$
106,362
$
—
$
—
$
—
$
106,362
Residential
227,747
—
—
—
227,747
Agtech
31,666
—
—
(780
)
30,886
Infrastructure
24,969
—
—
—
24,969
Consolidated sales
390,744
—
—
(780
)
389,964
Income from operations
Renewables
12,907
4,385
457
—
17,749
Residential
42,158
676
12
—
42,846
Agtech
2,136
5
—
(399
)
1,742
Infrastructure
6,386
—
—
—
6,386
Segments Income
63,587
5,066
469
(399
)
68,723
Unallocated corporate expense
(10,397
)
(33
)
229
72
(10,129
)
Consolidated income from operations
53,190
5,033
698
(327
)
58,594
Interest expense
417
—
—
—
417
Other (income) expense
(1,040
)
—
—
1,241
201
Income before income taxes
53,813
5,033
698
(1,568
)
57,976
Provision for income taxes
14,536
1,232
175
(450
)
15,493
Net income
$
39,277
$
3,801
$
523
$
(1,118
)
$
42,483
Net income per share - diluted
$
1.28
$
0.12
$
0.02
$
(0.04
)
$
1.38
Operating margin
Renewables
12.1
%
4.2
%
0.4
%
—
%
16.7
%
Residential
18.5
%
0.3
%
—
%
—
%
18.8
%
Agtech
6.7
%
—
%
—
%
(1.3
)%
5.6
%
Infrastructure
25.6
%
—
%
—
%
—
%
25.6
%
Segments Margin
16.3
%
1.3
%
0.1
%
(0.1
)%
17.6
%
Consolidated
13.6
%
1.3
%
0.2
%
(0.1
)%
15.0
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended
September 30, 2022
As Reported
In GAAP
Statements
Restructuring
& Senior
Leadership
Transition
Costs
Acquisition
Related
Items
Portfolio
Management
Adjusted
Financial
Measures
Net Sales
Renewables
$
111,119
$
—
$
—
$
—
$
111,119
Residential
215,592
—
—
—
215,592
Agtech
44,217
—
—
(2,326
)
41,891
Infrastructure
20,363
—
—
—
20,363
Consolidated sales
391,291
—
—
(2,326
)
388,965
Income from operations
Renewables
14,216
(42
)
126
—
14,300
Residential
35,802
12
476
—
36,290
Agtech
3,777
232
—
481
4,490
Infrastructure
2,572
—
—
—
2,572
Segments Income
56,367
202
602
481
57,652
Unallocated corporate expense
(8,971
)
82
522
—
(8,367
)
Consolidated income from operations
47,396
284
1,124
481
49,285
Interest expense
1,048
—
—
—
1,048
Other expense
363
—
—
—
363
Income before income taxes
45,985
284
1,124
481
47,874
Provision for income taxes
11,690
74
285
124
12,173
Net income
$
34,295
$
210
$
839
$
357
$
35,701
Net income per share - diluted
$
1.08
$
0.01
$
0.02
$
0.01
$
1.12
Operating margin
Renewables
12.8
%
—
%
0.1
%
—
%
12.9
%
Residential
16.6
%
—
%
0.2
%
—
%
16.8
%
Agtech
8.5
%
0.5
%
—
%
1.1
%
10.7
%
Infrastructure
12.6
%
—
%
—
%
—
%
12.6
%
Segments Margin
14.4
%
0.1
%
0.1
%
0.1
%
14.8
%
Consolidated
12.1
%
0.1
%
0.3
%
0.1
%
12.7
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Nine Months Ended
September 30, 2023
As Reported
In GAAP
Statements
Restructuring
Charges
Acquisition
Related
Items
Portfolio
Management
Adjusted
Financial
Measures
Net Sales
Renewables
$
243,026
$
—
$
—
$
—
$
243,026
Residential
635,476
—
—
—
635,476
Agtech
102,546
—
—
(4,059
)
98,487
Infrastructure
67,877
—
—
—
67,877
Consolidated sales
1,048,925
—
—
(4,059
)
1,044,866
Income from operations
Renewables
21,084
7,319
637
—
29,040
Residential
115,626
790
12
—
116,428
Agtech
3,349
722
37
4,458
8,566
Infrastructure
14,928
—
—
—
14,928
Segments Income
154,987
8,831
686
4,458
168,962
Unallocated corporate expense
(29,350
)
(52
)
292
96
(29,014
)
Consolidated income from operations
125,637
8,779
978
4,554
139,948
Interest expense
3,216
—
—
—
3,216
Other (income) expense
(1,946
)
—
—
2,268
322
Income before income taxes
124,367
8,779
978
2,286
136,410
Provision for income taxes
33,268
2,229
248
140
35,885
Net income
$
91,099
$
6,550
$
730
$
2,146
$
100,525
Net income per share - diluted
$
2.96
$
0.21
$
0.02
$
0.07
$
3.26
Operating margin
Renewables
8.7
%
3.0
%
0.3
%
—
%
11.9
%
Residential
18.2
%
0.1
%
—
%
—
%
18.3
%
Agtech
3.3
%
0.7
%
—
%
4.3
%
8.7
%
Infrastructure
22.0
%
—
%
—
%
—
%
22.0
%
Segments Margin
14.8
%
0.8
%
0.1
%
0.4
%
16.2
%
Consolidated
12.0
%
0.8
%
0.1
%
0.4
%
13.4
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands, except per share
data)
(unaudited)
Nine Months Ended
September 30, 2022
As Reported
In GAAP
Statements
Restructuring
& Senior
Leadership
Transition
Costs
Acquisition
Related
Items
Portfolio
Management
Adjusted
Financial
Measures
Net Sales
Renewables
$
291,451
$
—
$
—
$
—
$
291,451
Residential
595,322
—
—
—
595,322
Agtech
130,325
—
—
(6,897
)
123,428
Infrastructure
59,007
—
—
—
59,007
Consolidated sales
1,076,105
—
—
(6,897
)
1,069,208
Income from operations
Renewables
14,061
2,343
731
—
17,135
Residential
104,901
1,594
476
—
106,971
Agtech
5,350
320
—
4,115
9,785
Infrastructure
6,640
(63
)
—
—
6,577
Segments Income
130,952
4,194
1,207
4,115
140,468
Unallocated corporate expense
(22,222
)
531
529
—
(21,162
)
Consolidated income from operations
108,730
4,725
1,736
4,115
119,306
Interest expense
2,189
—
—
—
2,189
Other expense
797
—
—
100
897
Income before income taxes
105,744
4,725
1,736
4,015
116,220
Provision for income taxes
26,686
1,177
437
1,003
29,303
Net income
$
79,058
$
3,548
$
1,299
$
3,012
$
86,917
Net income per share - diluted
$
2.43
$
0.11
$
0.04
$
0.09
$
2.67
Operating margin
Renewables
4.8
%
0.8
%
0.3
%
—
%
5.9
%
Residential
17.6
%
0.2
%
0.1
%
—
%
18.0
%
Agtech
4.1
%
0.2
%
—
%
3.2
%
7.9
%
Infrastructure
11.3
%
(0.1
)%
—
%
—
%
11.1
%
Segments Margin
12.2
%
0.4
%
0.1
%
0.4
%
13.1
%
Consolidated
10.1
%
0.4
%
0.2
%
0.4
%
11.2
%
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended
September 30, 2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
390,744
$
106,362
$
227,747
$
31,666
$
24,969
Less: Processing Net Sales
(780
)
—
—
(780
)
—
Adjusted Net Sales
$
389,964
$
106,362
$
227,747
$
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
12,907
42,158
2,136
6,386
Adjusted Measures*
5,404
4,842
688
(394
)
—
Adjusted Operating Profit
58,594
17,749
42,846
1,742
6,386
Adjusted Operating Margin
15.0
%
16.7
%
18.8
%
5.6
%
25.6
%
Adjusted Other Expense
245
—
—
—
—
Depreciation & Amortization
6,909
2,171
2,586
943
783
Stock Compensation Expense
2,201
204
528
(194
)
109
Adjusted EBITDA
67,459
20,124
45,960
2,491
7,278
Adjusted EBITDA Margin
17.3
%
18.9
%
20.2
%
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
%
*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
September 30, 2022
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
391,291
$
111,119
$
215,592
$
44,217
$
20,363
Less: Processing Net Sales
(2,326
)
—
—
(2,326
)
—
Adjusted Net Sales
$
388,965
$
111,119
$
215,592
$
41,891
$
20,363
Net Income
34,295
Provision for Income Taxes
11,690
Interest Expense
1,048
Other Expense
363
Operating Profit
47,396
14,216
35,802
3,777
2,572
Adjusted Measures*
1,889
84
488
713
—
Adjusted Operating Profit
49,285
14,300
36,290
4,490
2,572
Adjusted Operating Margin
12.7
%
12.9
%
16.8
%
10.7
%
12.6
%
Adjusted Other Expense
364
—
—
—
—
Depreciation & Amortization
6,515
2,088
2,296
1,015
789
Stock Compensation Expense
1,764
296
313
142
55
Adjusted EBITDA
57,200
16,684
38,899
5,647
3,416
Adjusted EBITDA Margin
14.7
%
15.0
%
18.0
%
13.5
%
16.8
%
Cash Flow - Operating Activities
38,017
Purchase of PPE, Net
(4,502
)
Free Cash Flow
33,515
Free Cash Flow - % of Adjusted Net
Sales
8.6
%
*Adjusted Measures details are
presented on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Nine Months Ended
September 30, 2023
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
1,048,925
$
243,026
$
635,476
$
102,546
$
67,877
Less: Processing Net Sales
(4,059
)
—
—
(4,059
)
—
Adjusted Net Sales
$
1,044,866
$
243,026
$
635,476
$
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
21,084
115,626
3,349
14,928
Adjusted Measures*
14,311
7,956
802
5,217
—
Adjusted Operating Profit
139,948
29,040
116,428
8,566
14,928
Adjusted Operating Margin
13.4
%
11.9
%
18.3
%
8.7
%
22.0
%
Adjusted Other Expense
322
—
—
—
—
Depreciation & Amortization
20,574
6,561
7,542
2,850
2,349
Stock Compensation Expense
7,257
651
1,135
140
212
Adjusted EBITDA
167,457
36,252
125,105
11,556
17,489
Adjusted EBITDA Margin
16.0
%
14.9
%
19.7
%
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
%
*Adjusted Measures details are
presented on the corresponding Reconciliation of Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Nine Months Ended
September 30, 2022
Consolidated
Renewables
Residential
Agtech
Infrastructure
Net Sales
$
1,076,105
$
291,451
$
595,322
$
130,325
$
59,007
Less: Processing Net Sales
(6,897
)
—
—
(6,897
)
—
Adjusted Net Sales
$
1,069,208
$
291,451
$
595,322
$
123,428
$
59,007
Net Income
79,058
Provision for Income Taxes
26,686
Interest Expense
2,189
Other Expense
797
Operating Profit
108,730
14,061
104,901
5,350
6,640
Adjusted Measures*
10,576
3,074
2,070
4,435
(63
)
Adjusted Operating Profit
119,306
17,135
106,971
9,785
6,577
Adjusted Operating Margin
11.2
%
5.9
%
18.0
%
7.9
%
11.1
%
Adjusted Other Expense
888
—
—
—
—
Depreciation & Amortization
19,192
6,344
6,374
3,347
2,364
Less: Processing Business Depreciation
& Amortization
(332
)
—
—
(332
)
—
Adjusted Depreciation &
Amortization
18,860
6,344
6,374
3,015
2,364
Stock Compensation Expense
5,889
744
745
319
129
Less: SLT Related Stock Compensation
Recovery
155
—
—
—
—
Adjusted Stock Compensation Expense
6,044
744
745
319
129
Adjusted EBITDA
143,322
24,223
114,090
13,119
9,070
Adjusted EBITDA Margin
13.4
%
8.3
%
19.2
%
10.6
%
15.4
%
Cash Flow - Operating Activities
38,561
Purchase of PPE, Net
(15,704
)
Free Cash Flow
22,857
Free Cash Flow - % of Adjusted Net
Sales
2.1
%
*Adjusted Measures details are
presented on the corresponding Reconciliation of Adjusted Financial
Measures
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102038336/en/
LHA Investor Relations Jody Burfening/Carolyn Capaccio (212)
838-3777 rock@lhai.com
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