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Gibraltar Announces Second Quarter 2024 Financial Results

Net Sales: GAAP -3.3%, Adjusted -2.0%; EPS: GAAP +5.0%, Adjusted +2.6%

Strong Operating Cash Flow Generation, $36 Million

2024 Outlook: Moderating Revenue Growth, EPS Unchanged

Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, renewable energy, agtech and infrastructure markets, today reported its financial results for the three- and six-month period ended June 30, 2024.

“We delivered solid execution and strong operating cash flow performance across Gibraltar, generating $36 million, while overcoming two market headwinds that impacted growth in our Residential and Renewables businesses in the quarter. The residential market experienced unexpected channel destocking which started in late May / early June. We offset some of this impact through participation gains, which will support our residential growth plan in the second half. Although net sales for Renewables were up versus prior year, it was less than expected as some customers continued to have project delays related to ongoing trade and regulatory issues. Agtech bookings surpassed $90 million in the quarter, a record for the business, and support strong revenue growth in the second half. We continue to work toward achieving growth in all four segments in 2024 while expanding margin and driving cash flow, and we feel positive about our full year outlook,” stated Chairman and CEO Bill Bosway.

Second Quarter 2024 Consolidated Results

($Millions, except EPS)

Three Months Ended June 30,

 

2024

2023

Change

 

2024

2023

Change

Net Sales

$353.0

$364.9

(3.3)%

Adjusted Net Sales

$353.0

$360.1

(2.0)%

Net Income

$32.2

$30.7

4.9%

Adjusted Net Income

$36.4

$35.4

2.8%

Diluted EPS

$1.05

$1.00

5.0%

Adjusted Diluted EPS

$1.18

$1.15

2.6%

GAAP net sales were down 3.3% while adjusted net sales were down 2.0% driven by a slowing market in Residential. Agtech bookings are up significantly and support strong revenue growth in the second half, and Infrastructure performance is expected to remain positive going forward.

GAAP net income increased 4.9% to $32.2 million, or $1.05 per share, and adjusted net income increased 2.8% to $36.4 million, or $1.18 per share.

Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and portfolio management actions, as further described in the appended reconciliation of adjusted financial measures.

Second Quarter Segment Results

Residential

($Millions)

Three Months Ended June 30,

 

2024

2023

Change

 

2024

2023

Change

Net Sales

$214.3

$228.2

(6.1)%

Adjusted Net Sales

$214.3

$228.2

(6.1)%

Operating Income

$43.3

$44.0

(1.6)%

Adjusted Operating Income

$43.5

$44.0

(1.1)%

Operating Margin

20.2%

19.3%

90 bps

Adjusted Operating Margin

20.3%

19.3%

100 bps

Net sales decreased 6.1% driven by a slowing market and unexpected channel destocking in the second half of the quarter, partially offset by participation gains with new and existing customers, growth in ventilation product lines, and expansion initiatives in the Rocky Mountain region.

Operating margins expanded through solid execution, 80/20 initiatives, and effective price/cost management.

Renewables

($Millions)

Three Months Ended June 30,

 

2024

2023

Change

 

2024

2023

Change

Net Sales

$79.4

$77.5

2.5%

Adjusted Net Sales

$79.4

$73.4

8.2%

Operating Income

$1.6

$5.9

(72.9)%

Adjusted Operating Income

$6.2

$7.7

(19.5)%

Operating Margin

2.1%

7.6%

(550) bps

Adjusted Operating Margin

7.8%

10.5%

(270) bps

GAAP net sales increased 2.5% and adjusted net sales increased 8.2%, which excludes the Japan renewables business divested in 2023. Net sales were driven by strong demand from new and existing customers for the new 1P tracker product. Despite a growing pipeline of new projects across all product lines, order backlog decreased 10% during the quarter as some customers paused signing new contracts as they work through trade and/or regulatory items specific to their projects.

Both GAAP and adjusted operating margins were impacted by product mix as the 1P tracker product moves through its launch process learning curve to permanently tooled production for suppliers and an efficient field installation process. GAAP margins were further impacted by restructuring activities and prior year portfolio management actions.

Agtech

($Millions)

Three Months Ended June 30,

 

2024

2023

Change

 

2024

2023

Change

Net Sales

$34.5

$35.0

(1.4)%

Adjusted Net Sales

$34.5

$34.3

0.6%

Operating Income

$2.3

$(1.1)

309.1%

Adjusted Operating Income

$2.3

$3.3

(30.3)%

Operating Margin

6.6%

(3.2)%

980 bps

Adjusted Operating Margin

6.6%

9.5%

(290) bps

GAAP net sales decreased 1.4% and adjusted net sales increased 0.6%, which excludes the Processing business liquidated in 2023. Revenue was impacted by new projects starting later in the quarter, with June revenue up significantly over May. New bookings reached $90 million in the quarter increasing nearly 400% over Q1 resulting in backlog up 32% over prior year.

Both GAAP and adjusted operating margins were impacted by project timing and mix, while GAAP was more than offset by the liquidation of the processing business in 2023.

Infrastructure

($Millions)

Three Months Ended June 30,

 

2024

2023

Change

2024

2023

Change

Net Sales

$24.8

$24.2

2.5%

Adjusted Net Sales

$24.8

$24.2

2.5%

Operating Income

$6.2

$5.8

6.9%

Adjusted Operating Income

$6.2

$5.8

6.9%

Operating Margin

25.1%

24.1%

100 bps

Adjusted Operating Margin

25.1%

24.1%

100 bps

Net sales increased 2.5%, driven by continued strong execution and market participation gains. Backlog decreased 12% as expected due to a large project booked in 2023 reaching its final stages; bookings increased 3% on a sequential basis reflecting consistent customer activity. Demand and quoting remain strong, and management expects order flow to increase in the second half of the year.

Operating margins increased 100 basis points driven by price / cost alignment, ongoing strong execution, 80/20 productivity, and improving product mix.

Business Outlook

Mr. Bosway continued, “We are making a slight adjustment to our net sales outlook for the year to reflect recent slower market conditions in both Residential and Renewables end markets offset by strength in both Agtech and Infrastructure. We remain focused on driving participation gains as we work toward achieving growth in all four segments, with operational improvements to support solid second half and full year margin expansion and cash flow growth.”

Consolidated net sales are now expected to range between $1.38 billion and $1.42 billion, compared to $1.38 billion in 2023, or $1.36 billion on an adjusted basis. The outlook for both GAAP and adjusted EPS is unchanged, with GAAP EPS continuing to range between $4.04 and $4.29, compared to $3.59 in 2023, and adjusted EPS continuing to range between $4.57 and $4.82, compared to $4.09 in 2023.

Second 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 second quarter of 2024. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the residential, renewable energy, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, our ability to continue to improve operating margins, our ability to generate order flow and sales and increase backlog; our ability to translate our backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation (including the latest Department of Commerce’s solar panel anti-circumvention investigation, the bifacial exemption revocation, the Auxin Solar challenge to the Presidential waiver of tariffs, deadline to install certain modules under the waiver, and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Adjusted net sales reflects the removal of net sales associated with our Processing business, which has been liquidated and our Japan renewables business which was sold on December 1, 2023. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of both tangible and intangible assets associated with 80/20 simplification, lean initiatives and / or discontinued products), senior leadership transition costs (associated with new and / or terminated senior executive roles), acquisition related costs (legal and consulting fees for recent business acquisitions), and portfolio management (which represents the operating results generated by our processing business which was liquidated in 2023 and our Japan renewables business which was sold in 2023). These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors 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

June 30,

 

Six Months Ended

June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net sales

$

353,005

 

 

$

364,914

 

 

$

645,511

 

 

$

658,181

 

Cost of sales

 

257,132

 

 

 

268,175

 

 

 

465,250

 

 

 

484,513

 

Gross profit

 

95,873

 

 

 

96,739

 

 

 

180,261

 

 

 

173,668

 

Selling, general, and administrative expense

 

53,404

 

 

 

53,662

 

 

 

106,056

 

 

 

101,221

 

Income from operations

 

42,469

 

 

 

43,077

 

 

 

74,205

 

 

 

72,447

 

Interest (income) expense

 

(1,495

)

 

 

1,308

 

 

 

(2,245

)

 

 

2,799

 

Other expense (income)

 

347

 

 

 

(509

)

 

 

(674

)

 

 

(906

)

Income before taxes

 

43,617

 

 

 

42,278

 

 

 

77,124

 

 

 

70,554

 

Provision for income taxes

 

11,419

 

 

 

11,555

 

 

 

19,980

 

 

 

18,732

 

Net income

$

32,198

 

 

$

30,723

 

 

$

57,144

 

 

$

51,822

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

Basic

$

1.05

 

 

$

1.01

 

 

$

1.87

 

 

$

1.69

 

Diluted

$

1.05

 

 

$

1.00

 

 

$

1.86

 

 

$

1.68

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

30,588

 

 

 

30,554

 

 

 

30,580

 

 

 

30,725

 

Diluted

 

30,791

 

 

 

30,684

 

 

 

30,801

 

 

 

30,846

 

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

June 30,

2024

 

December 31,

2023

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

179,102

 

 

$

99,426

 

Accounts receivable, net of allowance of $5,563 and $5,572, respectively

 

259,358

 

 

 

224,550

 

Inventories, net

 

134,493

 

 

 

120,503

 

Prepaid expenses and other current assets

 

18,912

 

 

 

17,772

 

Total current assets

 

591,865

 

 

 

462,251

 

Property, plant, and equipment, net

 

108,314

 

 

 

107,603

 

Operating lease assets

 

41,134

 

 

 

44,918

 

Goodwill

 

511,590

 

 

 

513,383

 

Acquired intangibles

 

121,567

 

 

 

125,980

 

Other assets

 

2,471

 

 

 

2,316

 

 

$

1,376,941

 

 

$

1,256,451

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

140,888

 

 

$

92,124

 

Accrued expenses

 

85,099

 

 

 

88,719

 

Billings in excess of cost

 

59,498

 

 

 

44,735

 

Total current liabilities

 

285,485

 

 

 

225,578

 

Deferred income taxes

 

57,110

 

 

 

57,103

 

Non-current operating lease liabilities

 

32,601

 

 

 

35,989

 

Other non-current liabilities

 

26,074

 

 

 

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; 34,274 and 34,219 shares issued and outstanding in 2024 and 2023

 

343

 

 

 

342

 

Additional paid-in capital

 

338,978

 

 

 

332,621

 

Retained earnings

 

795,655

 

 

 

738,511

 

Accumulated other comprehensive loss

 

(3,496

)

 

 

(2,114

)

Cost of 3,797 and 3,778 common shares held in treasury in 2024 and 2023

 

(155,809

)

 

 

(154,362

)

Total stockholders’ equity

 

975,671

 

 

 

914,998

 

 

$

1,376,941

 

 

$

1,256,451

 

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Six Months Ended

June 30,

 

 

2024

 

 

 

2023

 

Cash Flows from Operating Activities

 

 

 

Net income

$

57,144

 

 

$

51,822

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

13,416

 

 

 

13,665

 

Stock compensation expense

 

6,358

 

 

 

5,056

 

Exit activity costs (recoveries), non-cash

 

163

 

 

 

(23

)

Provision for deferred income taxes

 

 

 

 

179

 

Other, net

 

2,347

 

 

 

2,680

 

Changes in operating assets and liabilities net of effects from acquisitions:

 

 

 

Accounts receivable

 

(33,828

)

 

 

(54,979

)

Inventories

 

(13,794

)

 

 

12,130

 

Other current assets and other assets

 

(3,791

)

 

 

4,069

 

Accounts payable

 

48,518

 

 

 

48,327

 

Accrued expenses and other non-current liabilities

 

13,120

 

 

 

31,168

 

Net cash provided by operating activities

 

89,653

 

 

 

114,094

 

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

554

 

Purchases of property, plant, and equipment, net

 

(8,707

)

 

 

(5,284

)

Net proceeds from sale of business

 

350

 

 

 

 

Net cash used in investing activities

 

(8,357

)

 

 

(4,730

)

Cash Flows from Financing Activities

 

 

 

Proceeds from long-term debt

 

 

 

 

40,800

 

Long-term debt payments

 

 

 

 

(120,000

)

Purchase of common stock at market prices

 

(1,447

)

 

 

(28,770

)

Net cash used in financing activities

 

(1,447

)

 

 

(107,970

)

Effect of exchange rate changes on cash

 

(173

)

 

 

(381

)

Net increase in cash and cash equivalents

 

79,676

 

 

 

1,013

 

Cash and cash equivalents at beginning of year

 

99,426

 

 

 

17,608

 

Cash and cash equivalents at end of period

$

179,102

 

 

$

18,621

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

Three Months Ended June 30, 2024

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

Charges

 

Acquisition

& Senior

Leadership

Transition

Costs

 

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Residential

 

$

214,316

 

 

$

 

 

$

 

 

$

 

 

$

214,316

 

Renewables

 

 

79,381

 

 

 

 

 

 

 

 

 

 

 

 

79,381

 

Agtech

 

 

34,508

 

 

 

 

 

 

 

 

 

 

 

 

34,508

 

Infrastructure

 

 

24,800

 

 

 

 

 

 

 

 

 

 

 

 

24,800

 

Consolidated sales

 

 

353,005

 

 

 

 

 

 

 

 

 

 

 

 

353,005

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Residential

 

 

43,313

 

 

 

145

 

 

 

 

 

 

 

 

 

43,458

 

Renewables

 

 

1,647

 

 

 

4,449

 

 

 

113

 

 

 

 

 

 

6,209

 

Agtech

 

 

2,282

 

 

 

11

 

 

 

 

 

 

 

 

 

2,293

 

Infrastructure

 

 

6,215

 

 

 

 

 

 

 

 

 

 

 

 

6,215

 

Segments Income

 

 

53,457

 

 

 

4,605

 

 

 

113

 

 

 

 

 

 

58,175

 

Unallocated corporate expense

 

 

(10,988

)

 

 

4

 

 

 

96

 

 

 

 

 

 

(10,888

)

Consolidated income from operations

 

��

42,469

 

 

 

4,609

 

 

 

209

 

 

 

 

 

 

47,287

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(1,495

)

 

 

 

 

 

 

 

 

 

 

 

(1,495

)

Other expense

 

 

347

 

 

 

 

 

 

 

 

 

(324

)

 

 

23

 

Income before income taxes

 

 

43,617

 

 

 

4,609

 

 

 

209

 

 

 

324

 

 

 

48,759

 

Provision for income taxes

 

 

11,419

 

 

 

1,170

 

 

 

(274

)

 

 

72

 

 

 

12,387

 

Net income

 

$

32,198

 

 

$

3,439

 

 

$

483

 

 

$

252

 

 

$

36,372

 

Net income per share - diluted

 

$

1.05

 

 

$

0.11

 

 

$

0.01

 

 

$

0.01

 

 

$

1.18

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Residential

 

 

20.2

%

 

 

0.1

%

 

 

%

 

 

%

 

 

20.3

%

Renewables

 

 

2.1

%

 

 

5.6

%

 

 

0.1

%

 

 

%

 

 

7.8

%

Agtech

 

 

6.6

%

 

 

%

 

 

%

 

 

%

 

 

6.6

%

Infrastructure

 

 

25.1

%

 

 

%

 

 

%

 

 

%

 

 

25.1

%

Segments Margin

 

 

15.1

%

 

 

1.3

%

 

 

%

 

 

%

 

 

16.5

%

Consolidated

 

 

12.0

%

 

 

1.3

%

 

 

%

 

 

%

 

 

13.4

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

Three Months Ended June 30, 2023

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

 

Portfolio

Management

& Acquisition

Costs

 

Adjusted

Financial

Measures

 

Portfolio

Management *

 

Adjusted

Financial

Measures *

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

228,234

 

 

$

 

 

$

 

 

$

228,234

 

 

$

 

 

$

228,234

 

Renewables

 

 

77,459

 

 

 

 

 

 

 

 

 

77,459

 

 

 

(4,081

)

 

 

73,378

 

Agtech

 

 

35,028

 

 

 

 

 

 

(765

)

 

 

34,263

 

 

 

 

 

 

34,263

 

Infrastructure

 

 

24,193

 

 

 

 

 

 

 

 

 

24,193

 

 

 

 

 

 

24,193

 

Consolidated sales

 

 

364,914

 

 

 

 

 

 

(765

)

 

 

364,149

 

 

 

(4,081

)

 

 

360,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

43,959

 

 

 

 

 

 

 

 

 

43,959

 

 

 

 

 

 

43,959

 

Renewables

 

 

5,908

 

 

 

2,997

 

 

 

148

 

 

 

9,053

 

 

 

(1,358

)

 

 

7,695

 

Agtech

 

 

(1,117

)

 

 

156

 

 

 

4,233

 

 

 

3,272

 

 

 

 

 

 

3,272

 

Infrastructure

 

 

5,828

 

 

 

 

 

 

 

 

 

5,828

 

 

 

 

 

 

5,828

 

Segments Income

 

 

54,578

 

 

 

3,153

 

 

 

4,381

 

 

 

62,112

 

 

 

(1,358

)

 

 

60,754

 

Unallocated corporate expense

 

 

(11,501

)

 

 

 

 

 

66

 

 

 

(11,435

)

 

 

 

 

 

(11,435

)

Consolidated income from operations

 

 

43,077

 

 

 

3,153

 

 

 

4,447

 

 

 

50,677

 

 

 

(1,358

)

 

 

49,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,308

 

 

 

 

 

 

 

 

 

1,308

 

 

 

 

 

 

1,308

 

Other income

 

 

(509

)

 

 

 

 

 

559

 

 

 

50

 

 

 

(57

)

 

 

(7

)

Income before income taxes

 

 

42,278

 

 

 

3,153

 

 

 

3,888

 

 

 

49,319

 

 

 

(1,301

)

 

 

48,018

 

Provision for income taxes

 

 

11,555

 

 

 

857

 

 

 

622

 

 

 

13,034

 

 

 

(420

)

 

 

12,614

 

Net income

 

$

30,723

 

 

$

2,296

 

 

$

3,266

 

 

$

36,285

 

 

$

(881

)

 

$

35,404

 

Net income per share - diluted

 

$

1.00

 

 

$

0.08

 

 

$

0.10

 

 

$

1.18

 

 

$

(0.03

)

 

$

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

19.3

%

 

 

%

 

 

%

 

 

19.3

%

 

 

%

 

 

19.3

%

Renewables

 

 

7.6

%

 

 

3.9

%

 

 

0.2

%

 

 

11.7

%

 

 

(1.2

)%

 

 

10.5

%

Agtech

 

 

(3.2

)%

 

 

0.4

%

 

 

12.1

%

 

 

9.5

%

 

 

%

 

 

9.5

%

Infrastructure

 

 

24.1

%

 

 

%

 

 

%

 

 

24.1

%

 

 

%

 

 

24.1

%

Segments Margin

 

 

15.0

%

 

 

0.9

%

 

 

1.2

%

 

 

17.1

%

 

 

(0.2

)%

 

 

16.9

%

Consolidated

 

 

11.8

%

 

 

0.9

%

 

 

1.3

%

 

 

13.9

%

 

 

(0.2

)%

 

 

13.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

* Recast to exclude sale of Japan-based solar racking business within the Renewables segment.

 

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

Six Months Ended June 30, 2024

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

Charges

 

Acquisition

& Senior

Leadership

Transition

Costs

 

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Residential

 

$

399,427

 

 

$

 

 

$

 

 

$

 

 

$

399,427

 

Renewables

 

 

130,877

 

 

 

 

 

 

 

 

 

 

 

 

130,877

 

Agtech

 

 

68,535

 

 

 

 

 

 

 

 

 

 

 

 

68,535

 

Infrastructure

 

 

46,672

 

 

 

 

 

 

 

 

 

 

 

 

46,672

 

Consolidated sales

 

 

645,511

 

 

 

 

 

 

 

 

 

 

 

 

645,511

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Residential

 

 

77,659

 

 

 

73

 

 

 

 

 

 

 

 

 

77,732

 

Renewables

 

 

3,291

 

 

 

4,718

 

 

 

233

 

 

 

 

 

 

8,242

 

Agtech

 

 

4,890

 

 

 

149

 

 

 

 

 

 

 

 

 

5,039

 

Infrastructure

 

 

11,111

 

 

 

 

 

 

 

 

 

 

 

 

11,111

 

Segments Income

 

 

96,951

 

 

 

4,940

 

 

 

233

 

 

 

 

 

 

102,124

 

Unallocated corporate expense

 

 

(22,746

)

 

 

4

 

 

 

219

 

 

 

8

 

 

 

(22,515

)

Consolidated income from operations

 

 

74,205

 

 

 

4,944

 

 

 

452

 

 

 

8

 

 

 

79,609

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(2,245

)

 

 

 

 

 

 

 

 

 

 

 

(2,245

)

Other (income) expense

 

 

(674

)

 

 

 

 

 

 

 

 

829

 

 

 

155

 

Income before income taxes

 

 

77,124

 

 

 

4,944

 

 

 

452

 

 

 

(821

)

 

 

81,699

 

Provision for income taxes

 

 

19,980

 

 

 

1,228

 

 

 

(460

)

 

 

51

 

 

 

20,799

 

Net income

 

$

57,144

 

 

$

3,716

 

 

$

912

 

 

$

(872

)

 

$

60,900

 

Net income per share - diluted

 

$

1.86

 

 

$

0.12

 

 

$

0.03

 

 

$

(0.03

)

 

$

1.98

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Residential

 

 

19.4

%

 

 

%

 

 

%

 

 

%

 

 

19.5

%

Renewables

 

 

2.5

%

 

 

3.6

%

 

 

0.2

%

 

 

%

 

 

6.3

%

Agtech

 

 

7.1

%

 

 

0.2

%

 

 

%

 

 

%

 

 

7.4

%

Infrastructure

 

 

23.8

%

 

 

%

 

 

%

 

 

%

 

 

23.8

%

Segments Margin

 

 

15.0

%

 

 

0.8

%

 

 

%

 

 

%

 

 

15.8

%

Consolidated

 

 

11.5

%

 

 

0.8

%

 

 

%

 

 

%

 

 

12.3

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

Six Months Ended June 30, 2023

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

 

Portfolio

Management

& Acquisition

Costs

 

Adjusted

Financial

Measures

 

Portfolio

Management *

 

Adjusted

Financial

Measures *

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

407,729

 

 

$

 

 

$

 

 

$

407,729

 

 

$

 

 

$

407,729

 

Renewables

 

 

136,664

 

 

 

 

 

 

 

 

 

136,664

 

 

 

(6,031

)

 

 

130,633

 

Agtech

 

 

70,880

 

 

 

 

 

 

(3,279

)

 

 

67,601

 

 

 

 

 

 

67,601

 

Infrastructure

 

 

42,908

 

 

 

 

 

 

 

 

 

42,908

 

 

 

 

 

 

42,908

 

Consolidated sales

 

 

658,181

 

 

 

 

 

 

(3,279

)

 

 

654,902

 

 

 

(6,031

)

 

 

648,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

73,468

 

 

 

114

 

 

 

 

 

 

73,582

 

 

 

 

 

 

73,582

 

Renewables

 

 

8,177

 

 

 

2,934

 

 

 

180

 

 

 

11,291

 

 

 

(908

)

 

 

10,383

 

Agtech

 

 

1,213

 

 

 

717

 

 

 

4,894

 

 

 

6,824

 

 

 

 

 

 

6,824

 

Infrastructure

 

 

8,542

 

 

 

 

 

 

 

 

 

8,542

 

 

 

 

 

 

8,542

 

Segments Income

 

 

91,400

 

 

 

3,765

 

 

 

5,074

 

 

 

100,239

 

 

 

(908

)

 

 

99,331

 

Unallocated corporate expense

 

 

(18,953

)

 

 

(19

)

 

 

87

 

 

 

(18,885

)

 

 

 

 

 

(18,885

)

Consolidated income from operations

 

 

72,447

 

 

 

3,746

 

 

 

5,161

 

 

 

81,354

 

 

 

(908

)

 

 

80,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

2,799

 

 

 

 

 

 

 

 

 

2,799

 

 

 

 

 

 

2,799

 

Other (income) expense

 

 

(906

)

 

 

 

 

 

1,027

 

 

 

121

 

 

 

(99

)

 

 

22

 

Income before income taxes

 

 

70,554

 

 

 

3,746

 

 

 

4,134

 

 

 

78,434

 

 

 

(809

)

 

 

77,625

 

Provision for income taxes

 

 

18,732

 

 

 

997

 

 

 

663

 

 

 

20,392

 

 

 

(160

)

 

 

20,232

 

Net income

 

$

51,822

 

 

$

2,749

 

 

$

3,471

 

 

$

58,042

 

 

$

(649

)

 

$

57,393

 

Net income per share - diluted

 

$

1.68

 

 

$

0.09

 

 

$

0.11

 

 

$

1.88

 

 

$

(0.02

)

 

$

1.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

18.0

%

 

 

%

 

 

%

 

 

18.0

%

 

 

%

 

 

18.0

%

Renewables

 

 

6.0

%

 

 

2.1

%

 

 

0.1

%

 

 

8.3

%

 

 

(0.4

)%

 

 

7.9

%

Agtech

 

 

1.7

%

 

 

1.0

%

 

 

7.0

%

 

 

10.1

%

 

 

%

 

 

10.1

%

Infrastructure

 

 

19.9

%

 

 

%

 

 

%

 

 

19.9

%

 

 

%

 

 

19.9

%

Segments Margin

 

 

13.9

%

 

 

0.6

%

 

 

0.7

%

 

 

15.3

%

 

 

%

 

 

15.3

%

Consolidated

 

 

11.0

%

 

 

0.6

%

 

 

0.7

%

 

 

12.4

%

 

 

%

 

 

12.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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 Month Ended December 31, 2023

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

Charges

 

Portfolio

Management

& Acquisition

Costs

 

Adjusted

Financial

Measures

 

Portfolio

Management *

 

Adjusted

Financial

Measures *

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

814,803

 

 

$

 

 

$

 

 

$

814,803

 

 

$

 

 

$

814,803

 

Renewables

 

 

330,738

 

 

 

 

 

 

 

 

 

330,738

 

 

 

(11,724

)

 

 

319,014

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

143,068

 

 

 

4,811

 

 

 

12

 

 

 

147,891

 

 

 

 

 

 

147,891

 

Renewables

 

 

30,160

 

 

 

9,394

 

 

 

968

 

 

 

40,522

 

 

 

(1,252

)

 

 

39,270

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

17.6

%

 

 

0.6

%

 

 

%

 

 

18.2

%

 

 

%

 

 

18.2

%

Renewables

 

 

9.1

%

 

 

2.8

%

 

 

0.3

%

 

 

12.3

%

 

 

%

 

 

12.3

%

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 June 30, 2024

 

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales

 

$

353,005

 

 

$

214,316

 

 

$

79,381

 

 

$

34,508

 

 

$

24,800

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

32,198

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

11,419

 

 

 

 

 

 

 

 

 

Interest Income

 

 

(1,495

)

 

 

 

 

 

 

 

 

Other Expense

 

 

347

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

42,469

 

 

 

43,313

 

 

 

1,647

 

 

 

2,282

 

 

 

6,215

 

Adjusted Measures*

 

 

4,818

 

 

 

145

 

 

 

4,562

 

 

 

11

 

 

 

 

Adjusted Operating Profit

 

 

47,287

 

 

 

43,458

 

 

 

6,209

 

 

 

2,293

 

 

 

6,215

 

Adjusted Operating Margin

 

 

13.4

%

 

 

20.3

%

 

 

7.8

%

 

 

6.6

%

 

 

25.1

%

Adjusted Other Expense

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

6,753

 

 

 

2,507

 

 

 

2,050

 

 

 

808

 

 

 

747

 

Stock Compensation Expense

 

 

3,719

 

 

 

464

 

 

 

234

 

 

 

94

 

 

 

64

 

Adjusted EBITDA

 

$

57,736

 

 

$

46,429

 

 

$

8,493

 

 

$

3,195

 

 

$

7,026

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

16.4

%

 

 

21.7

%

 

 

10.7

%

 

 

9.3

%

 

 

28.3

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

36,472

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(4,341

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

32,131

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

9.1

%

 

 

 

 

 

 

 

 

 

*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 June 30, 2023

 

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales*

 

$

360,068

 

 

$

228,234

 

 

$

73,378

 

 

$

34,263

 

 

$

24,193

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

30,723

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

11,555

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

1,308

 

 

 

 

 

 

 

 

 

Other Income

 

 

(509

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

43,077

 

 

 

43,959

 

 

 

5,908

 

 

 

(1,117

)

 

 

5,828

 

Adjusted Measures*

 

 

6,242

 

 

 

 

 

 

1,787

 

 

 

4,389

 

 

 

 

Adjusted Operating Profit

 

 

49,319

 

 

 

43,959

 

 

 

7,695

 

 

 

3,272

 

 

 

5,828

 

Adjusted Operating Margin

 

 

13.7

%

 

 

19.3

%

 

 

10.5

%

 

 

9.5

%

 

 

24.1

%

Adjusted Other Income**

 

 

(57

)

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization**

 

 

6,831

 

 

 

2,463

 

 

 

2,211

 

 

 

953

 

 

 

786

 

Less: Japan Depreciation & Amortization

 

 

(188

)

 

 

 

 

 

(188

)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

6,643

 

 

 

2,463

 

 

 

2,023

 

 

 

953

 

 

 

786

 

Stock Compensation Expense

 

 

3,462

 

 

 

309

 

 

 

233

 

 

 

181

 

 

 

56

 

Adjusted EBITDA Recast**

 

$

59,481

 

 

$

46,731

 

 

$

9,951

 

 

$

4,406

 

 

$

6,670

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin Recast**

 

 

16.5

%

 

 

20.5

%

 

 

13.6

%

 

 

12.9

%

 

 

27.6

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Previously Reported

 

$

60,970

 

 

$

46,731

 

 

$

11,497

 

 

$

4,406

 

 

$

6,670

 

Adjusted EBITDA Margin Previously Reported

 

 

16.7

%

 

 

20.5

%

 

 

14.8

%

 

 

12.9

%

 

 

27.6

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

76,049

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(3,094

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

72,955

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

20.0

%

 

 

 

 

 

 

 

 

 

*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of 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)

 

Six Months Ended June 30, 2024

 

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales

 

$

645,511

 

 

$

399,427

 

 

$

130,877

 

 

$

68,535

 

 

$

46,672

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

57,144

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

19,980

 

 

 

 

 

 

 

 

 

Interest Income

 

 

(2,245

)

 

 

 

 

 

 

 

 

Other Income

 

 

(674

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

74,205

 

 

 

77,659

 

 

 

3,291

 

 

 

4,890

 

 

 

11,111

 

Adjusted Measures*

 

 

5,404

 

 

 

73

 

 

 

4,951

 

 

 

149

 

 

 

 

Adjusted Operating Profit

 

 

79,609

 

 

 

77,732

 

 

 

8,242

 

 

 

5,039

 

 

 

11,111

 

Adjusted Operating Margin

 

 

12.3

%

 

 

19.5

%

 

 

6.3

%

 

 

7.4

%

 

 

23.8

%

Adjusted Other Expense

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

13,416

 

 

 

5,098

 

 

 

3,950

 

 

 

1,638

 

 

 

1,492

 

Stock Compensation Expense

 

 

6,358

 

 

 

877

 

 

 

449

 

 

 

188

 

 

 

118

 

Adjusted EBITDA

 

$

99,228

 

 

$

83,707

 

 

$

12,641

 

 

$

6,865

 

 

$

12,721

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

15.4

%

 

 

21.0

%

 

 

9.7

%

 

 

10.0

%

 

 

27.3

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

89,653

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(8,707

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

80,946

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

12.5

%

 

 

 

 

 

 

 

 

 

*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands)

(unaudited)

 

Six Months Ended June 30, 2023

 

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales*

 

$

648,871

 

 

$

407,729

 

 

$

130,633

 

 

$

67,601

 

 

$

42,908

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

51,822

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

18,732

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

2,799

 

 

 

 

 

 

 

 

 

Other Income

 

 

(906

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

72,447

 

 

 

73,468

 

 

 

8,177

 

 

 

1,213

 

 

 

8,542

 

Adjusted Measures*

 

 

7,999

 

 

 

114

 

 

 

2,206

 

 

 

5,611

 

 

 

 

Adjusted Operating Profit

 

 

80,446

 

 

 

73,582

 

 

 

10,383

 

 

 

6,824

 

 

 

8,542

 

Adjusted Operating Margin

 

 

12.4

%

 

 

18.0

%

 

 

7.9

%

 

 

10.1

%

 

 

19.9

%

Adjusted Other Income**

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization**

 

 

13,665

 

 

 

4,956

 

 

 

4,390

 

 

 

1,907

 

 

 

1,566

 

Less: Japan Depreciation & Amortization

 

 

(383

)

 

 

 

 

 

(383

)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

13,282

 

 

 

4,956

 

 

 

4,007

 

 

 

1,907

 

 

 

1,566

 

Stock Compensation Expense

 

 

5,056

 

 

 

607

 

 

 

447

 

 

 

334

 

 

 

103

 

Adjusted EBITDA Recast**

 

$

98,806

 

 

$

79,145

 

 

$

14,837

 

 

$

9,065

 

 

$

10,211

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin Recast**

 

 

15.2

%

 

 

19.4

%

 

 

11.4

%

 

 

13.4

%

 

 

23.8

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Previously Reported

 

$

99,998

 

 

$

79,145

 

 

$

16,128

 

 

$

9,065

 

 

$

10,211

 

Adjusted EBITDA Margin Previously Reported

 

 

15.3

%

 

 

19.4

%

 

 

11.8

%

 

 

13.4

%

 

 

23.8

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

114,094

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(5,284

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

108,810

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

16.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*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 Month Ended December 31, 2023

 

 

 

Consolidated

 

Residential

 

Renewables

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Sales*

 

$

1,361,953

 

 

$

814,803

 

 

$

319,014

 

 

$

140,908

 

 

$

87,228

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

110,533

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

38,459

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

3,002

 

 

 

 

 

 

 

 

 

Other Income

 

 

(1,265

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

150,729

 

 

 

143,068

 

 

 

30,160

 

 

 

(928

)

 

 

18,529

 

Adjusted Measures*

 

 

22,345

 

 

 

4,823

 

 

 

9,110

 

 

 

8,074

 

 

 

 

Adjusted Operating Profit

 

 

173,074

 

 

 

147,891

 

 

 

39,270

 

 

 

7,146

 

 

 

18,529

 

Adjusted Operating Margin

 

 

12.7

%

 

 

18.2

%

 

 

12.3

%

 

 

5.1

%

 

 

21.2

%

Adjusted Other Expense**

 

 

228

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization**

 

 

27,378

 

 

 

10,079

 

 

 

8,670

 

 

 

3,790

 

 

 

3,137

 

Less: Japan Depreciation & Amortization

 

 

(676

)

 

 

 

 

 

(676

)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

26,702

 

 

 

10,079

 

 

 

7,994

 

 

 

3,790

 

 

 

3,137

 

Stock Compensation Expense

 

 

9,750

 

 

 

1,633

 

 

 

881

 

 

 

197

 

 

 

289

 

Adjusted EBITDA Recast**

 

$

209,298

 

 

$

159,603

 

 

$

48,145

 

 

$

11,133

 

 

$

21,955

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin Recast**

 

 

15.4

%

 

 

19.6

%

 

 

15.1

%

 

 

7.9

%

 

 

25.2

%

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Previously Reported

 

$

211,043

 

 

$

159,603

 

 

$

50,073

 

 

$

11,133

 

 

$

21,955

 

Adjusted EBITDA Margin Previously Reported

 

 

15.4

%

 

 

19.6

%

 

 

15.1

%

 

 

7.9

%

 

 

25.2

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

218,476

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(13,906

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

204,570

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

14.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of 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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