2024 EPS: GAAP up 24%, Adjusted up 4% on 5% Net
Sales Decrease Strong 2024 Cash Generation of $174 Million Expands
Agtech’s Structures Business with Acquisition of Lane Supply 2025
Guidance: Net Sales $1.40B – $1.45B, GAAP EPS $4.25 - $4.50,
Adjusted EPS $4.80 - $5.05
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
twelve-month periods ended December 31, 2024.
“Fourth quarter results were roughly in line with expectations
for each segment with adjusted EPS reaching the top end of the
range at $4.25, and net sales reaching $1.31 billion, just under
the range. We also generated strong operating cash flow of $174
million for the year. We executed well in Residential, Agtech and
Infrastructure, and our Renewables business continued to accelerate
through the launch learning curve of its new tracker product
line.”
Fourth Quarter 2024 Consolidated Results
($Millions, except EPS)
Three Months Ended December 31,
2024
2023
Change
2024
2023
Change
Net Sales
$302.1
$328.8
(8.1)%
Adjusted Net Sales
$302.1
$327.9
(7.9)%
Net Income
$46.2
$19.4
138.1%
Adjusted Net Income
$31.0
$26.3
17.9%
Diluted EPS
$1.50
$0.63
138.1%
Adjusted Diluted EPS
$1.01
$0.86
17.4%
GAAP and adjusted net sales decreased 8.1% and 7.9%
respectively, driven primarily by ongoing industry headwinds
impacting the Renewables business, and continued slowness in the
Residential market.
GAAP net income more than doubled to $46.2 million, or $1.50 per
share, and adjusted net income increased 17.9% to $31.0 million, or
$1.01 per share. During the quarter, Gibraltar divested its
residential electronic locker business.
Adjusted measures exclude charges for restructuring initiatives,
acquisition-related items, senior leadership transition costs, and
portfolio management actions including the gain on sale of the
electronic locker business, as further described in the appended
reconciliation of adjusted financial measures.
Fourth Quarter Segment Results
Residential
($Millions)
Three Months Ended December 31,
2024
2023
Change
2024
2023
Change
Net Sales
$170.7
$179.3
(4.8)%
Adjusted Net Sales
$170.7
$179.3
(4.8)%
Operating Income
$29.1
$27.4
6.2%
Adjusted Operating Income
$29.5
$31.5
(6.3)%
Operating Margin
17.0%
15.3%
170 bps
Adjusted Operating Margin
17.3%
17.5%
(20) bps
Net sales decreased 4.8% driven by ongoing market softness
reflected in customer point-of-sale results being down 3%-4% across
product categories sold in various local / regional markets. Sales
were also impacted by 80/20 PLS initiatives on safety harness and
drywall metals product lines. Delays in the transition of new
business awarded in 2024 also impacted net sales in the quarter,
but order activity for our building accessories products has been
accelerating since the beginning of the year. New products launched
in the second half of 2024 are also gaining momentum and will
contribute to growth in 2025.
Operating margin decreased slightly primarily related to volume
and product mix, but overall execution, price/cost management, and
80/20 initiatives delivered solid results.
Renewables
($Millions)
Three Months Ended December 31,
2024
2023
Change
2024
2023
Change
Net Sales
$70.5
$87.7
(19.6)%
Adjusted Net Sales
$70.5
$86.8
(18.8)%
Operating Income
$(0.8)
$9.1
(108.8)%
Adjusted Operating Income
$5.1
$11.7
(56.4)%
Operating Margin
(1.1)%
10.3%
(1140)bps
Adjusted Operating Margin
7.2%
13.5%
(630)bps
As expected, net sales and new bookings were suppressed as
experienced in the third quarter as customers focused on completing
panel installations ahead of the December 3, 2024 deadline related
to the June 2024 expiration of the Presidential Proclamation. New
contract signings were pushed into January which impacted backlog
in the 4th quarter, down 32%, however, since the start of 2025, new
bookings have accelerated and are up 33% versus prior year.
GAAP and adjusted operating margins were impacted by the ramp of
and product mix shift toward the recently launched 1P tracker
product along with lower volumes while navigating through the
abovementioned deadline. GAAP results were further impacted by a
$5.3 million non-cash charge for the discontinuation of legacy RBI
tradenames in this segment. Although net sales were down 16.2% from
the third quarter, adjusted operating margins improved sequentially
by 70 basis points from improved operating efficiencies associated
with the new tracker product launch.
Agtech
($Millions)
Three Months Ended December 31,
2024
2023
Change
2024
2023
Change
Net Sales
$42.7
$42.4
0.7%
Adjusted Net Sales
$42.7
$42.4
0.7%
Operating Income
$2.3
$(4.3)
NMF
Adjusted Operating Income
$8.3
$(1.4)
NMF
Operating Margin
5.4%
(10.1)%
1550 bps
Adjusted Operating Margin
19.4%
(3.3)%
2270 bps
Net sales increased 1% despite project start dates moving from
the fourth quarter into first and second quarters of 2025. Demand
continues to grow with over $45 million of new orders booked since
January 1st with a strong pipeline of opportunities in process. The
move of new project signings from the fourth quarter into 2025
resulted in fourth quarter backlog being down 23%.
GAAP and adjusted operating income were driven by strong
execution and business mix as well as a benefit from a customer
payment received that was written off in the prior year’s quarter.
Excluding this payment, operating margins expanded 1,000 basis
points to approximately 15%. GAAP results were further impacted by
a $6.0 million non-cash charge for the discontinuation of legacy
RBI tradenames in this segment.
Infrastructure
($Millions)
Three Months Ended December 31,
2024
2023
Change
2024
2023
Change
Net Sales
$18.1
$19.4
(6.7)%
Adjusted Net Sales
$18.1
$19.4
(6.7)%
Operating Income
$3.7
$3.6
2.8%
Adjusted Operating Income
$3.7
$3.6
2.8%
Operating Margin
20.4%
18.6%
180 bps
Adjusted Operating Margin
20.4%
18.6%
180 bps
Net sales decreased by 6.7%, impacted by the timing on a large
project in the prior year. Backlog increased 10% on strong
conversion of bid volume. Demand and quoting remain robust,
supported by ongoing investment at the federal and state
levels.
Operating margins increased 180 basis points, driven by a
favorable mix shift and continued strong operating execution.
Gibraltar Adds Lane Supply Inc to Agtech’s Structures
Business
On February 11, 2024, Gibraltar acquired Lane Supply, Inc., an
industry leader in the design, manufacture, and installation of
structural canopies serving the convenience store, travel center,
food retail, EV charging stations, and quick serve restaurant
markets for $120 million in cash, subject to customary working
capital and other adjustments. During 2024, Lane recorded revenue
and adjusted EBITDA of approximately $112.2 million and $16.7
million, respectively. The transaction is expected to be
immediately accretive to earnings.
Business Outlook
Mr. Bosway concluded, “For 2025, we expect to deliver growth,
solid margin expansion, and strong cash flow generation across the
business. We expect participation gains to support growth in our
existing businesses, our renewables business to improve execution,
and solid growth and margin contribution from the addition of Lane
Supply in the Agtech segment.”
Gibraltar is providing its guidance for earnings for the full
year 2025. Consolidated net sales are expected to range between
$1.40 billion and $1.45 billion, compared to $1.31 billion in 2024.
GAAP EPS is expected to range between $4.25 and $4.50, compared to
$4.46 in 2024, and adjusted EPS is expected to range between $4.80
and $5.05, compared to $4.25 in 2024.
Fourth 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 fourth 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 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, the ability to
continue to improve operating margins, the ability to generate
order flow and sales and increase backlog; the ability to translate
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,
the ability to develop and launch new products in a cost-effective
manner, the 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 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 ability to derive expected benefits from
restructuring, productivity initiatives, liquidity enhancing
actions, and other cost reduction actions. Before making any
investment decisions regarding the company, we strongly advise you
to read the section entitled “Risk Factors” in the most recent
annual report on Form 10-K which can be accessed under the “SEC
Filings” link of the “Investor Info” page of the 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 the Processing business, which has been
liquidated and the 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 includes the recent gain on sale of the
electronic locker business and operating results generated by the
processing business which was liquidated in 2023 and the 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, 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.
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 2025
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 December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net sales
$
302,057
$
328,811
$
1,308,764
$
1,377,736
Cost of sales
224,016
245,897
956,936
1,015,770
Gross profit
78,041
82,914
351,828
361,966
Selling, general, and administrative
expense
41,921
54,025
197,505
207,440
Intangible asset impairment
11,300
3,797
11,300
3,797
Income from operations
24,820
25,092
143,023
150,729
Interest (income) expense, net
(1,995
)
(214
)
(6,171
)
3,002
Other (income) expense
(24,512
)
681
(24,731
)
(1,265
)
Income before taxes
51,327
24,625
173,925
148,992
Provision for income taxes
5,170
5,191
36,585
38,459
Net income
$
46,157
$
19,434
$
137,340
$
110,533
Net earnings per share:
Basic
$
1.52
$
0.64
$
4.50
$
3.61
Diluted
$
1.50
$
0.63
$
4.46
$
3.59
Weighted average shares outstanding:
Basic
30,464
30,523
30,538
30,626
Diluted
30,697
30,724
30,769
30,785
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
data)
December 31, 2024
December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
269,480
$
99,426
Trade receivables, net of allowance of
$3,394 and $5,351, respectively
169,350
172,736
Costs in excess of billings, net
34,570
51,814
Inventories, net
138,140
120,503
Prepaid expenses and other current
assets
39,792
17,772
Total current assets
651,332
462,251
Property, plant, and equipment, net
109,820
107,603
Operating lease assets
45,021
44,918
Goodwill
507,419
513,383
Acquired intangibles
103,882
125,980
Other assets
1,936
2,316
$
1,419,410
$
1,256,451
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
117,408
$
92,124
Accrued expenses
95,664
88,719
Billings in excess of costs
41,790
44,735
Total current liabilities
254,862
225,578
Deferred income taxes
56,655
57,103
Non-current operating lease
liabilities
35,125
35,989
Other non-current liabilities
24,734
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; 34,313 and 34,219 shares issued and outstanding in
2024 and 2023
343
342
Additional paid-in capital
343,583
332,621
Retained earnings
875,851
738,511
Accumulated other comprehensive loss
(5,326
)
(2,114
)
Cost of 3,960 and 3,778 common shares held
in treasury in 2024 and 2023
(166,417
)
(154,362
)
Total stockholders’ equity
1,048,034
914,998
$
1,419,410
$
1,256,451
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Twelve Months Ended December
31,
2024
2023
Cash Flows from Operating
Activities
Net income
$
137,340
$
110,533
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
27,312
27,378
Intangible asset impairment
11,300
3,797
Stock compensation expense
10,963
9,750
Gain on sale of business
(25,265
)
—
Exit activity costs, non-cash
31
2,771
(Benefit of) provision for deferred income
taxes
(486
)
10,800
Other, net
5,865
12,492
Changes in operating assets and
liabilities net of effects from acquisitions:
Trade receivables and costs in excess of
billings
17,914
(15,375
)
Inventories
(18,623
)
45,908
Other current assets and other assets
(22,515
)
514
Accounts payable
26,528
(14,387
)
Accrued expenses and other non-current
liabilities
3,900
24,295
Net cash provided by operating
activities
174,264
218,476
Cash Flows from Investing
Activities
Acquisitions, net of cash acquired
—
(9,863
)
Purchases of property, plant, and
equipment, net
(19,930
)
(13,906
)
Net proceeds from sale of business
28,474
8,047
Net cash provided by (used in) investing
activities
8,544
(15,722
)
Cash Flows from Financing
Activities
Proceeds from long-term debt
—
50,000
Long-term debt payments
—
(141,000
)
Purchase of common stock at market
prices
(12,189
)
(29,329
)
Net cash used in financing activities
(12,189
)
(120,329
)
Effect of exchange rate changes on
cash
(565
)
(607
)
Net increase in cash and cash
equivalents
170,054
81,818
Cash and cash equivalents at beginning of
year
99,426
17,608
Cash and cash equivalents at end of
year
$
269,480
$
99,426
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and
Adjusted Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended December 31,
2024
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
51,327
$
5,170
$
46,157
$
1.50
Restructuring Charges (1)
1,011
382
629
0.02
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
(24,154
)
141
(24,295
)
(0.79
)
Intangible Asset Impairment (3)
11,300
2,825
8,475
0.28
Adjusted Financial Measures
$
39,484
$
8,518
$
30,966
$
1.01
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
17.0
%
(1.1
)%
5.4
%
20.4
%
n/a
8.2
%
Restructuring Charges (1)
0.3
%
0.8
%
—
%
—
%
n/a
0.3
%
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
—
%
—
%
—
%
—
%
n/a
0.4
%
Intangible Asset Impairment (3)
—
%
7.5
%
14.0
%
—
%
n/a
3.7
%
Adjusted Operating Margin
17.3
%
7.2
%
19.4
%
20.4
%
n/a
12.7
%
Income from Operations
$
29,070
$
(767
)
$
2,297
$
3,690
$
(9,470
)
$
24,820
Restructuring Charges (1)
427
536
—
—
48
1,011
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
—
—
—
—
1,163
1,163
Intangible Asset Impairment (3)
—
5,300
6,000
—
—
11,300
Adjusted Income from Operations
$
29,497
$
5,069
$
8,297
$
3,690
$
(8,259
)
$
38,294
Net Sales & Adjusted Net Sales (4)
$
170,729
$
70,464
$
42,749
$
18,115
$
—
$
302,057
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued
operations.
(2) Represents senior leadership
transition costs associated with changes in leadership positions,
acquisition related expenses including due diligence costs and
portfolio management costs resulting from terminated or liquidated
businesses, including the ($25.3M) gain on sale of the residential
electronic locker business.
(3) Represents write off of
indefinite-lived trademarks.
(4) There were no adjustments to Net Sales
in 2024.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and
Adjusted Financial Measures
(in thousands, except per share
data)
(unaudited)
Three Months Ended December 31,
2023
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
24,625
$
5,191
$
19,434
$
0.63
Restructuring Charges (1)
9,293
2,354
6,939
0.23
Portfolio Management & Acquisition
Related Items (2)
636
994
(358
)
(0.01
)
Adjusted Financial Measures Previously
Reported
$
34,554
$
8,539
$
26,015
$
0.85
Portfolio Management (4)
245
(57
)
302
0.01
Adjusted Financial Measures Recast
$
34,799
$
8,482
$
26,317
$
0.86
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
15.3
%
10.3
%
(10.1
)%
18.6
%
n/a
7.6
%
Restructuring Charges (1)
2.2
%
2.4
%
7.5
%
—
%
n/a
2.9
%
Portfolio Management & Acquisition
Related Items (3)
—
%
0.4
%
(0.8
)%
—
%
n/a
—
%
Adjusted Operating Margin Previously
Reported
17.5
%
13.1
%
(3.3
)%
18.6
%
n/a
10.5
%
Portfolio Management (4)
—
%
0.4
%
—
%
—
%
n/a
0.1
%
Adjusted Operating Margin Recast
17.5
%
13.5
%
(3.3
)%
18.6
%
n/a
10.6
%
Income from Operations
$
27,442
$
9,076
$
(4,277
)
$
3,601
$
(10,750
)
$
25,092
Restructuring Charges (1)
4,021
2,075
3,196
—
1
9,293
Portfolio Management & Acquisition
Related Items (3)
—
331
(339
)
—
1
(7
)
Adjusted Income from Operations Previously
Reported
$
31,463
$
11,482
$
(1,420
)
$
3,601
$
(10,748
)
$
34,378
Portfolio Management (4)
—
259
—
—
—
259
Adjusted Income from Operations Recast
$
31,463
$
11,741
$
(1,420
)
$
3,601
$
(10,748
)
$
34,637
Net Sales & Adjusted Net Sales
Previously Reported (5)
$
179,327
$
87,712
$
42,421
$
19,351
$
—
$
328,811
Portfolio Management (4)
—
(933
)
—
—
—
(933
)
Adjusted Net Sales Recast
$
179,327
$
86,779
$
42,421
$
19,351
$
—
$
327,878
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued
operations
(2) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations, along with the results generated by the processing
business liquidated in 2023 and the loss on the sale of the Japan
renewables business sold in 2023.
(3) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations, along with the results generated by the processing
business liquidated in 2023.
(4) Represents the results generated by
the Japan renewables business sold in 2023.
(5) There were no adjustments to Net Sales
Previously Reported for the three months ended December 31,
2023.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and
Adjusted Financial Measures
(in thousands, except per share
data)
(unaudited)
Year Ended December 31, 2024
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
173,925
$
36,585
$
137,340
$
4.46
Restructuring Charges (1)
11,061
2,738
8,323
0.27
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
(23,329
)
8
(23,337
)
(0.76
)
Intangible Asset Impairment (3)
11,300
2,825
8,475
0.28
Adjusted Financial Measures
$
172,957
$
42,156
$
130,801
$
4.25
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
19.0
%
1.2
%
7.2
%
24.2
%
n/a
10.9
%
Restructuring Charges (1)
0.1
%
3.5
%
0.3
%
—
%
n/a
0.8
%
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
—
%
0.1
%
—
%
—
%
n/a
0.1
%
Intangible Asset Impairment (3)
—
%
1.9
%
3.9
%
—
%
n/a
0.9
%
Adjusted Operating Margin
19.1
%
6.6
%
11.5
%
24.2
%
n/a
12.8
%
Income from Operations
$
148,784
$
3,349
$
11,040
$
21,295
$
(41,445
)
$
143,023
Restructuring Charges (1)
606
9,895
477
—
83
11,061
Senior Leadership Transition, Acquisition
and Portfolio Management Related Costs (2)
195
233
—
—
2,207
2,635
Intangible Asset Impairment (3)
—
5,300
6,000
—
—
11,300
Adjusted Income from Operations
$
149,585
$
18,777
$
17,517
$
21,295
$
(39,155
)
$
168,019
Net Sales & Adjusted Net Sales (4)
$
782,519
$
285,405
$
152,811
$
88,029
$
—
$
1,308,764
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued
operations.
(2) Represents senior leadership
transition costs associated with changes in leadership positions,
acquisition related expenses including due diligence costs and
portfolio management costs resulting from terminated or liquidated
businesses, including the ($25.3M) gain on sale of the residential
electronic locker business.
(3) Represents write off of
indefinite-lived trademarks.
(4) There were no adjustments to Net Sales
in 2024.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and
Adjusted Financial Measures
(in thousands, except per share
data)
(unaudited)
Year Ended December 31, 2023
Income before taxes
Provision for income taxes
Net income
Net income per share -
diluted
As Reported in GAAP Statements
$
148,992
$
38,459
$
110,533
$
3.59
Restructuring Charges (1)
18,072
4,583
13,489
0.43
Portfolio Management & Acquisition
Related Items (2)
3,900
1,382
2,518
0.09
Adjusted Financial Measures Previously
Reported
$
170,964
$
44,424
$
126,540
$
4.11
Portfolio Management (4)
(1,069
)
(322
)
(747
)
(0.02
)
Adjusted Financial Measures Recast
$
169,895
$
44,102
$
125,793
$
4.09
Residential
Renewables
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
17.6
%
9.1
%
(0.6
)%
21.2
%
n/a
10.9
%
Restructuring Charges (1)
0.6
%
2.8
%
2.7
%
—
%
n/a
1.3
%
Portfolio Management & Acquisition
Related Items (3)
—
%
0.3
%
2.8
%
—
%
n/a
0.4
%
Adjusted Operating Margin Previously
Reported
18.2
%
12.3
%
5.1
%
21.2
%
n/a
12.7
%
Portfolio Management (4)
—
%
—
%
—
%
—
%
n/a
—
%
Adjusted Operating Margin Recast
18.2
%
12.3
%
5.1
%
21.2
%
n/a
12.7
%
Income from Operations
$
143,068
$
30,160
$
(928
)
$
18,529
$
(40,100
)
$
150,729
Restructuring Charges (1)
4,811
9,394
3,918
—
(51
)
18,072
Portfolio Management & Acquisition
Related Items (3)
12
968
4,156
—
389
5,525
Adjusted Income from Operations Previously
Reported
$
147,891
$
40,522
$
7,146
$
18,529
$
(39,762
)
$
174,326
Portfolio Management (4)
—
(1,252
)
—
—
—
(1,252
)
Adjusted Income from Operations Recast
$
147,891
$
39,270
$
7,146
$
18,529
$
(39,762
)
$
173,074
Net Sales
$
814,803
$
330,738
$
144,967
$
87,228
$
—
$
1,377,736
Portfolio Management (5)
—
—
(4,059
)
—
—
(4,059
)
Adjusted Net Sales Previously Reported
$
814,803
$
330,738
$
140,908
$
87,228
$
—
$
1,373,677
Portfolio Management (4)
—
(11,724
)
—
—
—
(11,724
)
Adjusted Net Sales Recast
$
814,803
$
319,014
$
140,908
$
87,228
$
—
$
1,361,953
(1) Comprised primarily of exit activities
costs and impairments of assets associated with 80/20
simplification, lean initiatives and / or discontinued operations
and costs associated with new and / or terminated senior leadership
positions.
(2) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations, along with the results generated by the processing
business liquidated in 2023 and the loss on the sale of the Japan
renewables business sold in 2023.
(3) Comprised primarily of consulting and
legal fees for the acquisition and integration of recent business
combinations, along with the results generated by the processing
business liquidated in 2023.
(4) Represents the results generated by
the Japan renewables business sold in 2023.
(5) Represents the net sales generated by
the processing business liquidated in 2023.
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended December 31,
2024
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales
$
302,057
$
170,729
$
70,464
$
42,749
$
18,115
Net Income
46,157
Provision for Income Taxes
5,170
Interest Income
(1,995
)
Other Income
(24,512
)
Operating Profit
24,820
29,070
(767
)
2,297
3,690
Adjusted Measures*
13,474
427
5,836
6,000
—
Adjusted Operating Profit
38,294
29,497
5,069
8,297
3,690
Adjusted Operating Margin
12.7
%
17.3
%
7.2
%
19.4
%
20.4
%
Adjusted Other Expense
805
—
—
—
—
Depreciation & Amortization
7,075
2,773
2,140
745
736
Stock Compensation Expense
2,277
459
234
94
63
Less: SLT Related Stock Compensation
Expense
(93
)
—
—
—
—
Adjusted Stock Compensation Expense
2,184
459
234
94
63
Adjusted EBITDA
$
46,748
$
32,729
$
7,443
$
9,136
$
4,489
Adjusted EBITDA Margin
15.5
%
19.2
%
10.6
%
21.4
%
24.8
%
Cash Flow - Operating Activities
19,929
Purchase of PPE, Net
(5,604
)
Free Cash Flow
14,325
Free Cash Flow - % of Adjusted Net
Sales
4.7
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of GAAP and Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Three Months Ended December 31,
2023
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales*
$
327,878
$
179,327
$
86,779
$
42,421
$
19,351
Net Income
19,434
Provision for Income Taxes
5,191
Interest Income
(214
)
Other Expense
681
Operating Profit
25,092
27,442
9,076
(4,277
)
3,601
Adjusted Measures*
9,545
4,021
2,665
2,857
—
Adjusted Operating Profit
34,637
31,463
11,741
(1,420
)
3,601
Adjusted Operating Margin
10.6
%
17.5
%
13.5
%
(3.3
)%
18.6
%
Adjusted Other Expense**
103
—
—
—
—
Depreciation & Amortization**
6,804
2,537
2,109
940
788
Less: Japan Depreciation &
Amortization
(115
)
—
(115
)
—
—
Adjusted Depreciation &
Amortization
6,689
2,537
1,994
940
788
Stock Compensation Expense
2,493
498
230
57
77
Adjusted EBITDA Recast**
$
43,716
$
34,498
$
13,965
$
(423
)
$
4,466
Adjusted EBITDA Margin Recast**
13.3
%
19.2
%
16.1
%
(1.0
)%
23.1
%
Adjusted EBITDA Previously Reported
$
43,586
$
34,498
$
13,821
$
(423
)
$
4,466
Adjusted EBITDA Margin Previously
Reported
13.3
%
19.2
%
15.8
%
(1.0
)%
23.1
%
Cash Flow - Operating Activities
11,820
Purchase of PPE, Net
(5,930
)
Free Cash Flow
5,890
Free Cash Flow - % of Adjusted Net
Sales
1.8
%
*Details of recast amounts for the sale of
the Japan based solar racking business within the Renewables
segment are presented on corresponding Reconciliation of GAAP and
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)
Year Ended December 31, 2024
Consolidated
Residential
Renewables
Agtech
Infrastructure
Adjusted Net Sales
$
1,308,764
$
782,519
$
285,405
$
152,811
$
88,029
Net Income
137,340
Provision for Income Taxes
36,585
Interest Income
(6,171
)
Other Income
(24,731
)
Operating Profit
143,023
148,784
3,349
11,040
21,295
Adjusted Measures*
24,996
801
15,428
6,477
—
Adjusted Operating Profit
168,019
149,585
18,777
17,517
21,295
Adjusted Operating Margin
12.8
%
19.1
%
6.6
%
11.5
%
24.2
%
Adjusted Other Expense
1,233
—
—
—
—
Depreciation & Amortization
27,312
10,416
8,192
3,165
2,972
Stock Compensation Expense
10,963
1,800
918
377
244
Less: SLT Related Stock Compensation
Expense
(152
)
—
—
—
—
Adjusted Stock Compensation Expense
10,811
1,800
918
377
244
Adjusted EBITDA
$
204,909
$
161,801
$
27,887
$
21,059
$
24,511
Adjusted EBITDA Margin
15.7
%
20.7
%
9.8
%
13.8
%
27.8
%
Cash Flow - Operating Activities
174,264
Purchase of PPE, Net
(19,930
)
Free Cash Flow
154,334
Free Cash Flow - % of Adjusted Net
Sales
11.8
%
*Adjusted Measures details are presented
on the corresponding Reconciliation of GAAP and Adjusted Financial
Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted
Financial Measures
(in thousands)
(unaudited)
Year 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 GAAP and
Adjusted Financial Measures
**Recast to exclude sale of Japan based
solar racking business within the Renewables segment
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250219698424/en/
Alliance Advisors Investor Relations Jody Burfening/Carolyn
Capaccio (212) 838-3777 rock@allianceadvisors.com
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