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Gibraltar Announces First Quarter 2023 Financial Results

Net Sales: GAAP and Adjusted down 8%, EPS: GAAP up 45%, Adjusted up 17%

Strong Cash Generation

Reaffirms 2023 Net Sales, EPS, Cash Flow Growth 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 March 31, 2023.

“First quarter results demonstrate a strong start to the year. We executed well delivering 14% improvement in adjusted operating income on 8% down net sales. Additionally, we delivered free cash flow exceeding 12% of net sales, enabling us to pay down a large portion of our revolver draw and continued to execute our authorized share repurchase program. Current trends in our end markets and positive customer order activity align and support our expectations and 2023 guidance,” stated Chairman and CEO Bill Bosway. 

First Quarter 2023 Consolidated Results

Below are first quarter consolidated results:

 

 

Three Months Ended March 31,

$Millions, except EPS

 

GAAP

 

 

Adjusted

 

 

2023

 

2022

 

Change

 

 

2023

 

2022

 

Change

Net Sales

 

$293.3

 

$317.9

 

-7.7%

 

 

$290.8

 

$316.0

 

-8.0%

Net Income

 

$21.1

 

$15.5

 

36.1%

 

 

$21.8

 

$19.7

 

10.7%

Diluted EPS

 

$0.68

 

$0.47

 

44.7%

 

 

$0.70

 

$0.60

 

16.7%

The decrease in net sales was mainly driven by end market dynamics in the Renewables segment and customer rescoping and reprioritizing fruit and vegetable growing projects in the Agtech business. Residential end market demand is evolving as expected, and the Infrastructure segment continues to have strong momentum.

GAAP earnings increased to $21.1 million, or $0.68 per share. Adjusted net income increased 10.7% to $21.8 million, or $0.70 per share, and adjusted EPS increased 16.7% driven by solid execution in the Renewables, Agtech and Infrastructure segments. Free cash flow to net sales of 12.3% was driven through stronger margin performance and improved working capital management.

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

First Quarter Segment Results

Renewables

For the first quarter, the segment reported:

 

 

Three Months Ended March 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2023

 

2022

 

Change

 

 

2023

 

2022

 

Change

Net Sales

 

$59.2

 

$78.8

 

(24.9)%

 

 

$59.2

 

$78.8

 

(24.9)%

Operating Income

 

$2.3

 

$(7.0)

 

NMF

 

 

$2.2

 

$(4.3)

 

NMF

Operating Margin

 

3.8%

 

(8.9)%

 

1270 bps

 

 

3.8%

 

(5.4)%

 

920 bps

Net sales were down 24.9% as the U.S. solar industry continued to manage through panel importation challenges resulting from the Uyghur Forced Labor Prevention Act (UFLPA), and project movement associated with adverse winter weather conditions during the lowest seasonal quarter of the year. The pace of business continued to improve during the quarter as bookings nearly doubled sequentially. As a result, backlog increased 34% on a sequential basis and year-over-year backlog comparisons are expected to turn positive over the course of the year.

Adjusted operating margin improved as expected, increasing 920 basis points year-over-year, driven by field operations productivity and improved supply chain management that offset lower volumes.

Residential

For the first quarter, the segment reported:

 

 

Three Months Ended March 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2023

 

2022

 

Change

 

 

2023

 

2022

 

Change

Net Sales

 

$179.5

 

$179.5

 

--

 

 

$179.5

 

$179.5

 

--

Operating Income

 

$29.5

 

$33.4

 

(11.7)%

 

 

$29.6

 

$33.7

 

(12.2)%

Operating Margin

 

16.4%

 

18.6%

 

(220) bps

 

 

16.5%

 

18.8%

 

(230) bps

Net sales were flat; the positive impact of participation gains and the acquisition of Quality Aluminum Products, which contributed 8.0% growth in the quarter, offset headwinds of channel inventory correction, the market’s return to normal seasonal demand, and adverse winter weather in key regions of the U.S.

Adjusted operating income decreased 12.2% as anticipated as price and material cost continued to realign, and the market returned to its normal seasonal demand pattern. Sequentially, margins improved 310 basis points as price and material cost alignment improved during the quarter, and we expect margins to improve as seasonal volume accelerates, price / material cost are better aligned, and Quality Aluminum Products integration benefits are realized.

Agtech

For the first quarter, the segment reported:

 

 

Three Months Ended March 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2023

 

2022

 

Change

 

 

2023

 

2022

 

Change

Net Sales

 

$35.9

 

$42.4

 

(15.3)%

 

 

$33.3

 

$40.6

 

(18.0)%

Operating Income

 

$2.3

 

$0.0

 

NMF

 

 

$3.6

 

$2.5

 

44.0%

Operating Margin

 

6.5%

 

0.1%

 

640 bps

 

 

10.7%

 

6.3%

 

440 bps

Net sales decreased 15.3%, with adjusted net sales down 18.0% as Produce customers rescope and reprioritize the launch of fruit and vegetable growing facilities. The active project pipeline is at its highest level in company history driven by produce and cannabis projects, and bookings and backlog are expected to increase accordingly in the coming quarters.

Adjusted operating margin improved 440 basis points driven by business mix, further improvement in business operating systems, which are now fully unified across the business, and supply chain productivity and efficiency improvement.

Infrastructure

For the first quarter, the segment reported:

 

 

Three Months Ended March 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2023

 

2022

 

Change

 

 

2023

 

2022

 

Change

Net Sales

 

$18.7

 

$17.2

 

8.7%

 

 

$18.7

 

$17.2

 

8.7%

Operating Income

 

$2.7

 

$1.2

 

125.0%

 

 

$2.7

 

$1.1

 

145.5%

Operating Margin

 

14.5%

 

6.9%

 

760 bps

 

 

14.5%

 

6.5%

 

800 bps

Net Sales and backlog increased 8.7% and 38%, respectively, as customer demand continues to be very strong. Management expects continued strength from increased infrastructure spending related to the Infrastructure Investment and Jobs Act and ongoing efforts to increase market participation.

Adjusted operating income more than doubled and adjusted operating margins improved 800 basis points driven by strong 80/20 execution, volume, and supply chain productivity.

Business Outlook

Mr. Bosway concluded, “As we head into the second quarter, customer bookings and demand across the business is shaping up as anticipated, and our businesses are on track for a solid second quarter. As committed coming into the year, we remain laser-focused on driving growth, margin expansion, and strong cash performance.”

Gibraltar is reiterating its guidance for net sales and earnings for the full year 2023. Consolidated net sales is expected to range between $1.36 billion and $1.41 billion, compared to $1.38 billion in 2022. GAAP EPS is expected to range between $3.04 and $3.24, compared to $2.56 in 2022, and adjusted EPS is expected to range between $3.46 and $3.66, compared to $3.40 in 2022.

First 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 first 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 sell assets that Gibraltar has determined to sell, other general economic conditions and conditions in the particular markets in which we operate, increases 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 our 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 has been classified as held-for-sale. Adjusted net income, operating income and margin excludes 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 that has been classified as held-for-sale. 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 flows 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

March 31,

 

2023

 

2022

Net sales

$

293,267

 

 

$

317,865

Cost of sales

 

216,338

 

 

 

253,021

Gross profit

 

76,929

 

 

 

64,844

Selling, general, and administrative expense

 

47,559

 

 

 

43,649

Income from operations

 

29,370

 

 

 

21,195

Interest expense

 

1,491

 

 

 

485

Other (income) expense

 

(397

)

 

 

153

Income before taxes

 

28,276

 

 

 

20,557

Provision for income taxes

 

7,177

 

 

 

5,101

Net income

$

21,099

 

 

$

15,456

 

 

 

 

Net earnings per share:

 

 

 

Basic

$

0.68

 

 

$

0.47

Diluted

$

0.68

 

 

$

0.47

Weighted average shares outstanding:

 

 

 

Basic

 

30,897

 

 

 

32,913

Diluted

 

31,024

 

 

 

33,022

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

March 31,

2023

 

December 31,

2022

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

7,497

 

 

$

17,608

 

Accounts receivable, net of allowance of $4,164 and $3,746, respectively

 

230,132

 

 

 

217,156

 

Inventories, net

 

171,634

 

 

 

170,360

 

Prepaid expenses and other current assets

 

19,015

 

 

 

18,813

 

Total current assets

 

428,278

 

 

 

423,937

 

Property, plant, and equipment, net

 

107,701

 

 

 

109,584

 

Operating lease assets

 

24,432

 

 

 

26,502

 

Goodwill

 

512,639

 

 

 

512,363

 

Acquired intangibles

 

134,735

 

 

 

137,526

 

Other assets

 

707

 

 

 

701

 

 

$

1,208,492

 

 

$

1,210,613

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

129,661

 

 

$

106,582

 

Accrued expenses

 

67,103

 

 

 

73,721

 

Billings in excess of cost

 

42,929

 

 

 

35,017

 

Total current liabilities

 

239,693

 

 

 

215,320

 

Long-term debt

 

49,876

 

 

 

88,762

 

Deferred income taxes

 

47,030

 

 

 

47,088

 

Non-current operating lease liabilities

 

17,488

 

 

 

19,041

 

Other non-current liabilities

 

19,018

 

 

 

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; 34,148 and 34,060 shares issued and outstanding in 2023 and 2022

 

341

 

 

 

340

 

Additional paid-in capital

 

324,466

 

 

 

322,873

 

Retained earnings

 

649,077

 

 

 

627,978

 

Accumulated other comprehensive loss

 

(3,539

)

 

 

(3,432

)

Cost of 3,389 and 3,199 common shares held in treasury in 2023 and 2022

 

(134,958

)

 

 

(125,660

)

Total stockholders’ equity

 

835,387

 

 

 

822,099

 

 

$

1,208,492

 

 

$

1,210,613

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended

March 31,

 

2023

 

2022

Cash Flows from Operating Activities

 

 

 

Net income

$

21,099

 

 

$

15,456

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

6,834

 

 

 

6,336

 

Stock compensation expense

 

1,594

 

 

 

1,352

 

Exit activity (recoveries) costs, non-cash

 

(63

)

 

 

1,198

 

(Benefit of) provision for deferred income taxes

 

(51

)

 

 

17

 

Other, net

 

1,023

 

 

 

1,395

 

Changes in operating assets and liabilities, excluding the effects of acquisitions:

 

 

 

Accounts receivable

 

(18,004

)

 

 

(11,101

)

Inventories

 

(1,586

)

 

 

(20,937

)

Other current assets and other assets

 

2,536

 

 

 

731

 

Accounts payable

 

23,077

 

 

 

(11,962

)

Accrued expenses and other non-current liabilities

 

1,586

 

 

 

9,761

 

Net cash provided by (used in) operating activities

 

38,045

 

 

 

(7,754

)

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

 

554

 

 

 

 

Purchases of property, plant, and equipment, net

 

(2,190

)

 

 

(4,402

)

Net cash used in investing activities

 

(1,636

)

 

 

(4,402

)

Cash Flows from Financing Activities

 

 

 

Proceeds from long-term debt

 

11,000

 

 

 

47,500

 

Long-term debt payments

 

(50,000

)

 

 

(29,000

)

Purchase of common stock at market prices

 

(7,509

)

 

 

(3,461

)

Net cash (used in) provided by financing activities

 

(46,509

)

 

 

15,039

 

Effect of exchange rate changes on cash

 

(11

)

 

 

(159

)

Net (decrease) increase in cash and cash equivalents

 

(10,111

)

 

 

2,724

 

Cash and cash equivalents at beginning of year

 

17,608

 

 

 

12,849

 

Cash and cash equivalents at end of period

$

7,497

 

 

$

15,573

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

March 31,2023

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

59,205

 

 

$

 

 

$

 

 

$

 

 

$

59,205

 

Residential

 

 

179,495

 

 

 

 

 

 

 

 

 

 

 

 

179,495

 

Agtech

 

 

35,852

 

 

 

 

 

 

 

 

 

(2,514

)

 

 

33,338

 

Infrastructure

 

 

18,715

 

 

 

 

 

 

 

 

 

 

 

 

18,715

 

Consolidated sales

 

 

293,267

 

 

 

 

 

 

 

 

 

(2,514

)

 

 

290,753

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

2,269

 

 

 

(63

)

 

 

32

 

 

 

 

 

 

2,238

 

Residential

 

 

29,509

 

 

 

114

 

 

 

 

 

 

 

 

 

29,623

 

Agtech

 

 

2,330

 

 

 

561

 

 

 

26

 

 

 

635

 

 

 

3,552

 

Infrastructure

 

 

2,714

 

 

 

 

 

 

 

 

 

 

 

 

2,714

 

Segments Income

 

 

36,822

 

 

 

612

 

 

 

58

 

 

 

635

 

 

 

38,127

 

Unallocated corporate expense

 

 

(7,452

)

 

 

(19

)

 

 

21

 

 

 

 

 

 

(7,450

)

Consolidated income from operations

 

 

29,370

 

 

 

593

 

 

 

79

 

 

 

635

 

 

 

30,677

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,491

 

 

 

 

 

 

 

 

 

 

 

 

1,491

 

Other (income) expense

 

 

(397

)

 

 

 

 

 

 

 

 

468

 

 

 

71

 

Income before income taxes

 

 

28,276

 

 

 

593

 

 

 

79

 

 

 

167

 

 

 

29,115

 

Provision for income taxes

 

 

7,177

 

 

 

140

 

 

 

20

 

 

 

21

 

 

 

7,358

 

Net Income

 

$

21,099

 

 

$

453

 

 

$

59

 

 

$

146

 

 

$

21,757

 

Net Income per share - diluted

 

$

0.68

 

 

$

0.02

 

 

$

 

 

$

 

 

$

0.70

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

3.8

%

 

 

(0.1

)%

 

 

0.1

%

 

 

%

 

 

3.8

%

Residential

 

 

16.4

%

 

 

0.1

%

 

 

%

 

 

%

 

 

16.5

%

Agtech

 

 

6.5

%

 

 

1.6

%

 

 

0.1

%

 

 

1.8

%

 

 

10.7

%

Infrastructure

 

 

14.5

%

 

 

%

 

 

%

 

 

%

 

 

14.5

%

Segments Margin

 

 

12.6

%

 

 

0.2

%

 

 

%

 

 

0.2

%

 

 

13.1

%

Consolidated

 

 

10.0

%

 

 

0.2

%

 

 

%

 

 

0.2

%

 

 

10.6

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

March 31, 2022

 

 

As Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

78,783

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

78,783

 

Residential

 

 

179,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

179,485

 

Agtech

 

 

42,428

 

 

 

 

 

 

 

 

 

 

 

 

(1,823

)

 

 

40,605

 

Infrastructure

 

 

17,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,169

 

Consolidated sales

 

 

317,865

 

 

 

 

 

 

 

 

 

 

 

 

(1,823

)

 

 

316,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(6,984

)

 

 

2,526

 

 

 

(209

)

 

 

390

 

 

 

 

 

 

(4,277

)

Residential

 

 

33,435

 

 

 

3

 

 

 

284

 

 

 

 

 

 

 

 

 

33,722

 

Agtech

 

 

31

 

 

 

(9

)

 

 

 

 

 

 

 

 

2,525

 

 

 

2,547

 

Infrastructure

 

 

1,181

 

 

 

(63

)

 

 

 

 

 

 

 

 

 

 

 

1,118

 

Segments Income

 

 

27,663

 

 

 

2,457

 

 

 

75

 

 

 

390

 

 

 

2,525

 

 

 

33,110

 

Unallocated corporate expense

 

 

(6,468

)

 

 

20

 

 

 

255

 

 

 

7

 

 

 

 

 

 

(6,186

)

Consolidated income from operations

 

 

21,195

 

 

 

2,477

 

 

 

330

 

 

 

397

 

 

 

2,525

 

 

 

26,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485

 

Other expense

 

 

153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

153

 

Income before income taxes

 

 

20,557

 

 

 

2,477

 

 

 

330

 

 

 

397

 

 

 

2,525

 

 

 

26,286

 

Provision for income taxes

 

 

5,101

 

 

 

622

 

 

 

83

 

 

 

100

 

 

 

634

 

 

 

6,540

 

Net Income

 

$

15,456

 

 

$

1,855

 

 

$

247

 

 

$

297

 

 

$

1,891

 

 

$

19,746

 

Net Income per share - diluted

 

$

0.47

 

 

$

0.05

 

 

$

0.01

 

 

$

0.01

 

 

$

0.06

 

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(8.9

)%

 

 

3.2

%

 

 

(0.3

)%

 

 

0.5

%

 

 

%

 

 

(5.4

)%

Residential

 

 

18.6

%

 

 

%

 

 

0.2

%

 

 

%

 

 

%

 

 

18.8

%

Agtech

 

 

0.1

%

 

 

%

 

 

%

 

 

%

 

 

6.0

%

 

 

6.3

%

Infrastructure

 

 

6.9

%

 

 

(0.4

)%

 

 

%

 

 

%

 

 

%

 

 

6.5

%

Segments Margin

 

 

8.7

%

 

 

0.8

%

 

 

%

 

 

0.1

%

 

 

0.8

%

 

 

10.5

%

Consolidated

 

 

6.7

%

 

 

0.8

%

 

 

0.1

%

 

 

0.1

%

 

 

0.8

%

 

 

8.5

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands)

(unaudited)

 

 

 

Three Months Ended

March 31,2023

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

293,267

 

 

$

59,205

 

 

$

179,495

 

 

$

35,852

 

 

$

18,715

 

Less: Processing Net Sales

 

 

(2,514

)

 

 

 

 

 

 

 

 

(2,514

)

 

 

 

Adjusted Net Sales

 

$

290,753

 

 

$

59,205

 

 

$

179,495

 

 

$

33,338

 

 

$

18,715

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

21,099

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

7,177

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

1,491

 

 

 

 

 

 

 

 

 

Other Income

 

 

(397

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

29,370

 

 

 

2,269

 

 

 

29,509

 

 

 

2,330

 

 

 

2,714

 

Adjusted Measures*

 

 

1,307

 

 

 

(31

)

 

 

114

 

 

 

1,222

 

 

 

 

Adjusted Operating Profit

 

 

30,677

 

 

 

2,238

 

 

 

29,623

 

 

 

3,552

 

 

 

2,714

 

Adjusted Operating Margin

 

 

10.6

%

 

 

3.8

%

 

 

16.5

%

 

 

10.7

%

 

 

14.5

%

Adjusted Other Expense

 

 

77

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

6,834

 

 

 

2,179

 

 

 

2,493

 

 

 

954

 

 

 

780

 

Stock Compensation Expense

 

 

1,594

 

 

 

214

 

 

 

298

 

 

 

153

 

 

 

47

 

Less: SLT Related Stock Compensation Expense

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

1,590

 

 

 

214

 

 

 

298

 

 

 

153

 

 

 

47

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

39,024

 

 

 

4,631

 

 

 

32,414

 

 

 

4,659

 

 

 

3,541

 

Adjusted EBITDA Margin

 

 

13.4

%

 

 

7.8

%

 

 

18.1

%

 

 

14.0

%

 

 

18.9

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

38,045

 

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(2,190

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

35,855

 

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

12.3

%

 

 

 

 

 

 

 

 

 

*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

March 31, 2022

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

317,865

 

 

$

78,783

 

 

$

179,485

 

 

$

42,428

 

 

$

17,169

 

Less: Processing Net Sales

 

 

(1,823

)

 

 

 

 

 

 

 

 

(1,823

)

 

 

 

Adjusted Net Sales

 

$

316,042

 

 

$

78,783

 

 

$

179,485

 

 

$

40,605

 

 

$

17,169

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

15,456

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

5,101

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

485

 

 

 

 

 

 

 

 

 

Other Expense

 

 

153

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

21,195

 

 

 

(6,984

)

 

 

33,435

 

 

 

31

 

 

 

1,181

 

Adjusted Measures*

 

 

5,729

 

 

 

2,707

 

 

 

287

 

 

 

2,516

 

 

 

(63

)

Adjusted Operating Profit

 

 

26,924

 

 

 

(4,277

)

 

 

33,722

 

 

 

2,547

 

 

 

1,118

 

Adjusted Operating Margin

 

 

8.5

%

 

 

(5.4

)%

 

 

18.8

%

 

 

6.3

%

 

 

6.5

%

Adjusted Other Expense

 

 

153

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

6,336

 

 

 

2,143

 

 

 

2,053

 

 

 

1,319

 

 

 

783

 

Less: Held for Sale Depreciation & Amortization

 

 

(332

)

 

 

 

 

 

 

 

 

(332

)

 

 

 

Adjusted Depreciation & Amortization

 

 

6,004

 

 

 

2,143

 

 

 

2,053

 

 

 

987

 

 

 

783

 

Stock Compensation Expense

 

 

1,352

 

 

 

253

 

 

 

191

 

 

 

70

 

 

 

33

 

Less: SLT Related Stock Compensation Recovery

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

1,507

 

 

 

253

 

 

 

191

 

 

 

70

 

 

 

33

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

34,282

 

 

 

(1,881

)

 

 

35,966

 

 

 

3,604

 

 

 

1,934

 

Adjusted EBITDA Margin

 

 

10.8

%

 

 

(2.4

)%

 

 

20.0

%

 

 

8.9

%

 

 

11.3

%

 

 

 

 

 

 

 

 

 

 

 

Cash Flow - Operating Activities

 

 

(7,754

)

 

 

 

 

 

 

 

 

Purchase of PPE, Net

 

 

(4,402

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

(12,156

)

 

 

 

 

 

 

 

 

Free Cash Flow - % of Adjusted Net Sales

 

 

(3.8

)%

 

 

 

 

 

 

 

 

 

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

 

Contacts

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

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