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Gibraltar Announces Second Quarter 2021 Financial Results

Q2 Revenue Increases 37%, including 14% Organic and 23% Growth from Acquisitions

GAAP and Adjusted EPS Up 8% and 7%, Respectively, to $0.80

Record Order Backlog Exceeds $400 Million, Led by Renewables

Reaffirming Full Year Revenue and EPS Guidance

Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended June 30, 2021.

“In the midst of a dynamic and inflationary market environment, we delivered solid performance with revenue growth of 37%, adjusted operating income growth of 8%, adjusted EPS growth of 7%, and order backlog increased 54%, or 32% on a proforma basis, to over $400 million, the highest level in the history of the company,” President and Chief Executive Officer Bill Bosway stated. “Material cost inflation continued to accelerate as we exited the first quarter, and labor, freight, and logistics inflation and availability began to surface as we entered the second quarter. Working closely with customers and suppliers starting during fourth quarter 2020 and implementing ongoing pricing and productivity initiatives has helped us manage these dynamics and deliver this quarter’s results. Additionally, the integrations of TerraSmart and Sunfig are on track, our Agtech business is recovering as planned, and overall demand is currently in line with expectations.”

Second Quarter 2021 Consolidated Results from Continuing Operations

Net sales from continuing operations increased 36.5% to $348.4 million, with organic growth contributing 14.0% and recent acquisitions 22.5%. Organic growth was driven by strong end market demand and participation gains in all four segments.

GAAP earnings increased 7.8% to $26.4 million, or $0.80 per share, and adjusted earnings increased 6.9% to $26.3 million, or $0.80 per share, the result of continued execution across the business segments, the TerraSmart acquisition, and 80/20 productivity initiatives, partially offset by timing and alignment of higher input costs and price increases, supply chain disruptions, and shifts in project timing in the Agtech and Renewables segments. Adjusted measures remove charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and other reclassifications, as further described in the appended reconciliation of adjusted financial measures.

Below are second quarter 2021 consolidated results from continuing operations:

 

Three Months Ended June 30,

$Millions, except EPS

GAAP

 

Adjusted

 

 

2021

 

 

2020

 

% Change

 

 

2021

 

 

2020

 

% Change

Net Sales

$

348.4

 

$

255.2

 

36.5

%

 

$

348.4

 

$

255.2

 

36.5

%

Net Income

$

26.4

 

$

24.5

 

7.8

%

 

$

26.3

 

$

24.6

 

6.9

%

Diluted EPS

$

0.80

 

$

0.74

 

8.1

%

 

$

0.80

 

$

0.75

 

6.7

%

Second Quarter Segment Results

Renewables

The headwinds impacting the solar industry in the first quarter, including steel inflation, supply chain challenges with panels, and the safe harbor ITC extension announced in December 2020, continued into the second quarter. Despite this, the Renewable business continued to accelerate, delivering year-over-year revenue growth of 92.5% through the combination of the legacy and TerraSmart businesses and pro forma organic growth of 25%. Growth was driven by strong demand across Gibraltar’s broad offering of fixed tilt, tracker, canopy, and eBos product solutions serving the community and commercial and industrial market segments. Order backlog exceeded $218 million at the end of the quarter, up 54% from last year on a proforma basis, its highest level in the company’s history. The integration of the legacy and TerraSmart businesses remains on track, and the combination of the two is resonating well in the market.

Adjusted operating income improved 45.2% while adjusted operating margin contracted 380 basis points, the majority of which was anticipated, and related to the integration of TerraSmart. The TerraSmart integration is delivering as expected with adjusted operating margins nearly doubling over the first quarter as demand continued to accelerate and 80/20 productivity initiatives were implemented, and TerraSmart’s full-year margin plan remains on track. Of the remaining shortfall, approximately half was related to a one-time tariff credit received in Q2 2020, with the remaining the result of timing and alignment of price actions with input cost inflation and project movement related to supply chain schedule and logistics challenges.

For the second quarter, the Renewables segment reported:

 

Three Months Ended June 30,

$Millions

GAAP

 

Adjusted

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

2020

 

 

% Change

Net Sales

$

107.8

 

 

$

56.0

 

 

92.5

%

 

$

107.8

 

 

$

56.0

 

 

92.5

%

Operating Income

$

9.5

 

 

$

8.4

 

 

13.1

%

 

$

12.2

 

 

$

8.4

 

 

45.2

%

Operating Margin

 

8.8

%

 

 

15.1

%

 

(630) bps

 

 

11.3

%

 

 

15.1

%

 

(380) bps

Residential

Revenue increased 17.7% with strong organic growth of 12% driven by increased pricing and volume, despite supply chain dynamics related to material, labor and logistics availability; Architectural Mailboxes, acquired in 2020, contributed 6% of the quarter’s growth and integration remains on track.

The business delivered adjusted operating margin of 16.6%, a decrease versus last year, driven by the impact of accelerated inflation, material and labor availability, and the timing and alignment of price actions with input costs. Gibraltar has implemented multiple price increases, and will continue to do so until inflation subsides. In accordance with customer supply agreements, each price action will take time to align with accelerating inflation, with operating margin historically recovering within a one or two quarter period. In the near term, management will continue to maximize operating profit dollars with focus on execution and 80/20 productivity initiatives.

For the second quarter, the Residential segment reported:

 

Three Months Ended June 30,

$Millions

GAAP

 

Adjusted

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

2020

 

 

% Change

Net Sales

$

164.2

 

 

$

139.5

 

 

17.7

%

 

$

164.2

 

 

$

139.5

 

 

17.7

%

Operating Income

$

27.2

 

 

$

28.0

 

 

(2.9

%)

 

$

27.2

 

 

$

28.2

 

 

(3.5

%)

Operating Margin

 

16.5

%

 

 

20.0

%

 

(350) bps

 

 

16.6

%

 

 

20.2

%

 

(360) bps

Agtech

Revenue increased 27.0% with solid activity across the produce, commercial, car wash, retail, and processing equipment segments. Although demand continued to improve, the business experienced project movement from the second quarter into the second half of 2021 as schedules have been impacted by permit delays, rescoping of projects, and supply chain disruptions. Order backlog experienced a slight and temporary contraction during the quarter due to rescoping of projects and the impact of supply chain disruptions. July customer order activity is accelerating backlog momentum, and the segment remains on track with expectations for the year.

Adjusted operating income was flat year-over-year and adjusted operating margin expanded 180 basis points on a sequential basis as the processing equipment business continued to improve along with continuing benefits of integration in the produce business. Adjusted operating margin contracted year-over-year due to business mix, the movement of certain abovementioned projects into the second half of the year, higher input costs and logistics challenges. These temporary headwinds were partially offset by improvements in legacy greenhouse structures, cannabis greenhouse structures, and cannabis and hemp processing equipment businesses.

For the second quarter, the Agtech segment reported:

 

Three Months Ended June 30,

$Millions

GAAP

 

Adjusted

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

2020

 

 

% Change

Net Sales

$

53.7

 

 

$

42.3

 

 

27.0

%

 

$

53.7

 

 

$

42.3

 

 

27.0

%

Operating Income

$

1.0

 

 

$

0.8

 

 

25.0

%

 

$

2.3

 

 

$

2.3

 

 

--

 

Operating Margin

 

1.8

%

 

 

1.8

%

 

-- bps

 

 

4.2

%

 

 

5.5

%

 

(130) bps

Infrastructure

Revenue increased 29.7% as demand for fabricated and non-fabricated products increased as State D.O.T. project funding improved with the strengthening of the U.S. economy. Order backlog increased 11% to more than $46 million during the quarter indicating growing strength across the business.

Improvement in adjusted operating margin was driven by mix of higher-margin non-fabricated products and solutions, strong execution on higher volumes, and continued investment in 80/20 productivity initiatives.

For the second quarter, the Infrastructure segment reported:

 

Three Months Ended June 30,

$Millions

GAAP

 

Adjusted

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

2020

 

 

% Change

Net Sales

$

22.7

 

 

$

17.5

 

 

29.7

%

 

$

22.7

 

 

$

17.5

 

 

29.7

%

Operating Income

$

4.2

 

 

$

2.8

 

 

50.0

%

 

$

4.2

 

 

$

2.8

 

 

50.0

%

Operating Margin

 

18.4

%

 

 

16.0

%

 

240 bps

 

 

18.4

%

 

 

16.0

%

 

240 bps

Business Outlook

“We expect today’s business environment, which has been very dynamic since the beginning of January, to remain so throughout the second half of 2021. We will continue to manage inflation, minimize supply chain disruptions, operate in a tight labor market, and continue with our COVID operating protocols. We are currently positioned well with solid end market demand, record order backlog, a very healthy balance sheet, and strong focus on daily execution, acquisition integrations, and further strengthening our organization and operating systems,“ commented Mr. Bosway. “We remain confident in our existing full year 2021 guidance for revenue and earnings. We base this on our performance to date in 2021, which is consistent with historical patterns, and our current outlook and initiatives for improving profitability across each business. Consolidated revenue is expected to range between $1.3 billion and $1.35 billion. GAAP EPS from continuing operations is expected to range between $2.78 and $2.95 compared to $2.53 in 2020, and adjusted EPS from continuing operations is expected to range between $3.30 and $3.47 compared to $2.73 in 2020.”

Second Quarter 2021 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the second quarter of 2021. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com or dial into the call at (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Gibraltar

Gibraltar Industries is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets. With a three-pillar strategy focused on business systems, portfolio management, and organization and talent development, Gibraltar’s mission is to create compounding and sustainable value with strong leadership positions in higher growth, profitable end markets. Gibraltar serves customers primarily throughout North America. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19 on the global economy and on our customers, suppliers, employees, operations, business, liquidity and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release. Adjusted financial measures exclude special charges consisting of restructuring costs primarily associated with 80/20 simplification initiatives, senior leadership transition costs, acquisition related costs, and other reclassifications. These adjustments are shown in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release. The Company believes that the presentation of results excluding special charges provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies.

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

Net Sales

$

348,389

 

 

 

$

255,184

 

 

 

$

635,981

 

 

 

$

470,585

 

 

Cost of sales

267,458

 

 

 

189,623

 

 

 

495,032

 

 

 

355,163

 

 

Gross profit

80,931

 

 

 

65,561

 

 

 

140,949

 

 

 

115,422

 

 

Selling, general, and administrative expense

49,522

 

 

 

34,813

 

 

 

96,725

 

 

 

71,897

 

 

Income from operations

31,409

 

 

 

30,748

 

 

 

44,224

 

 

 

43,525

 

 

Interest expense

245

 

 

 

222

 

 

 

689

 

 

 

266

 

 

Other income

(4,666

)

 

 

(1,892

)

 

 

(4,351

)

 

 

(1,374

)

 

Income before taxes

35,830

 

 

 

32,418

 

 

 

47,886

 

 

 

44,633

 

 

Provision for income taxes

9,457

 

 

 

7,961

 

 

 

11,017

 

 

 

10,274

 

 

Income from continuing operations

26,373

 

 

 

24,457

 

 

 

36,869

 

 

 

34,359

 

 

Discontinued operations:

 

 

 

 

 

 

 

(Loss) income before taxes

(502

)

 

 

3,746

 

 

 

2,068

 

 

 

6,576

 

 

(Benefit of) provision for income taxes

(78

)

 

 

911

 

 

 

226

 

 

 

1,584

 

 

(Loss) income from discontinued operations

(424

)

 

 

2,835

 

 

 

1,842

 

 

 

4,992

 

 

Net income

$

25,949

 

 

 

$

27,292

 

 

 

$

38,711

 

 

 

$

39,351

 

 

Net earnings per share – Basic:

 

 

 

 

 

 

 

Income from continuing operations

$

0.80

 

 

 

$

0.75

 

 

 

$

1.12

 

 

 

$

1.05

 

 

(Loss) income from discontinued operations

(0.01

)

 

 

0.09

 

 

 

0.06

 

 

 

0.16

 

 

Net income

$

0.79

 

 

 

$

0.84

 

 

 

$

1.18

 

 

 

$

1.21

 

 

Weighted average shares outstanding -- Basic

32,790

 

 

 

32,605

 

 

 

32,791

 

 

 

32,596

 

 

Net earnings per share – Diluted:

 

 

 

 

 

 

 

Income from continuing operations

$

0.80

 

 

 

$

0.74

 

 

 

$

1.11

 

 

 

$

1.05

 

 

(Loss) income from discontinued operations

(0.01

)

 

 

0.09

 

 

 

0.06

 

 

 

0.15

 

 

Net income

$

0.79

 

 

 

$

0.83

 

 

 

$

1.17

 

 

 

$

1.20

 

 

Weighted average shares outstanding -- Diluted

33,056

 

 

 

32,860

 

 

 

33,071

 

 

 

32,868

 

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

June 30,

2021

 

December 31,

2020

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

16,963

 

 

 

$

32,054

 

 

Accounts receivable, net of allowance of $5,294 and $3,529

225,315

 

 

 

197,990

 

 

Inventories, net

133,625

 

 

 

98,307

 

 

Prepaid expenses and other current assets

23,641

 

 

 

19,671

 

 

Assets of discontinued operations

 

 

 

77,438

 

 

Total current assets

399,544

 

 

 

425,460

 

 

Property, plant, and equipment, net

95,837

 

 

 

89,562

 

 

Operating lease assets

21,651

 

 

 

25,229

 

 

Goodwill

508,857

 

 

 

514,279

 

 

Acquired intangibles

159,734

 

 

 

156,365

 

 

Other assets

510

 

 

 

1,599

 

 

 

$

1,186,133

 

 

 

$

1,212,494

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

168,917

 

 

 

$

134,738

 

 

Accrued expenses

68,677

 

 

 

83,505

 

 

Billings in excess of cost

49,215

 

 

 

34,702

 

 

Liabilities of discontinued operations

 

 

 

49,295

 

 

Total current liabilities

286,809

 

 

 

302,240

 

 

Long-term debt

32,309

 

 

 

85,636

 

 

Deferred income taxes

37,555

 

 

 

39,057

 

 

Non-current operating lease liabilities

14,391

 

 

 

17,730

 

 

Other non-current liabilities

27,461

 

 

 

24,026

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding

 

 

 

 

 

Common stock, $0.01 par value; 100,000 and 50,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 33,718 shares and 33,568 shares issued and outstanding in 2021 and 2020

337

 

 

 

336

 

 

Additional paid-in capital

310,728

 

 

 

304,870

 

 

Retained earnings

508,654

 

 

 

469,943

 

 

Accumulated other comprehensive income (loss)

1,552

 

 

 

(2,461

)

 

Cost of 1,083 and 1,028 common shares held in treasury in 2021 and 2020

(33,663

)

 

 

(28,883

)

 

Total stockholders’ equity

787,608

 

 

 

743,805

 

 

 

$

1,186,133

 

 

 

$

1,212,494

 

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Six Months Ended

June 30,

 

2021

 

2020

Cash Flows from Operating Activities

 

 

 

Net income

$

38,711

 

 

 

$

39,351

 

 

Income from discontinued operations

1,842

 

 

 

4,992

 

 

Income from continuing operations

36,869

 

 

 

34,359

 

 

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

 

 

 

Depreciation and amortization

16,014

 

 

 

9,942

 

 

Stock compensation expense

4,935

 

 

 

4,171

 

 

Gain on sale of business

 

 

 

(1,881

)

 

Exit activity costs, non-cash

1,193

 

 

 

346

 

 

Benefit of deferred income taxes

(36

)

 

 

(195

)

 

Other, net

349

 

 

 

429

 

 

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

 

 

 

Accounts receivable

(29,150

)

 

 

(26,289

)

 

Inventories

(42,686

)

 

 

3,289

 

 

Other current assets and other assets

(611

)

 

 

1,893

 

 

Accounts payable

35,174

 

 

 

(989

)

 

Accrued expenses and other non-current liabilities

(9,274

)

 

 

(36,042

)

 

Net cash provided by (used in) operating activities of continuing operations

12,777

 

 

 

(10,967

)

 

Net cash (used in) provided by operating activities of discontinued operations

(2,002

)

 

 

3,712

 

 

Net cash provided by (used in) operating activities

10,775

 

 

 

(7,255

)

 

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

(2

)

 

 

(54,385

)

 

Net proceeds from sale of property and equipment

 

 

 

59

 

 

Purchases of property, plant, and equipment

(9,474

)

 

 

(4,178

)

 

Net proceeds from sale of business

39,991

 

 

 

704

 

 

Net cash provided by (used in) investing activities of continuing operations

30,515

 

 

 

(57,800

)

 

Net cash used in investing activities of discontinued operations

(176

)

 

 

(1,053

)

 

Net cash provided by (used in) investing activities

30,339

 

 

 

(58,853

)

 

Cash Flows from Financing Activities

 

 

 

Proceeds from long-term debt

31,200

 

 

 

 

 

Long-term debt payments

(83,636

)

 

 

 

 

Purchase of treasury stock at market prices

(4,780

)

 

 

(4,462

)

 

Net proceeds from issuance of common stock

924

 

 

 

78

 

 

Net cash used in financing activities

(56,292

)

 

 

(4,384

)

 

Effect of exchange rate changes on cash

87

 

 

 

(12

)

 

Net decrease in cash and cash equivalents

(15,091

)

 

 

(70,504

)

 

Cash and cash equivalents at beginning of year

32,054

 

 

 

191,363

 

 

Cash and cash equivalents at end of period

$

16,963

 

 

 

$

120,859

 

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

June 30,2021

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

107,751

 

 

 

 

 

 

 

 

 

 

$

107,751

 

 

Residential

 

164,209

 

 

 

 

 

 

 

 

 

 

164,209

 

 

Agtech

 

53,696

 

 

 

 

 

 

 

 

 

 

53,696

 

 

Infrastructure

 

22,733

 

 

 

 

 

 

 

 

 

 

22,733

 

 

Consolidated sales

 

348,389

 

 

 

 

 

 

 

 

 

 

348,389

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

9,510

 

 

 

786

 

 

 

 

1,858

 

 

 

12,154

 

 

Residential

 

27,155

 

 

 

29

 

 

 

 

 

 

 

27,184

 

 

Agtech

 

977

 

 

 

1,287

 

 

 

 

 

 

 

2,264

 

 

Infrastructure

 

4,186

 

 

 

 

 

 

 

 

 

 

4,186

 

 

Segments Income

 

41,828

 

 

 

2,102

 

 

 

 

1,858

 

 

 

45,788

 

 

Unallocated corporate expense

 

(10,419

)

 

 

59

 

 

18

 

 

32

 

 

 

(10,310

)

 

Consolidated income from operations

 

31,409

 

 

 

2,161

 

 

18

 

 

1,890

 

 

 

35,478

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

245

 

 

 

 

 

 

 

 

 

 

245

 

 

Other (income) expense

 

(4,666

)

 

 

 

 

 

 

4,747

 

 

 

81

 

 

Income before income taxes

 

35,830

 

 

 

2,161

 

 

18

 

 

(2,857

)

 

 

35,152

 

 

Provision for income taxes

 

9,457

 

 

 

507

 

 

5

 

 

(1,149

)

 

 

8,820

 

 

Income from continuing operations

 

$

26,373

 

 

 

$

1,654

 

 

$

13

 

 

$

(1,708

)

 

 

$

26,332

 

 

Income from continuing operations per share - diluted

 

$

0.80

 

 

 

$

0.05

 

 

$

 

 

$

(0.05

)

 

 

$

0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

8.8

 

%

 

0.7

%

 

%

 

1.7

 

%

 

11.3

 

%

Residential

 

16.5

 

%

 

%

 

%

 

 

%

 

16.6

 

%

Agtech

 

1.8

 

%

 

2.4

%

 

%

 

 

%

 

4.2

 

%

Infrastructure

 

18.4

 

%

 

%

 

%

 

 

%

 

18.4

 

%

Segments Margin

 

12.0

 

%

 

0.6

%

 

%

 

0.5

 

%

 

13.1

 

%

Consolidated

 

9.0

 

%

 

0.6

%

 

%

 

0.5

 

%

 

10.2

 

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

June 30, 2020

 

 

 

As Reported In

GAAP

Statements

 

Restructuring &

Senior Leadership

Transition Costs

 

Acquisition

Costs

 

Gain on

Sale of

Business

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

55,950

 

 

 

$

 

 

$

 

 

$

 

 

 

$

55,950

 

 

Residential

 

139,472

 

 

 

 

 

 

 

 

 

 

139,472

 

 

Agtech

 

42,309

 

 

 

 

 

 

 

 

 

 

42,309

 

 

Infrastructure

 

17,453

 

 

 

 

 

 

 

 

 

 

17,453

 

 

Consolidated sales

 

255,184

 

 

 

 

 

 

 

 

 

 

255,184

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

8,422

 

 

 

 

 

 

 

 

 

 

8,422

 

 

Residential

 

27,964

 

 

 

263

 

 

 

 

 

 

 

28,227

 

 

Agtech

 

766

 

 

 

388

 

 

1,172

 

 

 

 

 

2,326

 

 

Infrastructure

 

2,801

 

 

 

 

 

 

 

 

 

 

2,801

 

 

Segments Income

 

39,953

 

 

 

651

 

 

1,172

 

 

 

 

 

41,776

 

 

Unallocated corporate expense

 

(9,205

)

 

 

161

 

 

50

 

 

 

 

 

(8,994

)

 

Consolidated income from operations

 

30,748

 

 

 

812

 

 

1,222

 

 

 

 

 

32,782

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

222

 

 

 

 

 

 

 

 

 

 

222

 

 

Other income

 

(1,892

)

 

 

 

 

 

 

1,881

 

 

 

(11

)

 

Income before income taxes

 

32,418

 

 

 

812

 

 

1,222

 

 

(1,881

)

 

 

32,571

 

 

Provision for income taxes

 

7,961

 

 

 

170

 

 

274

 

 

(469

)

 

 

7,936

 

 

Income from continuing operations

 

$

24,457

 

 

 

$

642

 

 

$

948

 

 

$

(1,412

)

 

 

$

24,635

 

 

Income from continuing operations per share - diluted

 

$

0.74

 

 

 

$

0.02

 

 

$

0.03

 

 

$

(0.04

)

 

 

$

0.75

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

15.1

 

%

 

%

 

%

 

 

%

 

15.1

 

%

Residential

 

20.0

 

%

 

0.2

%

 

%

 

 

%

 

20.2

 

%

Agtech

 

1.8

 

%

 

0.9

%

 

2.8

%

 

 

%

 

5.5

 

%

Infrastructure

 

16.0

 

%

 

%

 

%

 

 

%

 

16.0

 

%

Segments Margin

 

15.7

 

%

 

0.3

%

 

0.5

%

 

 

%

 

16.4

 

%

Consolidated

 

12.0

 

%

 

0.3

%

 

0.5

%

 

 

%

 

12.8

 

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Six Months Ended

June 30, 2021

 

 

 

As Reported In

GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

193,263

 

 

 

 

 

 

 

 

 

 

$

193,263

 

 

Residential

 

304,426

 

 

 

 

 

 

 

 

 

 

304,426

 

 

Agtech

 

100,435

 

 

 

 

 

 

 

 

 

 

100,435

 

 

Infrastructure

 

37,857

 

 

 

 

 

 

 

 

 

 

37,857

 

 

Consolidated sales

 

635,981

 

 

 

 

 

 

 

 

 

 

635,981

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

8,989

 

 

 

5,757

 

 

 

 

3,758

 

 

 

18,504

 

 

Residential

 

50,089

 

 

 

94

 

 

 

 

 

 

 

50,183

 

 

Agtech

 

1,906

 

 

 

1,491

 

 

 

 

 

 

 

3,397

 

 

Infrastructure

 

6,223

 

 

 

 

 

 

 

 

 

 

6,223

 

 

Segments Income

 

67,207

 

 

 

7,342

 

 

 

 

3,758

 

 

 

78,307

 

 

Unallocated corporate expense

 

(22,983

)

 

 

59

 

 

1,307

 

 

915

 

 

 

(20,702

)

 

Consolidated income from operations

 

44,224

 

 

 

7,401

 

 

1,307

 

 

4,673

 

 

 

57,605

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

689

 

 

 

 

 

 

 

 

 

 

689

 

 

Other (income) expense

 

(4,351

)

 

 

 

 

 

 

4,747

 

 

 

396

 

 

Income before income taxes

 

47,886

 

 

 

7,401

 

 

1,307

 

 

(74

)

 

 

56,520

 

 

Provision for income taxes

 

11,017

 

 

 

1,880

 

 

311

 

 

(442

)

 

 

12,766

 

 

Income from continuing operations

 

$

36,869

 

 

 

$

5,521

 

 

$

996

 

 

$

368

 

 

 

$

43,754

 

 

Income from continuing operations per share - diluted

 

$

1.11

 

 

 

$

0.17

 

 

$

0.03

 

 

$

0.01

 

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

4.7

 

%

 

3.0

%

 

%

 

1.9

 

%

 

9.6

 

%

Residential

 

16.5

 

%

 

%

 

%

 

 

%

 

16.5

 

%

Agtech

 

1.9

 

%

 

1.5

%

 

%

 

 

%

 

3.4

 

%

Infrastructure

 

16.4

 

%

 

%

 

%

 

 

%

 

16.4

 

%

Segments Margin

 

10.6

 

%

 

1.2

%

 

%

 

0.6

 

%

 

12.3

 

%

Consolidated

 

7.0

 

%

 

1.2

%

 

0.2

%

 

0.7

 

%

 

9.1

 

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Six Months Ended

June 30, 2020

 

 

 

As Reported In

GAAP

Statements

 

Restructuring &

Senior

Leadership

Transition Costs

 

Acquisition

Costs

 

Gain on Sale

of Business

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

103,213

 

 

 

$

 

 

$

 

 

$

 

 

 

$

103,213

 

 

Residential

 

242,891

 

 

 

 

 

 

 

 

 

 

242,891

 

 

Agtech

 

91,543

 

 

 

 

 

 

 

 

 

 

91,543

 

 

Infrastructure

 

32,938

 

 

 

 

 

 

 

 

 

 

32,938

 

 

Consolidated sales

 

470,585

 

 

 

 

 

 

 

 

 

 

470,585

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

12,781

 

 

 

18

 

 

 

 

 

 

 

12,799

 

 

Residential

 

41,689

 

 

 

484

 

 

 

 

 

 

 

42,173

 

 

Agtech

 

2,106

 

 

 

388

 

 

2,173

 

 

 

 

 

4,667

 

 

Infrastructure

 

4,377

 

 

 

 

 

 

 

 

 

 

4,377

 

 

Segments Income

 

60,953

 

 

 

890

 

 

2,173

 

 

 

 

 

64,016

 

 

Unallocated corporate expense

 

(17,428

)

 

 

2,441

 

 

309

 

 

 

 

 

(14,678

)

 

Consolidated income from operations

 

43,525

 

 

 

3,331

 

 

2,482

 

 

 

 

 

49,338

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

266

 

 

 

 

 

 

 

 

 

 

266

 

 

Other (income) expense

 

(1,374

)

 

 

 

 

 

 

1,881

 

 

 

507

 

 

Income before income taxes

 

44,633

 

 

 

3,331

 

 

2,482

 

 

(1,881

)

 

 

48,565

 

 

Provision for income taxes

 

10,274

 

 

 

229

 

 

590

 

 

(469

)

 

 

10,624

 

 

Income from continuing operations

 

$

34,359

 

 

 

$

3,102

 

 

$

1,892

 

 

$

(1,412

)

 

 

$

37,941

 

 

Income from continuing operations per share - diluted

 

$

1.05

 

 

 

$

0.09

 

 

$

0.05

 

 

$

(0.04

)

 

 

$

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

12.4

 

%

 

%

 

%

 

 

%

 

12.4

 

%

Residential

 

17.2

 

%

 

0.2

%

 

%

 

 

%

 

17.4

 

%

Agtech

 

2.3

 

%

 

0.4

%

 

2.4

%

 

 

%

 

5.1

 

%

Infrastructure

 

13.3

 

%

 

%

 

%

 

 

%

 

13.3

 

%

Segments Margin

 

13.0

 

%

 

0.2

%

 

0.5

%

 

 

%

 

13.6

 

%

Consolidated

 

9.2

 

%

 

0.7

%

 

0.5

%

 

 

%

 

10.5

 

%

 

Contacts

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

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