News Release

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October 25, 2019 at 7:30 AM EDT

Gibraltar Announces Third-Quarter 2019 Financial Results

Revenues Grow 7%, GAAP and Adjusted EPS Grow 25% and 34%, Respectively
Strong Cash Flow from Operations of $66 Million
Acquires Apeks Supercritical, CO2 Extraction Leader, Establishing Processing Presence
Narrowing 2019 Revenue and EPS Guidance to Upper End of Previous Range on Strong Backlog

BUFFALO, N.Y.--(BUSINESS WIRE)--Oct. 25, 2019-- Gibraltar Industries, Inc. (Nasdaq:ROCK), a leading manufacturer and distributor of building products and services for the renewable energy, conservation, residential, industrial, and infrastructure markets, today reported its financial results for the three- and nine-month periods ended September 30, 2019.

“We delivered solid third quarter results as we continued our focus on top-line execution and operational excellence across our businesses,” stated President and Chief Executive Officer Bill Bosway. “Our Renewable Energy & Conservation segment led our overall top-line performance, largely driven by organic growth and share gains in both of our end markets. We also continued to invest in our Conservation business, which now includes both growing and processing solutions, with the acquisition of Apeks Supercritical, a North American leader in CO2 extraction.

“Additionally, both our Industrial & Infrastructure Products and Residential Products segments continue to benefit from ongoing simplification actions, with Industrial & Infrastructure products delivering stronger profitability this quarter compared to the prior year quarter. In all, we delivered solid adjusted EPS performance, generated $66 million in operating cash flow, up 57% over last year, and continued to generate growing backlog of $241 million heading into the fourth quarter, up 45% over last year, demonstrating the success of our drive to be more relevant to our customers.”

Third Quarter 2019 Consolidated Results

Gibraltar reported the following consolidated results:

 

Three Months Ended September 30,

Dollars in millions, except EPS

GAAP

 

Adjusted

 

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

Net Sales

$299.2

 

$280.1

 

6.8%

 

$299.2

 

$280.1

 

6.8%

Net Income

$24.5

 

$19.5

 

25.6%

 

$31.2

 

$23.2

 

34.5%

Diluted EPS

$0.75

 

$0.60

 

25.0%

 

$0.95

 

$0.71

 

33.8%

Third quarter 2019 net sales increased 6.8% to $299.2 million from third quarter 2018 and were above the quarterly guidance range provided in Gibraltar’s second quarter 2019 earnings release. Of the 6.8% increase, 4.3% was driven through organic growth, primarily in the Renewables & Conservation business, and 2.5% resulted from the prior year acquisition of SolarBOS and the recent acquisition of Apeks Supercritical, which was completed during the third quarter of 2019. Residential Products and Industrial & Infrastructure Products revenues were essentially flat.

GAAP earnings increased 25.6% to $24.5 million, or $0.75 per share, at the midpoint of the Company’s quarterly guidance range, while adjusted earnings increased 34.5% to $31.2 million, or $0.95 per share, above the quarterly guidance range. The increases over prior year were the result of increased profitability in the Renewable Energy & Conservation and Industrial & Infrastructure Products segments along with reduced interest expense compared to prior year, partially offset by lower earnings in the Residential Products segment. The adjusted amounts for the third quarter of 2019 remove expenses of $6.7 million, or $0.20 per share, associated with restructuring, senior leadership transition, and acquisitions. Special items removed from both the third quarters of 2019 and 2018 amounts are further described in the appended reconciliation of adjusted financial measures.

Third Quarter Segment Results

Renewable Energy & Conservation

For the third quarter, the Renewable Energy & Conservation segment reported:

 

Three Months Ended September 30,

Dollars in millions

GAAP

 

Adjusted

 

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

Net Sales

$116.8

 

$98.5

 

18.6%

 

$116.8

 

$98.5

 

18.6%

Operating Margin

16.8%

 

15.3%

 

150 bps

 

17.8%

 

15.1%

 

270 bps

Third quarter Renewable Energy & Conservation segment revenues increased 18.6% on strong demand. Of the increase, 11.3% was driven by organic growth resulting from our continued efforts to be more relevant to our customers, and 7.3% was driven by the third quarter 2018 acquisition of SolarBOS and the third quarter 2019 acquisition of Apeks Supercritical. Segment backlog is up 72% on a year over year basis, driven by continued strength in end markets as well as participation gains.

Operating margins expanded through better operating execution, volume leverage and favorable product and vertical market mix. This segment’s adjusted operating margin for the third quarters of 2019 and 2018 removes the special charges for acquisition related items and restructuring initiatives, respectively.

Apeks Supercritical Acquisition

On August 30, 2019, Gibraltar acquired Apeks Supercritical, a U.S.-based designer and manufacturer of botanical oil extraction technologies utilizing subcritical and supercritical CO2. Apeks’ trailing twelve-month revenues as of June 30, 2019 were $17.7 million. Apeks sells direct to customers primarily in the cannabis industry.

Mr. Bosway commented, “With Gibraltar’s established portfolio of products and services focused on assisting our customers in designing, building and enhancing their cultivation operations, we recognized our next opportunity to support our customers with optimizing their processing operations. As a result, we have taken our first step forward with the acquisition of Apeks Supercritical, a company that holds a leading position in extraction processing with a strong leadership team, patented technology, and leading-edge clean extraction technology. We are excited about this market, and will continue to broaden our capabilities, and relevance with our customers.”

Residential Products

For the third quarter, the Residential Products segment reported:

 

Three Months Ended September 30,

Dollars in millions

GAAP

 

Adjusted

 

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

Net Sales

$126.3

 

$125.8

 

nmf

 

$126.3

 

$125.8

 

nmf

Operating Margin

13.5%

 

16.0%

 

(250) bps

 

16.2%

 

17.5%

 

(130) bps

Third quarter 2019 Residential Products segment revenues increased slightly year-over-year, as modestly increased volumes were partially offset by market pricing.

The third quarter operating margin decline resulted from material cost alignment on a year-over-year basis and unfavorable product mix. This was partially offset by the benefit from restructuring and 80/20 simplification initiatives. Adjusted operating margin for the third quarters of 2019 and 2018 removes the special charges for restructuring initiatives under the 80/20 program from both periods.

Industrial & Infrastructure Products

For the third quarter, the Industrial & Infrastructure Products segment reported:

 

Three Months Ended September 30,

Dollars in millions

GAAP

 

Adjusted

 

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

Net Sales

$56.2

 

$55.8

 

0. 7%

 

$56.2

 

$55.8

 

0.7%

Operating Margin

9.7%

 

5.2%

 

450 bps

 

10.2%

 

8.4%

 

180 bps

Third quarter 2019 Industrial & Infrastructure Products segment revenues increased nearly 1% year-over-year as continued strengthening of the Infrastructure business was partially offset by lower revenue in the Industrial business, driven by lower steel prices impacting its core industrial products.

The segment operating margin increase was driven by a more favorable mix of higher margin products, increased 80/20 focus on more profitable product lines and customers, and continuing efforts to reduce operating costs from the business. Adjusted operating margin for the third quarters of 2019 and 2018 removes the special charges for restructuring initiatives under the 80/20 program from both periods.

Business Outlook

Mr. Bosway concluded, “We expect continued profitable growth in the final quarter of the year based on the composition of projects in backlog and end market activity levels. Our focus remains achieving and expanding our leadership positions in attractive end markets through organic growth and acquisitions that strengthen our platforms, to increase our value to our customers through innovation and performance optimization, to expand our profitability through operational excellence and 80/20 acceleration, and to build a team and a culture that supports both growth and increasing returns to all our stakeholders.”

Gibraltar is narrowing its guidance for revenues and earnings for the full year 2019 to the upper end of the previously stated range. Gibraltar now expects 2019 consolidated revenues to be in the range of $1,040 million to $1,050 million. GAAP EPS for full year 2019 are now expected to be between $2.03 and $2.10, or $2.48 to $2.55 on an adjusted basis, compared with $1.96 and $2.14, respectively, in 2018.

For the fourth quarter of 2019, the Company expects revenue in the range of $251 million to $261 million, compared with $241 million in fourth quarter 2018. GAAP EPS for the fourth quarter 2019 is expected to be between $0.48 and $0.55, or $0.52 to $0.59 on an adjusted basis, compared with $0.40 and $0.47, respectively.

FY 2019 Guidance Reconciliation

 

 

 

 

 

 

 

Gibraltar Industries

Dollars in millions, except EPS

Operating

 

 

 

 

 

Diluted

 

Income

 

Margin

 

Income
Taxes

 

Net
Income

 

Earnings
Per Share

GAAP Measures

$

93 – 96

 

9.0 – 9.2%

 

$

21-22

 

$

66-69

 

$

2.03-2.10

Restructuring Costs

 

17

 

1.6%

 

3

 

15

 

$0.45

 

 

 

 

 

 

 

 

 

 

 

Adjusted Measures

$

110 – 113

 

10.6-10.8%

 

$

24-25

 

$

81-84

 

$

2.48-2.55

Third Quarter Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the third quarter of 2019. Interested parties may access the call by dialing (877) 407-3088 or (201) 389-0927 or by accessing the webcast at the Investor Info section of the Company’s website at www.gibraltar1.com. Presentation slides referenced during the conference call will be available for download on the website. A webcast replay of the conference call and a copy of the transcript will be available on the website following the call.

About Gibraltar

Gibraltar Industries is a leading manufacturer and distributor of building products for the renewable energy, conservation, residential, industrial, and infrastructure, markets. With a four-pillar strategy focused on operational improvement, product innovation, portfolio management and acquisitions, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers primarily throughout North America and to a lesser extent Asia. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.

Safe Harbor Statement

Information contained in this news release, other than historical information, contains forward-looking statements and is subject to a number of risk factors, uncertainties, and assumptions. Risk factors that could affect these statements include, but are not limited to, the following: the availability of raw materials and the effects of changing raw material prices on the Company’s results of operations; energy prices and usage; changing demand for the Company’s products and services; changes in the liquidity of the capital and credit markets; risks associated with the integration and performance of acquisitions; and changes in interest and tax rates. In addition, such forward-looking statements could also be affected by general industry and market conditions, as well as macroeconomic factors including government monetary and trade policies, such as tariffs and expiration of tax credits along with currency fluctuations and general political conditions. Other risks and uncertainties that arise from time to time are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K. 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 the 80/20 simplification initiative, senior leadership transition costs, debt repayment, 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 OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2019

 

2018

 

2019

 

2018

Net Sales

$

299,236

 

 

$

280,086

 

 

$

789,308

 

 

$

761,459

 

Cost of sales

222,658

 

 

209,807

 

 

605,272

 

 

572,359

 

Gross profit

76,578

 

 

70,279

 

 

184,036

 

 

189,100

 

Selling, general, and administrative expense

45,158

 

 

40,875

 

 

115,444

 

 

113,579

 

Income from operations

31,420

 

 

29,404

 

 

68,592

 

 

75,521

 

Interest expense

17

 

 

2,906

 

 

2,297

 

 

9,305

 

Other expense (income)

84

 

 

522

 

 

660

 

 

(50

)

Income before taxes

31,319

 

 

25,976

 

 

65,635

 

 

66,266

 

Provision for income taxes

6,843

 

 

6,473

 

 

14,901

 

 

15,574

 

Net income

$

24,476

 

 

$

19,503

 

 

$

50,734

 

 

$

50,692

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

Basic

$

0.75

 

 

$

0.61

 

 

$

1.57

 

 

$

1.59

 

Diluted

$

0.75

 

 

$

0.60

 

 

$

1.55

 

 

$

1.56

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

32,470

 

 

32,115

 

 

32,357

 

 

31,922

 

Diluted

32,770

 

 

32,571

 

 

32,677

 

 

32,524

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

September 30,
2019

 

December 31,
2018

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

137,618

 

 

$

297,006

 

Accounts receivable, net

196,334

 

 

140,283

 

Inventories

83,048

 

 

98,913

 

Other current assets

17,527

 

 

8,351

 

Total current assets

434,527

 

 

544,553

 

Property, plant, and equipment, net

95,075

 

 

95,830

 

Operating lease assets

28,573

 

 

 

Goodwill

327,983

 

 

323,671

 

Acquired intangibles

96,185

 

 

96,375

 

Other assets

2,475

 

 

1,216

 

 

$

984,818

 

 

$

1,061,645

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

103,630

 

 

$

79,136

 

Accrued expenses

97,883

 

 

87,074

 

Billings in excess of cost

38,672

 

 

17,857

 

Current maturities of long-term debt

 

 

208,805

 

Total current liabilities

240,185

 

 

392,872

 

Long-term debt

 

 

1,600

 

Deferred income taxes

36,672

 

 

36,530

 

Non-current operating lease liabilities

20,461

 

 

 

Other non-current liabilities

30,287

 

 

33,950

 

Shareholders’ equity:

 

 

 

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

 

 

 

Common stock, $0.01 par value; authorized 50,000 shares; 33,145 shares and 32,887 shares issued and outstanding in 2019 and 2018

332

 

 

329

 

Additional paid-in capital

293,009

 

 

282,525

 

Retained earnings

391,311

 

 

338,995

 

Accumulated other comprehensive loss

(6,022

)

 

(7,234

)

Cost of 888 and 796 common shares held in treasury in 2019 and 2018

(21,417

)

 

(17,922

)

Total shareholders’ equity

657,213

 

 

596,693

 

 

$

984,818

 

 

$

1,061,645

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Nine Months Ended
September 30,

 

2019

 

2018

Cash Flows from Operating Activities

 

 

 

Net income

$

50,734

 

 

$

50,692

 

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

 

 

 

Depreciation and amortization

14,923

 

 

15,449

 

Stock compensation expense

10,087

 

 

6,854

 

Exit activity costs, non-cash

479

 

 

1,088

 

Benefit of deferred income taxes

(429

)

 

 

Other, net

3,267

 

 

1,114

 

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

 

 

 

Accounts receivable

(56,645

)

 

(30,534

)

Inventories

18,617

 

 

(16,263

)

Other current assets and other assets

(6,949

)

 

1,052

 

Accounts payable

22,770

 

 

9,237

 

Accrued expenses and other non-current liabilities

15,640

 

 

(479

)

Net cash provided by operating activities

72,494

 

 

38,210

 

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

(8,665

)

 

(5,241

)

Net proceeds from sale of property and equipment

87

 

 

3,147

 

Purchases of property, plant, and equipment

(7,703

)

 

(6,767

)

Net cash used in investing activities

(16,281

)

 

(8,861

)

Cash Flows from Financing Activities

 

 

 

Long-term debt payments

(212,000

)

 

(400

)

Payment of debt issuance costs

(1,235

)

 

 

Purchase of treasury stock at market prices

(3,495

)

 

(6,549

)

Net proceeds from issuance of common stock

400

 

 

1,343

 

Net cash used in financing activities

(216,330

)

 

(5,606

)

Effect of exchange rate changes on cash

729

 

 

(610

)

Net (decrease) increase in cash and cash equivalents

(159,388

)

 

23,133

 

Cash and cash equivalents at beginning of year

297,006

 

 

222,280

 

Cash and cash equivalents at end of period

$

137,618

 

 

$

245,413

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended
September 30, 2019

 

 

As
Reported
In GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Acquisition
Related
Items

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

116,771

 

 

$

 

 

$

 

 

$

 

 

$

116,771

 

Residential Products

 

126,275

 

 

 

 

 

 

 

 

126,275

 

Industrial & Infrastructure Products

 

56,361

 

 

 

 

 

 

 

 

56,361

 

Less Inter-Segment Sales

 

(171

)

 

 

 

 

 

 

 

(171

)

 

 

56,190

 

 

 

 

 

 

 

 

56,190

 

Consolidated sales

 

299,236

 

 

 

 

 

 

 

 

299,236

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

19,633

 

 

37

 

 

 

 

1,166

 

 

20,836

 

Residential Products

 

17,012

 

 

3,415

 

 

 

 

 

 

20,427

 

Industrial & Infrastructure Products

 

5,462

 

 

285

 

 

 

 

 

 

5,747

 

Segments Income

 

42,107

 

 

3,737

 

 

 

 

1,166

 

 

47,010

 

Unallocated corporate expense

 

(10,687

)

 

246

 

 

2,708

 

 

470

 

 

(7,263

)

Consolidated income from operations

 

31,420

 

 

3,983

 

 

2,708

 

 

1,636

 

 

39,747

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

17

 

 

 

 

 

 

 

 

17

 

Other expense

 

84

 

 

 

 

 

 

 

 

84

 

Income before income taxes

 

31,319

 

 

3,983

 

 

2,708

 

 

1,636

 

 

39,646

 

Provision for income taxes

 

6,843

 

 

1,030

 

 

161

 

 

417

 

 

8,451

 

Net income

 

$

24,476

 

 

$

2,953

 

 

$

2,547

 

 

$

1,219

 

 

$

31,195

 

Net earnings per share - diluted

 

$

0.75

 

 

$

0.09

 

 

$

0.08

 

 

$

0.03

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

16.8

%

 

%

 

%

 

1.0

%

 

17.8

%

Residential Products

 

13.5

%

 

2.7

%

 

%

 

%

 

16.2

%

Industrial & Infrastructure Products

 

9.7

%

 

0.5

%

 

%

 

%

 

10.2

%

Segments Margin

 

14.1

%

 

1.2

%

 

%

 

0.4

%

 

15.7

%

Consolidated

 

10.5

%

 

1.3

%

 

0.9

%

 

0.5

%

 

13.3

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended
September 30, 2018

 

 

As
Reported
In GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Acquisition
Related
Items

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

98,486

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

98,486

 

Residential Products

 

125,839

 

 

 

 

 

 

 

 

 

 

125,839

 

Industrial & Infrastructure Products

 

56,033

 

 

 

 

 

 

 

 

 

 

56,033

 

Less Inter-Segment Sales

 

(272

)

 

 

 

 

 

 

 

 

 

(272

)

 

 

55,761

 

 

 

 

 

 

 

 

 

 

55,761

 

Consolidated sales

 

280,086

 

 

 

 

 

 

 

 

 

 

280,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

15,072

 

 

(156

)

 

 

 

 

 

 

 

14,916

 

Residential Products

 

20,138

 

 

1,877

 

 

 

 

 

 

 

 

22,015

 

Industrial & Infrastructure Products

 

2,892

 

 

1,775

 

 

 

 

 

 

 

 

4,667

 

Segments income

 

38,102

 

 

3,496

 

 

 

 

 

 

 

 

41,598

 

Unallocated corporate expense

 

(8,698

)

 

164

 

 

386

 

 

471

 

 

 

 

(7,677

)

Consolidated income from operations

 

29,404

 

 

3,660

 

 

386

 

 

471

 

 

 

 

33,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,906

 

 

 

 

 

 

 

 

 

 

2,906

 

Other expense

 

522

 

 

 

 

 

 

 

 

 

 

522

 

Income before income taxes

 

25,976

 

 

3,660

 

 

386

 

 

471

 

 

 

 

30,493

 

Provision for income taxes

 

6,473

 

 

904

 

 

91

 

 

113

 

 

(245

)

 

7,336

 

Net income

 

$

19,503

 

 

$

2,756

 

 

$

295

 

 

$

358

 

 

$

245

 

 

$

23,157

 

Net earnings per share - diluted

 

$

0.60

 

 

$

0.08

 

 

$

0.01

 

 

$

0.01

 

 

$

0.01

 

 

$

0.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

15.3

%

 

(0.2

)%

 

%

 

%

 

%

 

15.1

%

Residential Products

 

16.0

%

 

1.5

%

 

%

 

%

 

%

 

17.5

%

Industrial & Infrastructure Products

 

5.2

%

 

3.2

%

 

%

 

%

 

%

 

8.4

%

Segments margin

 

13.6

%

 

1.3

%

 

%

 

%

 

%

 

14.9

%

Consolidated

 

10.5

%

 

1.3

%

 

0.1

%

 

0.2

%

 

%

 

12.1

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Nine Months Ended
September 30, 2019

 

 

As
Reported
In GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Acquisition
Related
Items

 

Debt
Repayment

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

261,612

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

261,612

 

Residential Products

 

360,417

 

 

 

 

 

 

 

 

 

 

360,417

 

Industrial & Infrastructure Products

 

168,096

 

 

 

 

 

 

 

 

 

 

168,096

 

Less Inter-Segment Sales

 

(817

)

 

 

 

 

 

 

 

 

 

(817

)

 

 

167,279

 

 

 

 

 

 

 

 

 

 

167,279

 

Consolidated sales

 

789,308

 

 

 

 

 

 

 

 

 

 

789,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

30,914

 

 

36

 

 

 

 

1,166

 

 

 

 

32,116

 

Residential Products

 

49,880

 

 

3,785

 

 

78

 

 

 

 

 

 

53,743

 

Industrial & Infrastructure Products

 

13,660

 

 

1,598

 

 

 

 

 

 

 

 

15,258

 

Segments Income

 

94,454

 

 

5,419

 

 

78

 

 

1,166

 

 

 

 

101,117

 

Unallocated corporate expense

 

(25,862

)

 

919

 

 

6,973

 

 

474

 

 

 

 

(17,496

)

Consolidated income from operations

 

68,592

 

 

6,338

 

 

7,051

 

 

1,640

 

 

 

 

83,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,297

 

 

 

 

 

 

 

 

(1,079

)

 

1,218

 

Other expense

 

660

 

 

 

 

 

 

 

 

 

 

660

 

Income before income taxes

 

65,635

 

 

6,338

 

 

7,051

 

 

1,640

 

 

1,079

 

 

81,743

 

Provision for income taxes

 

14,901

 

 

1,616

 

 

481

 

 

418

 

 

269

 

 

17,685

 

Net income

 

$

50,734

 

 

$

4,722

 

 

$

6,570

 

 

$

1,222

 

 

$

810

 

 

$

64,058

 

Net earnings per share – diluted

 

$

1.55

 

 

$

0.15

 

 

$

0.20

 

 

$

0.04

 

 

$

0.02

 

 

$

1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

11.8

%

 

%

 

%

 

0.4

%

 

%

 

12.3

%

Residential Products

 

13.8

%

 

1.1

%

 

%

 

%

 

%

 

14.9

%

Industrial & Infrastructure Products

 

8.2

%

 

1.0

%

 

%

 

%

 

%

 

9.1

%

Segments Margin

 

12.0

%

 

0.7

%

 

%

 

0.1

%

 

%

 

12.8

%

Consolidated

 

8.7

%

 

0.8

%

 

0.9

%

 

0.2

%

 

%

 

10.6

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Nine Months Ended
September 30, 2018

 

 

As
Reported
In GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Acquisition
Related
Items

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

229,187

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

229,187

 

Residential Products

 

360,915

 

 

 

 

 

 

 

 

 

 

360,915

 

Industrial & Infrastructure Products

 

172,218

 

 

 

 

 

 

 

 

 

 

172,218

 

Less Inter-Segment Sales

 

(861

)

 

 

 

 

 

 

 

 

 

(861

)

 

 

171,357

 

 

 

 

 

 

 

 

 

 

171,357

 

Consolidated sales

 

761,459

 

 

 

 

 

 

 

 

 

 

761,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

28,690

 

 

(23

)

 

178

 

 

 

 

 

 

28,845

 

Residential Products

 

57,572

 

 

1,682

 

 

 

 

 

 

 

 

59,254

 

Industrial & Infrastructure Products

 

12,098

 

 

1,262

 

 

 

 

 

 

 

 

13,360

 

Segments income

 

98,360

 

 

2,921

 

 

178

 

 

 

 

 

 

101,459

 

Unallocated corporate expense

 

(22,839

)

 

431

 

 

844

 

 

471

 

 

 

 

(21,093

)

Consolidated income from operations

 

75,521

 

 

3,352

 

 

1,022

 

 

471

 

 

 

 

80,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

9,305

 

 

 

 

 

 

 

 

 

 

9,305

 

Other income

 

(50

)

 

 

 

 

 

 

 

 

 

(50

)

Income before income taxes

 

66,266

 

 

3,352

 

 

1,022

 

 

471

 

 

 

 

71,111

 

Provision for income taxes

 

15,574

 

 

798

 

 

264

 

 

113

 

 

(177

)

 

16,572

 

Net income

 

$

50,692

 

 

$

2,554

 

 

$

758

 

 

$

358

 

 

$

177

 

 

$

54,539

 

Net earnings per share - diluted

 

$

1.56

 

 

$

0.08

 

 

$

0.02

 

 

$

0.01

 

 

$

0.01

 

 

$

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

12.5

%

 

%

 

0.1

%

 

%

 

%

 

12.6

%

Residential Products

 

16.0

%

 

0.5

%

 

%

 

%

 

%

 

16.4

%

Industrial & Infrastructure Products

 

7.1

%

 

0.7

%

 

%

 

%

 

%

 

7.8

%

Segments margin

 

12.9

%

 

0.4

%

 

%

 

%

 

%

 

13.3

%

Consolidated

 

9.9

%

 

0.5

%

 

0.1

%

 

0.1

%

 

%

 

10.6

%

 

Source: Gibraltar Industries, Inc.

LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@lhai.com


Investor Contact
Timothy F. Murphy
Gibraltar Industries, Inc.
3556 Lake Shore Rd.
Buffalo, NY 14219
tfmurphy@gibraltar1.com

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