News Release

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February 22, 2018 at 7:30 AM EST

Gibraltar Reports Fourth-Quarter and Full-Year 2017 Financial Results

  • Exceeds top and bottom line guidance for quarter and full year
    • 4Q revenues of $258 million, GAAP EPS of $0.78 and adjusted EPS of $0.41
    • Full-year revenues of $987 million, GAAP EPS of $1.95 and adjusted EPS of $1.71
    • 4Q GAAP income tax benefit from U.S. tax reform of $12.5 million, or $0.39 per share
  • ROIC rises to 12.6% from 11.7% PY

BUFFALO, N.Y.--(BUSINESS WIRE)--Feb. 22, 2018-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets, today reported its financial results for the three- and twelve-month periods ended December 31, 2017. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.

Fourth-quarter Consolidated Results

Gibraltar reported the following consolidated results:

         
        Three Months Ended December 31,
Dollars in millions, except EPS       GAAP       Adjusted
        2017       2016       % Change       2017       2016       % Change
Net Sales       $258.1       $231.8       11%       $258.1       $231.8       11%
Net Income       $25.2       $(7.7)       nmf*       $13.2       $9.5       39%
Diluted EPS       $0.78       $(0.24)       nmf*       $0.41       $0.30       37%
*not meaningful                                                
                                                 

The Company reported fourth-quarter 2017 net sales of $258.1 million, exceeding the Company’s expectations of $231 million to $236 million as noted in its third-quarter earnings release. The 11 percent year-over-year increase was driven primarily by sales in the Residential and Renewable Energy & Conservation segments, which offset the impact of the exit of the U.S. bar grating product line and its European residential solar racking business at the end of 2016, which provided fourth-quarter 2016 sales of $16 million.

GAAP and adjusted earnings exceeded Company guidance due to the strong performance of the Residential Products and Renewable Energy & Conservation businesses along with lower corporate costs related to compensation plans. GAAP earnings further benefitted from the Tax Cuts and Jobs Act (“the Tax Reform Act”) transition adjustment, which resulted in an income tax benefit of $12.5 million, or $0.39 per diluted share. The adjusted amounts for the fourth quarter 2017 and 2016 remove special items, from both periods, as described in the appended reconciliation of adjusted financial measures.

For the twelve months ended December 31, 2017, the Company reported revenues of $986.9 million, 2.1 percent lower than the prior year due to portfolio changes and softness in the Industrial and Infrastructure segment. Adjusted for the Company’s exit of its U.S. bar grating product line and European residential solar racking business at the end of 2016, revenues increased 4 percent on a year-over-year basis. GAAP net income of $63.0 million, or $1.95 per diluted share, increased 86 percent compared with $33.7 million, or $1.05 per diluted share, in the prior-year period, and includes the benefit to income taxes due to the Tax Reform Act. The twelve-month adjusted net income increased to $55.3 million, or $1.71 per diluted share, up 3 percent and 2 percent, respectively, compared with the prior-year period.

Management Comments

“We ended a strong year with fourth-quarter results that exceeded our top and bottom line guidance,” said President and CEO Frank Heard. “Our revenues benefited from strong domestic sales in our Renewables and Conservation and Residential Products businesses, and from our new innovative products gaining traction. On the bottom line, lower corporate expenses, 130 basis points of margin improvement from 80/20 simplification projects and the benefit from the Tax Reform Act resulted in GAAP EPS of $0.78 compared with $(0.24) in the prior-year period. Our fourth-quarter adjusted EPS increased 37 percent on a year-over-year basis.”

“Three years into our five-year transformation strategy, we have made tremendous progress both operationally and financially,” added Heard. “During that time, we have improved our annual GAAP EPS from $(2.63) in 2014 to $1.95 in 2017, our GAAP operating margins from (8.2)% to 9.4%, and our return on invested capital from 3.9 percent to 12.6 percent. Through operational excellence, portfolio management, innovation and acquisitions, we now have a platform for sustainable growth built upon a portfolio and target markets that have significantly greater ongoing upside potential.”

Fourth-quarter Segment Results

Residential Products

For the fourth quarter, the Residential Products segment reported:

         
        Three Months Ended December 31,
Dollars in millions       GAAP       Adjusted
        2017       2016       % Change       2017       2016       % Change
Net Sales       $105.3       $92.9       13%       $105.3       $92.9       13%
Operating Margin       14.2%       13.9%       30 bps       14.3%       14.9%       (60) bps
                                                 

The 13 percent increase in fourth-quarter 2017 net sales in Gibraltar’s Residential Products segment reflects strong demand for building products in the repair and remodel and new housing construction markets, growing demand for the Company’s centralized mail systems and electronic package solutions, and the contribution of the Package Concierge acquisition.

Strong sales for building products as well as a decrease in 80/20 initiative-related charges year over year contributed to the segment’s GAAP operating margin improvement. Adjusted operating margin declined due to product mix. The adjusted operating margin for the fourth quarter of 2017 and 2016 removes the special charges for restructuring initiatives under the 80/20 program from both periods.

Industrial & Infrastructure Products

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

         
        Three Months Ended December 31,
Dollars in millions       GAAP       Adjusted
        2017       2016       % Change       2017       2016       % Change
Net Sales       $49.1       $61.6       (20)%       $49.1       $61.6       (20)%
Operating Margin       4.6%       (16.4)%       nmf*       4.3%       3.1%       120 bps
*not meaningful                                                
                                                 

Fourth-quarter 2017 revenues in Gibraltar’s Industrial & Infrastructure Products segment were down due to the impact of the 2016 divestiture of the U.S. bar grating business. Excluding this divestiture, revenues in this segment were up 4 percent on a year-over-year basis as a result of organic growth. Backlog for the infrastructure business increased from the prior-year quarter and the Company expects new products in the industrial business to continue to gain traction during 2018.

GAAP and adjusted operating margins for the segment reflect operational efficiencies resulting from the Company’s 80/20 initiatives. This segment’s adjusted operating margin for the fourth quarter of 2017 and 2016 removes the special charges for portfolio management activities and restructuring initiatives under the 80/20 program.

Renewable Energy & Conservation

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

         
        Three Months Ended December 31,
Dollars in millions       GAAP       Adjusted
        2017       2016       % Change       2017       2016       % Change
Net Sales       $103.7       $77.4       34%       $103.7       $77.4       34%
Operating Margin       11.4%       10.7%       70 bps       12.0%       17.8%       (580) bps
                                                 

Renewable Energy & Conservation segment revenues were up 34 percent year over year due to strong demand in Gibraltar’s domestic markets, which more than offset the impact from the 2016 European solar market exit.

The fourth-quarter 2017 GAAP and adjusted operating margin reflects a less favorable alignment of material costs to customer selling prices, partially offset by operational improvements resulting from the Company’s 80/20 initiatives. This segment’s adjusted operating margin for the fourth quarter of 2017 and 2016 removes the special charges for restructuring initiatives, acquisitions and portfolio management activities in line with the Company’s strategic objectives.

Tax Reform

On December 22, 2017, the United States enacted the Tax Reform Act, which significantly changed U.S. tax laws by lowering the federal corporate income tax rate from 35% to 21%, imposing a one-time transition tax on deemed repatriated foreign earnings, moving to a territorial tax system, broadening the tax base and other changes. As a result of the Tax Reform Act, Gibraltar’s GAAP net income reflects a net benefit of $12.5 million, or $0.39 per share, in the fourth quarter of 2017. The net benefit is the result of a $16.2 million benefit primarily from the re-measurement of the Company’s net U.S. deferred tax liabilities at the lower corporate tax rate, partially offset by an expense of $3.7 million related to foreign earnings.

Business Outlook

“We enter 2018 with continued optimism about the year ahead. We plan to drive sustainable organic growth through the acceleration of new product development initiatives, continue to implement operational improvement projects, and to seek value-added acquisitions in attractive end markets. At the end of the year, on an adjusted basis, we expect once again to have generated increased profits at a higher rate of return with a more efficient use of capital,” said Heard.

Gibraltar is providing its guidance for revenues and earnings for the full year 2018. Gibraltar expects 2018 consolidated revenues to exceed $1 billion, considering modest growth across the Company’s end markets and continued traction from innovative products. GAAP EPS for the full year 2018 are expected to be between $1.75 and $1.87, or $1.96 to $2.08 on an adjusted basis, as compared to $1.95 and $1.71, respectively, in 2017.

For the first quarter of 2018, the Company is expecting revenue in the range of $213 million to $220 million as a result of growth across all end markets and continued traction from innovative products. GAAP EPS for the first quarter 2018 are expected to be between $0.20 and $0.25, or $0.23 to $0.28 on an adjusted basis.

                             

FY 2018 Guidance

                           
        Gibraltar Industries
Dollars in millions, except EPS       Operating       Income       Net       Diluted

Earnings

        Income       Margin       Taxes       Income       Per Share
GAAP Measures       $ 93-99           9.2-9.6 %         $ 22-23           $ 56-60           $ 1.75-1.87
Restructuring Costs         10           1%         3             7             0.21
                                                       
Adjusted Measures       $ 103-109           10.2-10.6%         $ 25-26           $ 63-67           $ 1.96-2.08
                                                               

Fourth-quarter Conference Call Details

Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET to review its results for the fourth quarter of 2017. Interested parties may access the call by dialing (877) 407-5790 or (201) 689-8328. The presentation slides that will be discussed in the conference call are expected to be available this morning, prior to the start of the call. The slides may be downloaded from the Gibraltar website: www.gibraltar1.com. 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 residential, industrial, infrastructure, and renewable energy and conservation 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 and 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 and portfolio management actions, acquisition-related items, and other reclassifications including the impact of recent tax reform. 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.

Next Earnings Announcement

Gibraltar expects to release its financial results for the three-month period ending March 31, 2018, on Friday, May 4, 2018, and hold its earnings conference call later that morning, starting at 9:00 a.m. ET.

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

 
      Three Months Ended
December 31,
  Twelve Months Ended
December 31,
      2017   2016   2017   2016
Net sales     $ 258,112     $ 231,838     $ 986,918     $ 1,007,981  
Cost of sales     201,383     177,956     750,374     763,219  
Gross profit     56,729     53,882     236,544     244,762  
Selling, general, and administrative expense     34,135     43,078     143,448     161,099  
Intangible asset impairment     47     10,175     247     10,175  
Income from operations     22,547     629     92,849     73,488  
Interest expense     3,420     3,595     14,032     14,577  
Other expense     98     609     909     8,928  
Income (loss) before taxes     19,029     (3,575 )   77,908     49,983  
(Benefit of) provision for income taxes     (6,147 )   4,133     14,943     16,264  
Income (loss) from continuing operations     25,176     (7,708 )   62,965     33,719  
Discontinued operations:                  
Loss before taxes         (70 )   (644 )   (70 )
Benefit of income taxes         (26 )   (239 )   (26 )
Loss from discontinued operations         (44 )   (405 )   (44 )
Net Income (loss)     $ 25,176     $ (7,752 )   $ 62,560     $ 33,675  
Net earnings per share – Basic:                  
Income (loss) from continuing operations     $ 0.79     $ (0.24 )   $ 1.98     $ 1.07  
Loss from discontinued operations             (0.01 )    
Net income (loss)     $ 0.79     $ (0.24 )   $ 1.97     $ 1.07  
Weighted average shares outstanding – Basic     31,771     31,648     31,701     31,536  
Net earnings per share – Diluted:                  
Income (loss) from continuing operations     $ 0.78     $ (0.24 )   $ 1.95     $ 1.05  
Loss from discontinued operations             (0.01 )    
Net income (loss)     $ 0.78     $ (0.24 )   $ 1.94     $ 1.05  
Weighted average shares outstanding – Diluted     32,420     31,648     32,250     32,069  
                           
 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

           
      December 31,
2017
  December 31,
2016
Assets          
Current assets:          
Cash and cash equivalents     $ 222,280     $ 170,177  
Accounts receivable, net     145,385     124,072  
Inventories     86,372     89,612  
Other current assets     8,727     7,336  
Total current assets     462,764     391,197  
Property, plant, and equipment, net     97,098     108,304  
Goodwill     321,074     304,032  
Acquired intangibles     105,768     110,790  
Other assets     4,681     3,922  
      $ 991,385     $ 918,245  
Liabilities and Shareholders’ Equity          
Current liabilities:          
Accounts payable     $ 82,387     $ 69,944  
Accrued expenses     75,467     70,392  
Billings in excess of cost     12,779     11,352  
Current maturities of long-term debt     400     400  
Total current liabilities     171,033     152,088  
Long-term debt     209,621     209,237  
Deferred income taxes     31,237     38,002  
Other non-current liabilities     47,775     58,038  
Shareholders’ equity:          
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding          
Common stock, $0.01 par value; authorized 50,000 shares; 32,332 and 32,085 shares outstanding in 2017 and 2016     323     320  
Additional paid-in capital     271,957     264,418  
Retained earnings     274,562     211,748  
Accumulated other comprehensive loss     (4,366 )   (7,721 )
Cost of 615 and 530 common shares held in treasury in 2017 and 2016     (10,757 )   (7,885 )
Total shareholders’ equity     531,719     460,880  
      $ 991,385     $ 918,245  
                   
 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 
      Twelve Months Ended
December 31,
      2017   2016
Cash Flows from Operating Activities          
Net income     $ 62,560     $ 33,675  
Loss from discontinued operations     (405 )   (44 )
Income from continuing operations     62,965     33,719  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     21,690     24,114  
Intangible asset impairment     247     10,175  
Loss on sale of business         8,763  
Stock compensation expense     7,122     6,373  
Net gain on sale of assets     (123 )   (42 )
Exit activity (recoveries) costs, non-cash     (1,877 )   7,530  
Benefit of deferred income taxes     (7,105 )   (4,893 )
Other, net     2,118     1,934  
Changes in operating assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     (21,806 )   37,828  
Inventories     870     11,782  
Other current assets and other assets     (2,629 )   2,511  
Accounts payable     11,332     (17,060 )
Accrued expenses and other non-current liabilities     (2,734 )   1,253  
Net cash provided by operating activities     70,070     123,987  
Cash Flows from Investing Activities          
Purchases of property, plant, and equipment     (11,399 )   (10,779 )
Acquisitions, net of cash acquired     (18,494 )   (23,412 )
Net proceeds from sale of property and equipment     13,096     953  
Net proceeds from sale of business         8,250  
Other, net         1,118  
Net cash used in investing activities     (16,797 )   (23,870 )
Cash Flows from Financing Activities          
Long-term debt payments     (400 )   (400 )
Payment of debt issuance costs         (54 )
Purchase of treasury stock at market prices     (2,872 )   (1,539 )
Net proceeds from issuance of common stock     674     3,341  
Net cash (used in) provided by financing activities     (2,598 )   1,348  
Effect of exchange rate changes on cash     1,428     (146 )
Net increase in cash and cash equivalents     52,103     101,319  
Cash and cash equivalents at beginning of year     170,177     68,858  
Cash and cash equivalents at end of year     $ 222,280     $ 170,177  
 
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

 
      Three Months Ended
December 31, 2017
     

As
Reported
In GAAP
Statements

 

Restructuring &
Acquisition
Related Items

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales                          
Residential Products     $ 105,299     $     $     $     $     $ 105,299  
Industrial & Infrastructure Products     49,405                     49,405  
Less Inter-Segment Sales     (253 )                   (253 )
      49,152                     49,152  
Renewable Energy & Conservation     103,661                     103,661  
Consolidated sales     258,112                     258,112  
                           
Income from operations                          
Residential Products     14,909     150                 15,059  
Industrial & Infrastructure Products     2,245     64         (195 )       2,114  
Renewable Energy & Conservation     11,837     621         (2 )       12,456  
Segment income     28,991     835         (197 )       29,629  
Unallocated corporate expense     (6,444 )   82     535             (5,827 )
Consolidated income from operations     22,547     917     535     (197 )       23,802  
                           
Interest expense     3,420                     3,420  
Other expense     98                     98  
Income before income taxes     19,029     917     535     (197 )       20,284  
(Benefit of) provision for income taxes     (6,147 )   305     203     150     12,535     7,046  
Income from continuing operations     $ 25,176     $ 612     $ 332     $ (347 )   $ (12,535 )   $ 13,238  
Income from continuing operations per share – diluted     $ 0.78     $ 0.02     $ 0.01     $ (0.01 )   $ (0.39 )   $ 0.41  
                           
Operating margin                          
Residential Products     14.2 %   0.1 %  

%

 

%

 

%   14.3 %
Industrial & Infrastructure Products     4.6 %   0.1 %   %   (0.4 )%   %   4.3 %
Renewable Energy & Conservation     11.4 %   0.6 %   %   %   %   12.0 %
Segments Margin     11.2 %   0.3 %   %   (0.1 )%   %   11.5 %
Consolidated     8.7 %   0.3 %   0.2 %   (0.1 )%   %   9.2 %
                                       
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

       
      Three Months Ended
December 31, 2016
     

As
Reported
In GAAP
Statements

 

Acquisition
Related
Items

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Adjusted
Financial
Measures

Net Sales                          
Residential Products     $ 92,869     $     $     $     $     $ 92,869  
Industrial & Infrastructure Products     61,923                     61,923  
Less Inter-Segment Sales     (331 )                   (331 )
      61,592                     61,592  
Renewable Energy & Conservation     77,377                     77,377  
Consolidated sales     231,838                     231,838  
                           
Income from operations                          
Residential Products     12,878         677     252         13,807  
Industrial & Infrastructure Products     (10,123 )       606         11,425     1,908  
Renewable Energy & Conservation     8,245     981     914         3,670     13,810  
Segment income     11,000     981     2,197     252     15,095     29,525  
Unallocated corporate expense     (10,371 )   197         743     58     (9,373 )
Consolidated income from operations     629     1,178     2,197     995     15,153     20,152  
                           
Interest expense     3,595                     3,595  
Other expense     609                     609  
(Loss) income before income taxes     (3,575 )   1,178     2,197     995     15,153     15,948  
Provision for income taxes     4,133     587     1,093     496     133     6,442  
(Loss) income from continuing operations     $ (7,708 )   $ 591     $ 1,104     $ 499     $ 15,020     $ 9,506  
(Loss) income from continuing operations per share – diluted     $ (0.24 )   $ 0.02     $ 0.03     $ 0.02     $ 0.47     $ 0.30  
                           
Operating margin                          
Residential Products     13.9 %   %   0.7 %   0.3 %   %   14.9 %
Industrial & Infrastructure Products     (16.4 )%   %   1.0 %   %   18.5 %   3.1 %
Renewable Energy & Conservation     10.7 %   1.3 %   1.2 %   %   4.7 %   17.8 %
Segments Margin     4.7 %   0.4 %   1.0 %   0.1 %   6.5 %   12.7 %
Consolidated     0.3 %   0.5 %   1.0 %   0.4 %   6.5 %   8.7 %
                                       
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

 
      Twelve Months Ended
December 31, 2017
     

As
Reported
In GAAP
Statements

 

Restructuring &
Acquisition
Related Items

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales                          
Residential Products     $ 466,603     $     $     $     $     $ 466,603  
Industrial & Infrastructure Products     215,211                     215,211  
Less Inter-Segment Sales     (1,247 )                   (1,247 )
      213,964                     213,964  
Renewable Energy & Conservation     306,351                     306,351  
Consolidated sales     986,918                     986,918  
                           
Income from operations                          
Residential Products     76,893     1,403                 78,296  
Industrial & Infrastructure Products     8,159     49     260     287         8,755  
Renewable Energy & Conservation     30,218     1,155     252     2,340         33,965  
Segment income     115,270     2,607     512     2,627         121,016  
Unallocated corporate expense     (22,421 )   407     193             (21,821 )
Consolidated income from operations     92,849     3,014     705     2,627         99,195  
                           
Interest expense     14,032                     14,032  
Other expense     909                     909  
Income before income taxes     77,908     3,014     705     2,627         84,254  
Provision for income taxes     14,943     1,118     272     80     12,535     28,948  
Income from continuing operations     $ 62,965     $ 1,896     $ 433     $ 2,547     $ (12,535 )   $ 55,306  
Income from continuing operations per share – diluted     $ 1.95     $ 0.06     $ 0.01     $ 0.08     $ (0.39 )   $ 1.71  
                           
Operating margin                          
Residential Products     16.5 %   0.3 %   %   %   %   16.8 %
Industrial & Infrastructure Products     3.8 %   %   0.1 %   0.1 %   %   4.1 %
Renewable Energy & Conservation     9.9 %   0.4 %   0.1 %   0.8 %   %   11.1 %
Segments Margin     11.7 %   0.2 %   0.1 %   0.3 %   %   12.3 %
Consolidated     9.4 %   0.3 %   0.1 %   0.3 %   %   10.1 %
                                       
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

       
     

Twelve Months Ended
December 31, 2016

     

As
Reported
In GAAP
Statements

 

Acquisition
Related
Items

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Adjusted
Financial
Measures

Net Sales                          
Residential Products     $ 430,938     $     $     $     $     $ 430,938  
Industrial & Infrastructure Products     296,513                     296,513  
Less Inter-Segment Sales     (1,495 )                   (1,495 )
      295,018                     295,018  
Renewable Energy & Conservation     282,025                     282,025  
Consolidated sales     1,007,981                     1,007,981  
                           
Income from operations                          
Residential Products     65,241         2,533     504         68,278  
Industrial & Infrastructure Products     1,306         2,401         14,346     18,053  
Renewable Energy & Conservation     43,214     981     914         3,670     48,779  
Segment income     109,761     981     5,848     504     18,016     135,110  
Unallocated corporate expense     (36,273 )   228         2,197     58     (33,790 )
Consolidated income from operations     73,488     1,209     5,848     2,701     18,074     101,320  
                           
Interest expense     14,577                     14,577  
Other expense     8,928                 (8,763 )   165  
Income before income taxes     49,983     1,209     5,848     2,701     26,837     86,578  
Provision for income taxes     16,264     497     2,406     1,111     12,659     32,937  
Income from continuing operations     $ 33,719     $ 712     $ 3,442     $ 1,590     $ 14,178     $ 53,641  
Income from continuing operations per share – diluted     $ 1.05     $ 0.02     $ 0.11     $ 0.05     $ 0.44     $ 1.67  
                           
Operating margin                          
Residential Products     15.1 %   %   0.6 %   0.1 %   %   15.8 %
Industrial & Infrastructure Products     0.4 %   %   0.8 %   %   4.9 %   6.1 %
Renewable Energy & Conservation     15.3 %   0.3 %   0.3 %   %   1.3 %   17.3 %
Segments Margin     10.9 %   0.1 %   0.6 %   0.1 %   1.8 %   13.4 %
Consolidated     7.3 %   0.1 %   0.6 %   0.3 %   1.8 %   10.0 %
                                       

 

Source: Gibraltar Industries, Inc.

Gibraltar Industries, Inc.
Timothy Murphy, 716-826-6500 ext. 3277
Chief Financial Officer
tfmurphy@gibraltar1.com


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

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