News Release

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October 27, 2016 at 7:31 AM EDT

Gibraltar Reports Third-Quarter 2016 Financial Results

Renewable Energy Segment Realizing Greater Synergies

1Q and 2Q Revised Upward; YTD GAAP EPS Increases YOY to $1.29 from $0.74

GAAP Guidance Unchanged; Adjusted EPS Increases to $1.57-$1.61

BUFFALO, N.Y.--(BUSINESS WIRE)--Oct. 27, 2016-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for industrial, infrastructure, residential, and renewable energy and conservation markets, today reported its financial results for the three- and nine-month periods ended September 30, 2016. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.

Consolidated Results

Gibraltar reported the following consolidated results:

   
Three Months Ended September 30,
Dollars in millions, except EPS     GAAP     Adjusted
2016   2015   % Change 2016   2015   % Change
Net Sales $273 $305 (10)% $273 $305 (10)%
Net Income $13.8 $13.6 1% $17.6 $15.7 12%
Diluted EPS $0.43 $0.43 0% $0.55 $0.50 10%
 

The Company reported third quarter 2016 net sales of $273 million, a 10 percent decrease from 2015 which had benefited from a since-completed sales contract and the April 2016 divestiture of a European industrial business. Third quarter GAAP net income was equivalent to the prior year and a 12 percent increase on an adjusted net income basis. The adjusted amounts for the third quarter 2016 and 2015 remove special items from both periods, as described in the appended reconciliation of adjusted financial measures.

For the nine months ended September 30, 2016, the Company reported a 78 percent increase in GAAP net income to $41.4 million, or $1.29 earnings per diluted share, compared to $23.3 million, or $0.74 earnings per diluted share, in the prior-year period. Adjusted results for the nine-month period also increased to adjusted net income of $44.1 million, or $1.38 per diluted share, increases of 74 percent and 70 percent, respectively, compared to the prior year period. The meaningful increase in net earnings stems from the ongoing improvements from the 80/20 simplification initiative plus a more significant realization of synergies benefiting Gibraltar’s renewable energy business in 2016.

Management Comments

“Gibraltar’s third-quarter and year-to-date results reflect continuing periods of success, as we exceeded both our guidance and prior-year results on the bottom line, despite lower revenues,” said Chief Executive Officer Frank Heard. “The strong quarter performance was largely the result of the continued market success of our RBI business, which delivered revenue growth and operational improvements above our expectations. Included in RBI’s increased contribution to our overall results were gains realized from margin improvement initiatives, including supply chain and operational synergies.

“In addition, we continued to increase profitability from our legacy residential businesses as we executed on our 80/20 initiatives to remove unprofitable revenue and costs out of the business. In our Industrial and Infrastructure segment, we are proactively taking actions to address our cost structure in order to minimize the impact of ongoing market pressures resulting from weaker incoming order volume,” said Heard.

“By focusing on operational excellence, portfolio management, product innovation and accretive acquisitions, we are rapidly re-aligning resources, increasing efficiencies and delivering enhanced profitability with a more efficient use of capital across the organization. Our strong financial performance is a direct byproduct of the rising tide of transformation and cultural change throughout the Gibraltar organization,” said Heard.

Third-quarter Segment Results

Residential Products

For the third quarter, the Residential Products segment reported:

   
Three Months Ended September 30,
Dollars in millions     GAAP     Adjusted
2016   2015   % Change 2016   2015   % Change
Net Sales $118 $127 (7)% $118 $127 (7)%
Operating Margin 16.5% 12.5% +400 bps 17.2% 14.5% +270 bps
 

Third-quarter 2016 net sales in Gibraltar’s Residential Products segment reflect the gradual improvement in the repair and remodel and new housing construction markets, partially offset by the lower year-over-year sales of postal products due to the completion of a two-year contract for centralized mailboxes as of December 2015.

The increase in segment GAAP operating margin reflects the benefit of improved operational efficiencies and contributions from the 80/20 simplification initiative, as well as the completion of the centralized mailbox contract completed in December 2015, which provided low profitability in the third quarter of 2015. The adjusted operating margin for the third quarter 2016 and 2015 remove the special charges for restructuring initiatives under the 80/20 program from both periods.

Industrial and Infrastructure Products

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

   
Three Months Ended September 30,
Dollars in millions     GAAP     Adjusted
2016   2015   % Change 2016   2015   % Change
Net Sales $73 $96 (24)% $73 $96 (24)%
Operating Margin 2.6% 8.4% (580) bps 7.0% 8.4% (140) bps
 

Third-quarter 2016 net sales in Gibraltar’s Industrial & Infrastructure Products segment were down 24 percent, reflecting the divestiture of the low-margin European industrial operations, and continued market softness from lower order volumes from energy-related markets, construction delays for key infrastructure projects and increased competition in pricing.

The segment’s third-quarter adjusted operating margin decreased 140 basis points due to lower volumes and reduced customer pricing as raw material costs increased. This segment’s adjusted operating margin for the third quarter 2016 removes the special charges for restructuring initiatives under the 80/20 program.

Renewable Energy and Conservation

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

   
Three Months Ended September 30,
Dollars in millions     GAAP     Adjusted
2016   2015   % Change 2016   2015   % Change
Net Sales $82 $82 0% $82 $82 0%
Operating Margin 20.0% 6.1%

nmf*

20.0% 9.5%

nmf*

 

*nmf – not meaningful.

 

Segment revenues were essentially flat year over year, while its operating income and margin increased more significantly than expected. Its third-quarter 2016 GAAP operating margin increase reflects the diligent execution of operational efficiencies in the segment, including rising synergies from raw material sourcing, freight management, and strategic make-versus-buy decisions. These planned initiatives have yielded better-than-expected benefits.

During the third quarter of 2016, interim testing of RBI’s internal controls was completed, including controls over revenue recognition under its percentage of completion methodology. This new and ongoing testing at RBI, required under SEC guidelines no later than in the year following its acquisition, identified rising amounts of cost savings from margin improvement initiatives being realized, beginning in the first quarter 2016. Further, the analyses determined that $6.6 million of operating income and its net after-tax earnings effect of $0.13 per diluted share preliminarily recorded in the third quarter 2016 would have been more appropriately reported in earlier quarters: $4.0 million of operating income or $0.08 per share in the first quarter 2016 and $2.6 million of operating income or $0.05 per share in the second quarter 2016. As such, this segment’s results for the third quarter 2016 and Gibraltar’s GAAP EPS of $0.43 per diluted share and Adjusted EPS of $0.55 for third quarter 2016 reflect the restatement of the $6.6 million operating income and $0.13 per diluted share to the earlier quarters as noted above. While the reported results are not expected to change, the Company is in the process of finalizing, in consultation with its independent audit firm, whether it would be required to file amended Form 10-Qs for the periods ended March 31, 2016 and June 30, 2016.

Additionally, revised revenue recognition procedures, effective starting in the third quarter 2016, are expected to ensure completed projects are closed timely and that estimated project costs more precisely and timely account for the estimated costs to complete, including any effects being realized from operational initiatives.

This segment’s adjusted operating margin removes the special charges for acquisition-related costs from the third quarter 2015.

Nexus Corporation Acquisition

On October 11, 2016, the Company announced the completed acquisition of Nexus Corporation, a market-leading U.S. provider of commercial-scale greenhouses with expected annual revenues of $30 million for 2016. The addition of Nexus complements the Company’s RBI greenhouse business and positions Gibraltar as a leader in the U.S. commercial greenhouse market. The results of Nexus will be included in the Company’s Renewable Energy and Conservation segment from the date of acquisition.

Business Outlook

“We are again raising our fiscal year guidance,” said Heard. “GAAP EPS for the full year 2016 is expected to range between $1.43 to $1.48 per diluted share, or $1.57 to $1.61 on an adjusted basis. Our expected results compare favorably to the 2015 GAAP EPS results of $0.74, and $1.09 on an adjusted basis. The raised guidance reflects the strong year-to-date performance and our expectation to continue our positive momentum and sustained profitability during the last quarter of 2016. We believe the continued strength in the RBI and residential businesses will largely offset the end-market softness that we expect to impact our Industrial and Infrastructure segment through the fourth quarter. Our strong balance sheet and efficient capital management position us with ample resources to execute on strategic growth through both innovation and acquisition. We continue to develop acquisition opportunities as well as pursue inorganic opportunities to accelerate growth in the front half of 2017. We remain on track to achieve our key financial objectives for 2016: increasing year-over-year earnings, at a higher rate of return on revenues, and making more efficient use of our capital than we did in 2015.”

           
FY 2016 Guidance Reconciliation
Gibraltar Industries  
Dollars in millions, except EPS Operating Income     Net Diluted

Earnings

Income     Margin Taxes Income Per Share  
GAAP Measures

 

$82-84     8.0 - 8.4%   $ 13-14   $ 46-48 $ 1.43-1.48
Restructuring Costs 11.0 1.0 4 7 0.23
Gain on Sale of European Business 11 (3 ) (0.09 )
                         
Adjusted Measures

 

$93-95

      9.0 - 9.4%     $ 28-29     $ 50-52   $

1.57–1.61

 
 

Relative to GAAP profitability and EPS for 2016, Gibraltar has estimated additional restructuring costs for new initiatives affecting the fourth quarter of 2016. Any significant changes in the nature and scope of identified projects and any new programs would affect a change in the Company’s expected GAAP EPS for the year.

Third-quarter Conference Call Details

Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET to review its results for the third quarter of 2016. 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 industrial, infrastructure, residential, and renewable energy and conservation markets. With a four-pillar strategy focused on operational improvement, product innovation, acquisitions and portfolio management, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers worldwide through facilities in the United States, Canada, Germany, China, and Japan. 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 general economic and political conditions. 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.

Non-GAAP Financial Data

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial data in this news release. Adjusted financial data excluded special charges consisting of gains/losses on sales of assets, restructuring primarily associated with the 80/20 simplification initiative, acquisition-related items, and other reclassifications. These adjustments are shown in the non-GAAP 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 and full-year period ending December 31, 2016, on Friday, February 17, 2017, 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)
(Unaudited)

     
Three Months Ended
September 30,
Nine Months Ended
September 30,

2016

 

2015

2016

 

2015

Net Sales $ 272,734 $ 304,994 $ 776,143 $ 758,780
Cost of sales   204,847   243,598     585,263   623,350  
Gross profit 67,887 61,396 190,880 135,430
Selling, general, and administrative expense   41,524   38,002     118,500   91,865  
Income from operations 26,363 23,394 72,380 43,565
Interest expense 3,625 3,878 10,982 11,389
Other (income) expense     (1,780 )   7,840   (4,238 )
Income before taxes 22,738 21,296 53,558 36,414
Provision for income taxes   8,952   7,664     12,131   13,158  
Income from continuing operations 13,786 13,632 41,427 23,256
Discontinued operations:
Loss before taxes (44 )
Benefit of income taxes           (16 )
Loss from discontinued operations           (28 )
Net income $ 13,786 $ 13,632   $ 41,427 $ 23,228  
Net earnings per share – Basic:
Income from continuing operations $ 0.44 $ 0.44 $ 1.32 $ 0.74
Loss from discontinued operations            
Net income $ 0.44 $ 0.44   $ 1.32 $ 0.74  
Weighted average shares outstanding – Basic   31,579   31,242     31,493   31,214  
Net earnings per share – Diluted:
Income from continuing operations $ 0.43 $ 0.43 $ 1.29 $ 0.74
Loss from discontinued operations            
Net income $ 0.43 $ 0.43   $ 1.29 $ 0.74  
Weighted average shares outstanding – Diluted   32,176   31,558     32,005   31,479  
 
 

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

     

September 30,
2016

December 31,
2015
Assets
Current assets:
Cash and cash equivalents $ 173,062 $ 68,858
Accounts receivable, net 155,434 164,969
Inventories 92,778 107,058
Other current assets   9,897     10,537  
Total current assets 431,171 351,422
Property, plant, and equipment, net 106,315 118,932
Goodwill 294,858 292,390
Acquired intangibles 118,388 123,013
Other assets   4,100     4,015  
$ 954,832   $ 889,772  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 87,495 $ 89,204
Accrued expenses 63,111 67,605
Billings in excess of cost 26,026 28,186
Current maturities of long-term debt   400     400  
Total current liabilities 177,032 185,395
Long-term debt 209,041 208,882
Deferred income taxes 43,366 42,654
Other non-current liabilities 55,748 42,755
Shareholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
Common stock, $0.01 par value; authorized 50,000 shares; 32,040 and 31,779 shares issued in 2016 and 2015 320 317
Additional paid-in capital 261,954 253,458
Retained earnings 219,500 178,073
Accumulated other comprehensive loss (4,605 ) (15,416 )
Cost of 521 and 484 common shares held in treasury in 2016 and 2015   (7,524 )   (6,346 )
Total shareholders’ equity   469,645     410,086  
$ 954,832   $ 889,772  
 
 

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

   
Nine Months Ended
September 30,

2016

 

2015

Cash Flows from Operating Activities
Net income $ 41,427 $ 23,228
Loss from discontinued operations       (28 )
Income from continuing operations 41,427 23,256
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 17,551 22,657
Stock compensation expense 4,666 2,675
Net gain on sale of assets (225 ) (7,903 )
Loss on sale of business 8,763

Exit activity costs, non-cash

3,876 3,247
Provision for (benefit of) deferred income taxes 355 (724 )
Other, net (206 ) 117
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable 3,796 (28,085 )
Inventories 9,738 7,562
Other current assets and other assets (1,901 ) (529 )
Accounts payable 2,367 9,845
Accrued expenses and other non-current liabilities   11,038     12,370  
Net cash provided by operating activities   101,245     44,488  
Cash Flows from Investing Activities
Cash paid for acquisitions (2,314 ) (140,620 )
Net proceeds from sale of property and equipment 249 26,392
Purchases of property, plant, and equipment (7,600 ) (6,822 )
Net proceeds from sale of business 8,250
Other, net   1,118     1,154  
Net cash used in investing activities   (297 )   (119,896 )
Cash Flows from Financing Activities
Proceeds from long-term debt 58,192
Long-term debt payments (400 ) (47,592 )
Payment of debt issuance costs (54 )
Purchase of treasury stock at market prices (1,178 ) (568 )
Net proceeds from issuance of common stock 2,892 237
Excess tax benefit from stock compensation   941      
Net cash provided by financing activities   2,201     10,269  
Effect of exchange rate changes on cash   1,055     (2,140 )
Net increase (decrease) in cash and cash equivalents 104,204 (67,279 )
Cash and cash equivalents at beginning of year   68,858     110,610  
Cash and cash equivalents at end of period $ 173,062   $ 43,331  
 
 

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

   

Three Months Ended
September 30, 2016

As
Reported
In GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Gain on
Sale of
Business

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 117,957 $ $ $ $ 117,957
Industrial & Infrastructure Products 73,193 73,193
Less Inter-Segment Sales   (424 )               (424 )
72,769 72,769
Renewable Energy & Conservation   82,008                 82,008  
Consolidated sales 272,734 272,734
 
Income from operations
Residential Products 19,407 580 252 20,239
Industrial & Infrastructure Products 1,913 3,185 5,098
Renewable Energy & Conservation   16,366                 16,366  

Segments Income

37,686 3,765 252 41,703
Unallocated corporate expense   (11,323 )       1,454         (9,869 )
Consolidated income from operations 26,363 3,765 1,706 31,834
 
Interest expense 3,625 3,625
Other income               (230 )   (230 )
Income before income taxes 22,738 3,765 1,706 230 28,439
Provision for income taxes   8,952     1,221     588     86     10,847  
Income from continuing operations $ 13,786   $ 2,544   $ 1,118   $ 144   $ 17,592  
Income from continuing operations per share – diluted $ 0.43   $ 0.08   $ 0.04   $   $ 0.55  
 
Operating margin
Residential Products 16.5 % 0.5 % 0.2 % % 17.2 %
Industrial & Infrastructure Products 2.6 % 4.4 % % % 7.0 %
Renewable Energy & Conservation 20.0 % % % % 20.0 %
Segments Margin 13.8 % 1.4 % 0.1 % % 15.3 %
Consolidated 9.7 % 1.4 % 0.6 % % 11.7 %
 
 

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

   
Three Months Ended
September 30, 2015

As Reported
In GAAP
Statements

 

Acquisition
Related
Items

 

Restructuring
Charges

 

Reclass of
Hedging
Activity

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 126,995 $ $ $ $ 126,995
Industrial & Infrastructure Products 96,636 96,636
Less Inter-Segment Sales   (286 )               (286 )
96,350 96,350
Renewable Energy & Conservation   81,649                 81,649  
Consolidated sales 304,994 304,994
 
Income from operations
Residential Products 15,879 757 1,719 18,355
Industrial & Infrastructure Products 8,083 8 8,091
Renewable Energy & Conservation   5,017     2,746             7,763  

Segments Income

28,979 2,746 765 1,719 34,209
Unallocated corporate expense   (5,585 )   208     (308 )       (5,685 )
Consolidated income from operations 23,394 2,954 457 1,719 28,524
 
Interest expense 3,878 3,878
Other (income) expense   (1,780 )           1,719     (61 )
Income before income taxes 21,296 2,954 457 24,707
Provision for income taxes   7,664     1,125     201         8,990  
Income from continuing operations $ 13,632   $ 1,829   $ 256   $   $ 15,717  
Income from continuing operations per share – diluted $ 0.43   $ 0.06   $ 0.01   $   $ 0.50  
 
Operating margin
Residential Products 12.5 % % 0.6 % 1.4 % 14.5 %
Industrial & Infrastructure Products 8.4 % % % % 8.4 %
Renewable Energy & Conservation 6.1 % 3.4 % % % 9.5 %
Segments Margin 9.5 % 0.9 % 0.3 % 0.6 % 11.2 %
Consolidated 7.7 % 1.0 % 0.2 % 0.6 % 9.4 %
 

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

   
Nine Months Ended
September 30, 2016

As
Reported
In GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Gain on
Sale of
Business

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 338,069 $ $ $ $ 338,069
Industrial & Infrastructure Products 234,590 234,590
Less Inter-Segment Sales   (1,164 )               (1,164 )
233,426 233,426
Renewable Energy & Conservation   204,648                 204,648  
Consolidated sales 776,143 776,143
 
Income from operations
Residential Products 52,363 1,856 252 54,471
Industrial & Infrastructure Products 11,429 4,716 16,145
Renewable Energy & Conservation   34,969                 34,969  

Segments Income

98,761 6,572 252 105,585
Unallocated corporate expense   (26,381 )   31     1,454         (24,896 )
Consolidated income from operations 72,380 6,603 1,706 80,689
 
Interest expense 10,982 10,982
Other expense (income)   7,840             (8,763 )   (923 )
Income before income taxes 53,558 6,603 1,706 8,763 70,630
Provision for income taxes   12,131     2,276     588     11,500     26,495  
Income from continuing operations $ 41,427   $ 4,327   $ 1,118   $ (2,737 ) $ 44,135  
Income from continuing operations per share – diluted $ 1.29   $ 0.14   $ 0.04   $ (0.09 ) $ 1.38  
 
Operating margin
Residential Products 15.5 % 0.5 % 0.1 % % 16.1 %
Industrial & Infrastructure Products 4.9 % 2.0 % % % 6.9 %
Renewable Energy & Conservation 17.1 % % % % 17.1 %
Segments Margin 12.7 % 0.8 % % % 13.6 %
Consolidated 9.3 % 0.9 % 0.2 % % 10.4 %
 
 

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

   
Nine Months Ended
September 30, 2015

As
Reported
In GAAP
Statements

 

Acquisition
Related
Items

 

Restructuring
Charges

 

Gain on
Sale of
Facility

 

Reclass of
Hedging
Activity

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 368,459 $ $ $ $ $ 368,459
Industrial & Infrastructure Products 292,821 292,821
Less Inter-Segment Sales   (1,233 )                   (1,233 )
291,588 291,588
Renewable Energy & Conservation   98,733                     98,733  
Consolidated sales 758,780 758,780
 
Income from operations
Residential Products 39,922 4,227 (6,799 ) 3,522 40,872
Industrial & Infrastructure Products 15,445 431 15,876
Renewable Energy & Conservation   6,016     3,648                 9,664  

Segments Income

61,383 3,648 4,658 (6,799 ) 3,522 66,412
Unallocated corporate expense   (17,818 )   679     1,251             (15,888 )
Consolidated income from operations 43,565 4,327 5,909 (6,799 ) 3,522 50,524
 
Interest expense 11,389 11,389
Other (income) expense   (4,238 )               3,522     (716 )
Income before income taxes 36,414 4,327 5,909 (6,799 ) 39,851
Provision for (benefit of) income taxes   13,158     1,638     2,238     (2,526 )       14,508  
Income from continuing operations $ 23,256   $ 2,689   $ 3,671   $ (4,273 )     $ 25,343  
Income from continuing operations per share – diluted $ 0.74   $ 0.09   $ 0.12   $ (0.14 ) $   $ 0.81  
 
Operating margin
Residential Products 10.8 % % 1.1 % (1.8 )% 1.0 % 11.1 %
Industrial & Infrastructure Products 5.3 % % 0.1 % % % 5.4 %
Renewable Energy & Conservation 6.1 % 3.7 % % % % 9.8 %
Segments Margin 8.1 % 0.5 % 0.7 % (0.9 )% 0.5 % 8.8 %
Consolidated 5.7 % 0.6 % 0.8 % (0.9 )% 0.5 % 6.7 %
 

Source: Gibraltar Industries, Inc.

Gibraltar Industries, Inc.
Kenneth Smith, 716-826-6500 ext. 3217
Chief Financial Officer
kwsmith@gibraltar1.com


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

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