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Gibraltar Reports Fourth-Quarter and Full Year 2016 Financial Results
  • Full Year GAAP EPS of $1.05 versus $0.74 PY; Adjusted EPS of $1.67 versus $1.09 PY
  • 4Q GAAP EPS of $(0.24) on charges for portfolio changes; versus $0.01 PY
  • 4Q Adjusted EPS of $0.30 versus $0.29 PY
  • ROIC rises to 11.7%; vs 8.1% PY

BUFFALO, N.Y.--(BUSINESS WIRE)--Feb. 17, 2017-- 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 twelve-month periods ended December 31, 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 December 31,
Dollars in millions, except EPS     GAAP     Adjusted

2016

   

2015

   

% Change

2016

 

2015

    % Change
Net Sales $ 232 $ 282 (18 )% $ 232 $ 282 (18 )%
Net (Loss) Income

$

(7.7

)

$

0.2

nmf

*

$

9.5

$

9.1

4

%

Diluted EPS $ (0.24 ) $ 0.01

nmf

*

$ 0.30 $ 0.29 3 %
*not meaningful

 

The Company reported fourth-quarter 2016 net sales of $232 million, an 18 percent decrease year-over-year, due to weaker industrial markets as well as non-recurring revenues resulting from the European industrial business divestiture and a completed mail contract. Fourth-quarter GAAP net income was down $7.9 million versus the prior year, primarily due to charges to exit certain product lines, while up 4 percent on an adjusted net income basis. The adjusted amounts for the fourth quarter 2016 and 2015 remove special items from both periods, as described in the appended reconciliation of adjusted financial measures.

For the twelve months ended December 31, 2016, the Company reported a 43 percent increase in GAAP net income to $33.7 million, or $1.05 per diluted share, compared with $23.5 million, or $0.74 per diluted share, in the prior-year period. Revenues of $1.0 billion were equivalent to the prior year amid portfolio changes and certain non-comparative contracts. Adjusted results for the twelve-month period also increased to adjusted net income of $53.6 million, or $1.67 per diluted share, up 56 percent and 53 percent, respectively, compared with the prior-year period. The meaningful increase in net earnings stems from the ongoing improvements from 80/20 simplification initiatives and from continued strong results from the Renewable Energy and Conservation segment in 2016.

Management Comments

“We concluded a successful year with a solid fourth-quarter performance in which we exceeded our expectations for profitability,” said Chief Executive Officer Frank Heard. “Gibraltar’s continued success is the result of the ongoing execution of all four of our strategic pillars to drive the sustainable transformation of our business. During the fourth quarter, the Residential Products and the Renewable Energy and Conservation segments continued to generate strong bottom-line results through our 80/20 simplification initiatives. As a result, we reported a 13 percent increase in consolidated adjusted operating income despite an 18 percent decline in consolidated net sales.

“In our Industrial and Infrastructure segment, we are proactively taking actions to address our cost structure to minimize the impact of ongoing market pressures including weaker incoming order volume,” said Heard. “To that end, after divesting our European industrial operation in the second quarter, we announced plans in December to exit our industrial U.S. bar grating product line, along with a small European residential solar racking business. While negatively affecting revenues going forward, this action will be accretive to our earnings beginning in the first quarter 2017.

“By focusing on operational excellence, portfolio management, product innovation and accretive acquisitions, we have delivered enhanced profitability at a higher rate of return with a more efficient use of capital every quarter for the past two years,” said Heard. “Two years into our five-year transformative strategy, we have added nearly 900 basis points to adjusted gross margin, doubled our consolidated adjusted operating margin to 9.4 percent, nearly tripled the return on invested capital to 11.7 percent and positioned our business to generate a higher level of returns going forward.”

Fourth-quarter Segment Results

Residential Products

For the fourth quarter, the Residential Products segment reported:

   
Three Months Ended December 31,
Dollars in millions, except EPS     GAAP     Adjusted

2016

   

2015

   

% Change

2016

   

2015

   

% Change

Net Sales $ 93 $ 107 (13 )% $ 93 $ 107 (13 )%
Operating Margin 13.9 % 6.4 % +750 bps 14.9 % 9.9 % +500 bps

Fourth-quarter 2016 net sales in Gibraltar’s Residential Products segment, compared to the prior year period, primarily reflect the completion of a two-year contract for centralized mailboxes as of December 2015. The demand from repair and remodeling activities and new housing construction continued to be stable year over year.

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 fourth quarter of 2015. The adjusted operating margin for the fourth quarter of 2016 and 2015 remove the special charges for restructuring initiatives under the 80/20 program from both periods.

Industrial and Infrastructure Products

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

   
Three Months Ended December 31,
Dollars in millions, except EPS     GAAP     Adjusted

2016

   

2015

   

% Change

2016

   

2015

   

% Change

Net Sales $ 62 $ 85 (27 )% $ 62 $ 85 (27 )%
Operating Margin (16.4 )% 0.2 % (1660) bps 3.1 % 7.9 % (480) bps

Fourth-quarter 2016 net sales in Gibraltar’s Industrial & Infrastructure Products segment were down 27 percent, reflecting a 9 percent effect from the European industrial business divestiture as well as lower volume due to weaker energy-related and commodity markets. Decreased order rates and profitability from the U.S. bar grating product line had a significant impact on the segment’s operating results in the fourth quarter of 2016.

The segment’s fourth-quarter adjusted operating margin decreased 480 basis points due to lower volumes, partially offset by 80/20 simplification initiatives. This segment’s adjusted operating margin for the fourth quarter 2016 and 2015 remove special charges for restructuring and portfolio management initiatives under the 80/20 program.

Renewable Energy and Conservation

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

   
Three Months Ended December 31,

Dollars in millions, except EPS

    GAAP     Adjusted

2016

   

2015

   

% Change

2016

   

2015

   

% Change

Net Sales $ 77 $ 90 (14 )% $ 77 $ 90 (14 )%
Operating Margin 10.7 % 7.4 % 330 bps 17.8 % 9.3 % 850 bps

Segment revenues decreased 14 percent from the year-earlier period as a result of a difficult comparison with the fourth quarter of 2015 when volume benefited from the then-expected reduction in the U.S. federal investment tax credit.

The segment’s fourth-quarter 2016 GAAP operating income and margins increased meaningfully, reflecting benefits from diligent execution of operational efficiencies in the segment as well as the elimination of amortization for certain, short-lived acquisition-related expenses. This segment’s adjusted operating margin removes the special charges for acquisition-related costs and portfolio management initiatives from the fourth quarter of 2016 and 2015.

Business Outlook

“For 2017, we expect generally favorable market conditions aiding top-line growth of our Residential Products and Renewable Energy and Conservation segments. All three of our segments are working to expand into adjacent product categories and applications with new products, and we expect these efforts to contribute incrementally to 2017 sales and beyond. At the same time, our consolidated results will be challenged on the top-line and bottom-line by several factors, including a difficult comparable as a result of exiting certain product lines, increased spending on innovative new products, and raw material price inflation. Nonetheless, taken together, we are poised to deliver a third consecutive year of sequential and meaningful financial improvement, in terms of absolute profit dollars, returns and cash flow,” concluded Heard.

The Company is providing its guidance for revenues and earnings for the full year 2017. Gibraltar expects 2017 consolidated revenues to approximate $1.0 billion, equivalent to 2016, despite unfavorable comparisons including discontinued product lines and the expected decrease in the first quarter 2017. GAAP EPS for the full year 2017 is expected to be between $1.55 and $1.65 per diluted share, or $1.75 to $1.85 on an adjusted basis, as compared to $1.05 and $1.67, respectively, in 2016.

For the first quarter 2017, revenues are expected to decrease nearly 15 percent compared to the prior year period as a result of a lower order backlog as of January 1st in our Renewable Energy and Conservation segment as well as the portfolio management actions undertaken to drive higher profitability and returns. The effects of lower sales volume and rising commodity costs net of pricing actions will contribute to an expected result in GAAP EPS of between $0.10 and $0.14 per diluted share, or $0.17 to $0.21 on an adjusted basis.

           
FY 2017 Guidance Reconciliation
Gibraltar Industries
Dollars in millions, except EPS Operating Income     Net

Diluted
Earnings

Income     Margin Taxes Income   Per Share
GAAP Measures $ 95-100       9.6-10.1% $ 30-32 $ 50-53 $ 1.55-1.65
Restructuring Costs 11 1.1% 4 7 0.20
                   
Adjusted Measures $ 106-111   10.7-11.2% $ 34-36 $ 57-60 $ 1.75-1.85

Relative to GAAP profitability and EPS for 2017, Gibraltar may complete additional restructuring initiatives and incur costs as part of its ongoing simplification initiative under its four-pillar strategy. Any new projects and any significant changes in the nature and scope of identified projects would affect changes in the Company’s expected GAAP EPS for the year.

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 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 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 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 portfolio management charges, 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 period ending March 31, 2017, on Friday, May 5, 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)

 

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2016     2015 2016     2015
Net sales $ 231,838 $ 282,093 $ 1,007,981 $ 1,040,873
Cost of sales 177,956   230,547   763,219   853,897  
Gross profit 53,882 51,546 244,762 186,976
Selling, general, and administrative expense 43,123 42,163 161,623 134,028
Intangible asset impairment 10,175   4,863   10,175   4,863  
Income from operations 584 4,520 72,964 48,085
Interest expense 3,595 3,614 14,577 15,003
Other expense (income) 564   220   8,404   (4,018 )
(Loss) income before taxes (3,575 ) 686 49,983 37,100
Provision for income taxes 4,133   466   16,264   13,624  
(Loss) income from continuing operations (7,708 ) 220 33,719 23,476
Discontinued operations:
Loss before taxes (70 ) (70 ) (44 )
Benefit of income taxes (26 )   (26 ) (16 )
Loss from discontinued operations (44 )   (44 ) (28 )
Net (loss) income $ (7,752 ) $ 220   $ 33,675   $ 23,448  
Net earnings per share – Basic:
(Loss) income from continuing operations $ (0.24 ) $ 0.01 $ 1.07 $ 0.75
Loss from discontinued operations        
Net (loss) income $ (0.24 ) $ 0.01   $ 1.07   $ 0.75  
Weighted average shares outstanding – Basic 31,648   31,291   31,536   31,233  
Net earnings per share – Diluted:
(Loss) income from continuing operations $ (0.24 ) $ 0.01 $ 1.05 $ 0.74
Loss from discontinued operations        
Net (loss) income $ (0.24 ) $ 0.01   $ 1.05   $ 0.74  
Weighted average shares outstanding – Diluted 31,648   31,738   32,069   31,545  
 
         

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 
December 31,
2016
December 31,
2015
Assets
Current assets:
Cash and cash equivalents $ 170,177 $ 68,858
Accounts receivable, net 124,072 164,969
Inventories 89,612 107,058
Other current assets 7,336   10,537  
Total current assets 391,197 351,422
Property, plant, and equipment, net 108,304 118,932
Goodwill 304,032 292,390
Acquired intangibles 110,790 123,013
Other assets 3,922   4,015  
$ 918,245   $ 889,772  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 69,944 $ 89,204
Accrued expenses 70,392 67,605
Billings in excess of cost 11,352 28,186
Current maturities of long-term debt 400   400  
Total current liabilities 152,088   185,395  
Long-term debt 209,237 208,882
Deferred income taxes 38,002 42,654
Other non-current liabilities 58,038 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; 32,085 and 31,779 shares

outstanding in 2016 and 2015

320 317
Additional paid-in capital 264,418 253,458
Retained earnings 211,748 178,073
Accumulated other comprehensive loss (7,721 ) (15,416 )
Cost of 530 and 484 common shares held in treasury in 2016 and 2015 (7,885 ) (6,346 )
Total shareholders’ equity 460,880   410,086  
$ 918,245   $ 889,772  
 
     

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 
Twelve Months Ended
December 31,
2016     2015
Cash Flows from Operating Activities
Net income $ 33,675 $ 23,448
Loss from discontinued operations (44 ) (28 )
Income from continuing operations 33,719 23,476
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 24,114 30,548
Intangible asset impairment 10,175 4,863
Loss on sale of business 8,763
Stock compensation expense 6,373 3,891
Net (gain) loss on sale of assets (42 ) (6,431 )
Exit activity costs (recoveries), non-cash 7,530 8,504
Benefit of deferred income taxes (4,893 ) (2,051 )
Other, net 685 4,222
Changes in operating assets and liabilities (excluding the effects of acquisitions):
Accounts receivable 37,828 (17,215 )
Inventories 11,782 22,271
Other current assets and other assets 2,511 759
Accounts payable (17,060 ) (5,157 )
Accrued expenses and other non-current liabilities 1,253   19,004  
Net cash provided by operating activities 122,738   86,684  
Cash Flows from Investing Activities
Purchases of property, plant, and equipment (10,779 ) (12,373 )
Acquisitions, net of cash acquired (23,412 ) (140,621 )
Net proceeds from sale of property and equipment 953 26,500
Net proceeds from sale of business 8,250
Other, net 1,118   1,154  
Net cash used in investing activities (23,870 ) (125,340 )
Cash Flows from Financing Activities
Long-term debt payments (400 ) (73,642 )
Proceeds from long-term debt 73,242
Payment of debt issuance costs (54 ) (1,166 )
Purchase of treasury stock at market prices (1,539 ) (956 )
Excess tax benefit from stock compensation 1,249 537
Net proceeds from issuance of common stock 3,341   1,801  
Net cash provided by (used in) financing activities 2,597   (184 )
Effect of exchange rate changes on cash (146 ) (2,912 )
Net increase (decrease) in cash and cash equivalents 101,319 (41,752 )
Cash and cash equivalents at beginning of year 68,858   110,610  
Cash and cash equivalents at end of year $ 170,177   $ 68,858  
 
     

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 (10,416 ) 197     743   58   (9,418 )
Consolidated income from operations 584 1,178 2,197 995 15,153 20,107
 
Interest expense 3,595 3,595
Other expense 564           564  
(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)

 
Three Months Ended
December 31, 2015

As
Reported
In GAAP
Statements

   

Acquisition
Related
Items

   

Restructuring
Charges

   

Intangible
Asset
Impairment

   

Adjusted
Financial
Measures

Net Sales
Residential Products $ 107,194 $ $ $ $ 107,194
Industrial & Infrastructure Products 85,403 85,403
Less Inter-Segment Sales (303 )       (303 )
85,100         85,100  
Renewable Energy & Conservation 89,799         89,799  
Consolidated sales 282,093 282,093
 
Income from operations
Residential Products 6,882 3,258 440 10,580
Industrial & Infrastructure Products 136 2,122 4,423 6,681
Renewable Energy & Conservation 6,643   1,714       8,357  
Segment income 13,661 1,714 5,380 4,863 25,618
Unallocated corporate expense (9,141 ) 53   1,272     (7,816 )
Consolidated income from operations 4,520 1,767 6,652 4,863 17,802
 
Interest expense 3,614 3,614
Other expense (income) 220     (266 )   (46 )
Income before income taxes 686 1,767 6,918 4,863 14,234
Provision for income taxes 466   664   2,620   1,434   5,184  
Income from continuing operations $ 220   $ 1,103   $ 4,298   $ 3,429   $ 9,050  

Income from continuing operations

per share – diluted

$ 0.01   $ 0.03   $ 0.14   $ 0.11   $ 0.29  
 
Operating margin
Residential Products 6.4 % % 3.1 % 0.4 % 9.9 %
Industrial & Infrastructure Products 0.2 % % 2.5 % 5.2 % 7.9 %
Renewable Energy & Conservation 7.4 % 1.9 % % % 9.3 %
Segments Margin 4.8 % 0.6 % 1.9 % 1.7 % 9.1 %
Consolidated 1.6 % 0.6 % 2.4 % 1.7 % 6.3 %
 
     

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 (36,797 ) 228     2,197   58   (34,314 )
Consolidated income from operations 72,964 1,209 5,848 2,701 18,074 100,796
 
Interest expense 14,577 14,577
Other expense (income) 8,404         (8,763 ) (359 )
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 7.2 % 0.1 % 0.6 % 0.3 % 1.8 % 10.0 %
 
     

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(Unaudited)

 
Twelve Months Ended
December 31, 2015

 

As
Reported
In GAAP
Statements

   

Acquisition
Related
Items

   

Restructuring
Charges

   

Intangible
Asset
Impairment

   

Gain on
Sale of
Facility

   

Adjusted
Financial
Measures

Net Sales

 

Residential Products $ 475,653 $ $ $ $ $ 475,653
Industrial & Infrastructure Products 378,224 378,224
Less Inter-Segment Sales (1,536 )         (1,536 )
376,688           376,688  
Renewable Energy & Conservation 188,532           188,532  
Consolidated sales 1,040,873 1,040,873
 
Income from operations
Residential Products 46,804 11,007 440 (6,799 ) 51,452
Industrial & Infrastructure Products 15,581 2,553 4,423 22,557
Renewable Energy & Conservation 12,659   5,362         18,021  
Segment income 75,044 5,362 13,560 4,863 (6,799 ) 92,030
Unallocated corporate expense (26,959 ) 732   2,523  

 

 

(23,704 )
Consolidated income from operations 48,085 6,094 16,083 4,863 (6,799 ) 68,326
 
Interest expense 15,003 15,003
Other income (4,018 )   3,256       (762 )
Income before income taxes 37,100 6,094 12,827 4,863 (6,799 ) 54,085
Provision for income taxes 13,624   2,302   4,858   1,434   (2,526 ) 19,692  
Income from continuing operations $ 23,476   $ 3,792   $ 7,969   $ 3,429   $ (4,273 ) $ 34,393  

Income from continuing operations

per share – diluted

$ 0.74   $ 0.12   $ 0.26   $ 0.11   $ (0.14 ) $ 1.09  
 
Operating margin
Residential Products 9.8 % % 2.3 % 0.1 % (1.4 )% 10.8 %
Industrial & Infrastructure Products 4.1 % % 0.7 % 1.2 % % 6.0 %
Renewable Energy & Conservation 6.7 % 2.8 % % % % 9.6 %
Segments Margin 7.2 % 0.5 % 1.3 % 0.5 % (0.7 )% 8.8 %
Consolidated 4.6 % 0.6 % 1.6 % 0.5 % (0.7 )% 6.6 %

Source: Gibraltar Industries, Inc.

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