News Release

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February 28, 2020 at 7:30 AM EST

Gibraltar Announces Fourth-Quarter 2019 Financial Results

Q4 Revenues Grow 7%, GAAP and Adjusted EPS Grow 10% and 32%, Respectively
Full Year Cash Flow from Operations up 33%
2020 Growth Supported by Strong Backlog and End Market Demand

BUFFALO, N.Y.--(BUSINESS WIRE)-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, conservation, residential, industrial and infrastructure markets, today reported its financial results for the three- and twelve-month periods ended December 31, 2019.

“We continued our momentum in operating performance from the third quarter, delivering solid results in the fourth quarter,” said President and Chief Executive Officer Bill Bosway. “Revenue increased 7%, adjusted EPS increased 32%, and we generated $57 million of cash from operations. Our backlog continued to grow, up 35% to $218 million at the end of the fourth quarter as we further expanded participation in core end markets.”

“Within our segments, Renewable Energy & Conservation delivered growth and margin expansion as demand for our turnkey solutions continued to increase. Subsequent to quarter-end, we acquired Thermo Energy Systems, expanding our North American leadership position in commercial greenhouse solutions, and Delta Separations, continuing the buildout of our processing solutions platform. Our Residential Products performance remained consistent with the market, and Industrial & Infrastructure Products delivered continued margin expansion. Overall, our operating momentum, growing backlog, continued portfolio optimization and strong presence in solid end markets support our confidence as we head into 2020.”

Fourth Quarter 2019 Consolidated Results

Gibraltar reported the following consolidated results:

 

Three Months Ended December 31,

Dollars in millions, except EPS

GAAP

 

 

Adjusted

 

2019

 

2018

 

% Change

 

 

2019

 

2018

 

% Change

Net Sales

$258.1

$240.9

7.1%

 

$258.1

$240.9

7.1%

Net Income

$14.4

$13.1

9.9%

 

$20.3

$15.2

33.6%

Diluted EPS

$0.44

$0.40

10.0%

 

$0.62

$0.47

31.9%

Fourth quarter 2019 net sales increased 7.1% to $258.1 million versus 2018, above the midpoint of the quarterly guidance range provided in Gibraltar’s third quarter 2019 earnings release. Of the 7.1% increase, 5.3% was organic growth driven by the Renewable Energy & Conservation segment, and 1.8% was generated by the acquisition of Apeks Supercritical, which was completed in the third quarter of 2019.

GAAP earnings increased 9.9% to $14.4 million, or $0.44 per share, while adjusted earnings increased 33.6% to $20.3 million, or $0.62 per share. Earnings in the quarter included a charge of $3.2 million, or $0.07 per share related to the exit of the pension plan in the Industrial business. Without the impact of this charge, the Company would have delivered a 27.5% improvement in GAAP earnings per share year over year, the result of organic growth in Renewable Energy & Conservation, lower interest expense, and continuing benefits from operational excellence initiatives. The year-over-year improvement was partially offset by lower earnings in the Residential Products and Industrial & Infrastructure Products businesses. The adjusted amounts for the fourth quarter of 2019 remove expenses of $7.2 million, or $0.18 per share, associated with restructuring, senior leadership transition, and acquisitions. Special items removed from both the fourth quarters of 2019 and 2018 amounts are further described in the appended reconciliation of adjusted financial measures.

Fourth Quarter Segment Results

Renewable Energy & Conservation

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

 

Three Months Ended December 31,

Dollars in millions

GAAP

 

 

Adjusted

 

2019

 

2018

 

% Change

 

 

2019

 

2018

 

% Change

Net Sales

$111.4

$88.1

26.4%

 

$111.4

$88.1

26.4%

Operating Margin

14.9%

9.9%

500 bps

 

15.2%

11.6%

360 bps

Renewable Energy & Conservation revenues increased 26.4%, with 21.4% driven by organic growth and 5.0% from the acquisition of Apeks Supercritical. Segment backlog increased 51% versus 2018, the result of participation gains and healthy market dynamics.

Operating margin expanded through continued execution and volume leverage, along with favorable product and vertical market mix. Adjusted operating margin for the fourth quarter of 2019 and 2018 removes special charges for acquisition related items and restructuring initiatives, as further described in the appended reconciliation of adjusted financial measures.

Residential Products

For the fourth quarter, the Residential Products segment reported:

 

Three Months Ended December 31,

Dollars in millions

GAAP

 

 

Adjusted

 

2019

 

2018

 

% Change

 

 

2019

 

2018

 

% Change

Net Sales

$101.2

$102.3

(1.1)%

 

$101.2

$102.3

(1.1)%

Operating Margin

13.0%

12.0%

100 bps

 

13.1%

13.4%

(30) bps

Residential Products revenues decreased slightly versus 2018, as a modest increase in volume was offset by market pricing. Adjusted operating margin declined due to unfavorable product mix partially offset by improved material cost alignment and 80/20 simplification initiatives. Adjusted operating margin for the fourth 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 fourth quarter, the Industrial & Infrastructure Products segment reported:

 

Three Months Ended December 31,

Dollars in millions

GAAP

 

 

Adjusted

 

2019

 

2018

 

% Change

 

 

2019

 

2018

 

% Change

Net Sales

$45.5

$50.5

(9.9)%

 

$45.5

$50.5

(9.9)%

Operating Margin

(0.5)%

6.4%

(690) bps

 

7.0%

6.7%

30 bps

Industrial & Infrastructure Products revenues decreased nearly 10% driven by market pricing and lower demand for core Industrial products as customers delayed purchases to optimize their inventory in a declining steel price environment. Revenue from the Infrastructure business was consistent with the prior year.

The increase in adjusted operating margin was driven by a more favorable mix of higher margin products and continued execution on 80/20 profit improvement initiatives. Adjusted operating margin for the fourth quarters of 2019 and 2018 removes special charges for restructuring initiatives from both periods.

Strategy and Business Outlook

Following four years of steady improvement in operational execution and financial results, Gibraltar delivered another year of solid performance in 2019, and has strong momentum going into 2020. Gibraltar is now taking the next step forward in its strategy with a focus on delivering sustainable growth and returns and strengthening its leadership positions in faster growing end markets.

Mr. Bosway commented, “Over the past twelve months, we have completed a thorough evaluation of the markets we participate in, as well as our position in each of our markets. This work has solidified our strategy and defined our plans to accelerate growth and further improve Gibraltar’s margin profile, both through organic and inorganic investment. We have improved our portfolio through the recent acquisitions of Apeks Supercritical, Thermo Energy Systems and Delta Separations. Our operating foundation is focused on excelling across three core tenets: Business Systems, Portfolio Management, and Organization Development.

Mr. Bosway concluded, “With this strategy in place, we are confident in our plans for 2020 and the opportunity for our business to deliver increasing returns. Our position in faster growing markets continues to expand, and we continue to build on our solid and growing backlog. A larger percentage of our business is now direct with end customers, our new products and services are resonating well, and we are building stronger positions through investments across our businesses. We expect to deliver another solid year of performance in 2020 with revenue in the range of $1.21 billion to $1.23 billion, up 15 – 17% from 2019, and with GAAP EPS in the range of $2.58 and $2.75, or $2.95 to $3.12 on an adjusted basis, compared with $1.99 and $2.58, respectively, in 2019.”

For the first quarter of 2020, the Company is expecting revenue in the range of $246 million to $256 million. GAAP EPS for the first quarter 2020 are expected to be between $0.27 and $0.33, or $0.37 to $0.43 on an adjusted basis.

Gibraltar will hold an Investor Day featuring presentations on each of its businesses by members of senior management on March 18th in New York City.

FY 2020 Guidance

 

Gibraltar Industries

 

 

Dollars in millions, except EPS

 

 

Revenue

 

Operating

 

Income

 

Net

 

Diluted

Earnings

 

 

 

Income

 

Margin

 

Taxes

 

Income

 

Per Share

GAAP Measures

$

 1,210-$1,230

 

$

118 – 126

 

9.8–10.2%

 

$

33-35

 

$

85-91

 

$

2.58-2.75

Adjustments

 

 

15

 

1.2%

 

3

 

12

 

$0.37

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Measures

 

$

133 – 141

 

11.0-11.4%

 

$

36-38

 

$

97-103

 

$

2.95-3.12

Fourth Quarter Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the fourth 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 provider of products and services for the renewable energy, conservation, residential, industrial, and infrastructure markets. With a three-pillar strategy focused on business systems, portfolio management, and organization and talent development, Gibraltar’s mission is to create compounding and sustainable value with strong leadership positions in higher growth, profitable end markets. Gibraltar serves customers primarily throughout North America. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release. Adjusted financial measures exclude special charges consisting of restructuring costs primarily associated with 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
December 31,

 

Twelve Months Ended
December 31,

 

2019

 

2018

 

2019

 

2018

Net Sales

$

258,131

 

 

$

240,913

 

 

$

1,047,439

 

 

$

1,002,372

 

Cost of sales

197,276

 

 

187,653

 

 

802,548

 

 

760,012

 

Gross profit

60,855

 

 

53,260

 

 

244,891

 

 

242,360

 

Selling, general, and administrative expense

41,608

 

 

33,261

 

 

157,052

 

 

146,840

 

Intangible asset impairment

 

 

1,552

 

 

 

 

1,552

 

Income from operations

19,247

 

 

18,447

 

 

87,839

 

 

93,968

 

Interest (income) expense

(92

)

 

2,759

 

 

2,205

 

 

12,064

 

Other expense

211

 

 

2,009

 

 

871

 

 

1,959

 

Income before taxes

19,128

 

 

13,679

 

 

84,763

 

 

79,945

 

Provision for income taxes

4,771

 

 

562

 

 

19,672

 

 

16,136

 

Net income

$

14,357

 

 

$

13,117

 

 

$

65,091

 

 

$

63,809

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

Basic

$

0.44

 

 

$

0.41

 

 

$

2.01

 

 

$

2.00

 

Diluted

$

0.44

 

 

$

0.40

 

 

$

1.99

 

 

$

1.96

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

32,505

 

 

32,148

 

 

32,389

 

 

31,979

 

Diluted

32,880

 

 

32,562

 

 

32,722

 

 

32,534

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

 

 

December 31,
2019

 

December 31,
2018

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

191,363

 

 

$

297,006

 

Accounts receivable, net

147,515

 

 

140,283

 

Inventories

78,476

 

 

98,913

 

Prepaid expenses and other current assets

19,748

 

 

8,351

 

Total current assets

437,102

 

 

544,553

 

Property, plant, and equipment, net

95,409

 

 

95,830

 

Operating lease assets

27,662

 

 

 

Goodwill

329,705

 

 

323,671

 

Acquired intangibles

92,592

 

 

96,375

 

Other assets

1,980

 

 

1,216

 

 

$

984,450

 

 

$

1,061,645

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

83,136

 

 

$

79,136

 

Accrued expenses

98,463

 

 

87,074

 

Billings in excess of cost

47,598

 

 

17,857

 

Current maturities of long-term debt

 

 

208,805

 

Total current liabilities

229,197

 

 

392,872

 

Long-term debt

 

 

1,600

 

Deferred income taxes

40,334

 

 

36,530

 

Non-current operating lease liabilities

19,669

 

 

 

Other non-current liabilities

21,286

 

 

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; 33,192 and 32,887 shares issued in 2019 and 2018

332

 

 

329

 

Additional paid-in capital

295,582

 

 

282,525

 

Retained earnings

405,668

 

 

338,995

 

Accumulated other comprehensive loss

(5,391

)

 

(7,234

)

Cost of 906 and 796 common shares held in treasury in 2019 and 2018

(22,227

)

 

(17,922

)

Total shareholders’ equity

673,964

 

 

596,693

 

 

$

984,450

 

 

$

1,061,645

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Twelve Months Ended
December 31,

 

2019

 

2018

Cash Flows from Operating Activities

 

 

 

Net income

$

65,091

 

 

$

63,809

 

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

 

 

 

Depreciation and amortization

19,949

 

 

20,374

 

Intangible asset impairment

 

 

1,552

 

Stock compensation expense

12,570

 

 

9,189

 

Exit activity costs, non-cash

408

 

 

1,344

 

Provision for deferred income taxes

3,303

 

 

4,781

 

Other, net

5,296

 

 

1,243

 

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

 

 

 

Accounts receivable

(9,418

)

 

9,737

 

Inventories

23,105

 

 

(16,951

)

Other current assets and other assets

(9,118

)

 

(22

)

Accounts payable

2,571

 

 

(4,828

)

Accrued expenses and other non-current liabilities

16,178

 

 

7,317

 

Net cash provided by operating activities

129,935

 

 

97,545

 

Cash Flows from Investing Activities

 

 

 

Purchases of property, plant, and equipment

(11,184

)

 

(12,457

)

Acquisitions, net of cash acquired

(8,595

)

 

(5,241

)

Net proceeds from sale of property and equipment

106

 

 

3,149

 

Net cash used in investing activities

(19,673

)

 

(14,549

)

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

(4,305

)

 

(7,165

)

Net proceeds from issuance of common stock

490

 

 

1,385

 

Net cash used in financing activities

(217,050

)

 

(6,180

)

Effect of exchange rate changes on cash

1,145

 

 

(2,090

)

Net (decrease) increase in cash and cash equivalents

(105,643

)

 

74,726

 

Cash and cash equivalents at beginning of year

297,006

 

 

222,280

 

Cash and cash equivalents at end of year

$

191,363

 

 

$

297,006

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended
December 31, 2019

 

 

As
Reported
In GAAP
Statements

 

Restructuring
& Acquisition
Related Items

 

Senior
Leadership
Transition Costs

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

111,411

 

 

$

 

 

$

 

 

$

111,411

 

Residential Products

 

101,213

 

 

 

 

 

 

101,213

 

Industrial & Infrastructure Products

 

45,709

 

 

 

 

 

 

45,709

 

Less Inter-Segment Sales

 

(202

)

 

 

 

 

 

(202

)

 

 

45,507

 

 

 

 

 

 

45,507

 

Consolidated sales

 

258,131

 

 

 

 

 

 

258,131

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

16,644

 

 

288

 

 

 

 

16,932

 

Residential Products

 

13,167

 

 

72

 

 

 

 

13,239

 

Industrial & Infrastructure Products

 

(205

)

 

3,380

 

 

 

 

3,175

 

Segment Income

 

29,606

 

 

3,740

 

 

 

 

33,346

 

Unallocated corporate expense

 

(10,359

)

 

752

 

 

2,693

 

 

(6,914

)

Consolidated income from operations

 

19,247

 

 

4,492

 

 

2,693

 

 

26,432

 

 

 

 

 

 

 

 

 

 

Interest income

 

(92

)

 

 

 

 

 

(92

)

Other expense

 

211

 

 

 

 

 

 

211

 

Income before income taxes

 

19,128

 

 

4,492

 

 

2,693

 

 

26,313

 

Provision for income taxes

 

4,771

 

 

1,146

 

 

134

 

 

6,051

 

Net income

 

$

14,357

 

 

$

3,346

 

 

$

2,559

 

 

$

20,262

 

Net earnings per share – diluted

 

$

0.44

 

 

$

0.10

 

 

$

0.08

 

 

$

0.62

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

14.9

%

 

0.2

%

 

%

 

15.2

%

Residential Products

 

13.0

%

 

0.1

%

 

%

 

13.1

%

Industrial & Infrastructure Products

 

(0.5

)%

 

7.4

%

 

%

 

7.0

%

Segments Margin

 

11.5

%

 

1.4

%

 

%

 

12.9

%

Consolidated

 

7.5

%

 

1.7

%

 

1.0

%

 

10.2

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended
December 31, 2018

 

 

As
Reported
In GAAP
Statements

 

Restructuring
& Acquisition
Related Items

 

Senior
Leadership
Transition Costs

 

Tax Reform

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

88,066

 

 

$

 

 

$

 

 

$

 

 

$

88,066

 

Residential Products

 

102,301

 

 

 

 

 

 

 

 

102,301

 

Industrial & Infrastructure Products

 

50,788

 

 

 

 

 

 

 

 

50,788

 

Less Inter-Segment Sales

 

(242

)

 

 

 

 

 

 

 

(242

)

 

 

50,546

 

 

 

 

 

 

 

 

50,546

 

Consolidated sales

 

240,913

 

 

 

 

 

 

 

 

240,913

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

8,733

 

 

1,447

 

 

 

 

 

 

10,180

 

Residential Products

 

12,266

 

 

1,425

 

 

 

 

 

 

13,691

 

Industrial & Infrastructure Products

 

3,238

 

 

140

 

 

 

 

 

 

3,378

 

Segment Income

 

24,237

 

 

3,012

 

 

 

 

 

 

27,249

 

Unallocated corporate expense

 

(5,790

)

 

33

 

 

(430

)

 

 

 

(6,187

)

Consolidated income from operations

 

18,447

 

 

3,045

 

 

(430

)

 

 

 

21,062

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,759

 

 

 

 

 

 

 

 

2,759

 

Other expense (income)

 

2,009

 

 

(3,060

)

 

 

 

 

 

(1,051

)

Income before income taxes

 

13,679

 

 

6,105

 

 

(430

)

 

 

 

19,354

 

Provision for income taxes

 

562

 

 

3,978

 

 

(370

)

 

(48

)

 

4,122

 

Net income

 

$

13,117

 

 

$

2,127

 

 

$

(60

)

 

$

48

 

 

$

15,232

 

Net earnings per share – diluted

 

$

0.40

 

 

$

0.07

 

 

$

 

 

$

 

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

9.9

%

 

1.6

%

 

%

 

%

 

11.6

%

Residential Products

 

12.0

%

 

1.4

%

 

%

 

%

 

13.4

%

Industrial & Infrastructure Products

 

6.4

%

 

0.3

%

 

%

 

%

 

6.7

%

Segments Margin

 

10.1

%

 

1.2

%

 

%

 

%

 

11.3

%

Consolidated

 

7.7

%

 

1.2

%

 

(0.2

)%

 

%

 

8.7

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Twelve Months Ended
December 31, 2019

 

 

As
Reported
In GAAP Statements

 

Restructuring
& Acquisition
Related Items

 

Senior
Leadership
Transition Costs

 

Debt
Repayment

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

373,023

 

 

$

 

 

$

 

 

$

 

 

$

373,023

 

Residential Products

 

461,630

 

 

 

 

 

 

 

 

461,630

 

Industrial & Infrastructure Products

 

213,805

 

 

 

 

 

 

 

 

213,805

 

Less Inter-Segment Sales

 

(1,019

)

 

 

 

 

 

 

 

(1,019

)

 

 

212,786

 

 

 

 

 

 

 

 

212,786

 

Consolidated sales

 

1,047,439

 

 

 

 

 

 

 

 

1,047,439

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

47,558

 

 

1,490

 

 

 

 

 

 

49,048

 

Residential Products

 

63,047

 

 

3,857

 

 

78

 

 

 

 

66,982

 

Industrial & Infrastructure Products

 

13,455

 

 

4,978

 

 

 

 

 

 

18,433

 

Segment Income

 

124,060

 

 

10,325

 

 

78

 

 

 

 

134,463

 

Unallocated corporate expense

 

(36,221

)

 

2,145

 

 

9,666

 

 

 

 

(24,410

)

Consolidated income from operations

 

87,839

 

 

12,470

 

 

9,744

 

 

 

 

110,053

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,205

 

 

 

 

 

 

(1,079

)

 

1,126

 

Other expense

 

871

 

 

 

 

 

 

 

 

871

 

Income before income taxes

 

84,763

 

 

12,470

 

 

9,744

 

 

1,079

 

 

108,056

 

Provision for income taxes

 

19,672

 

 

3,180

 

 

615

 

 

269

 

 

23,736

 

Net income

 

$

65,091

 

 

$

9,290

 

 

$

9,129

 

 

$

810

 

 

$

84,320

 

Net earnings per share – diluted

 

$

1.99

 

 

$

0.28

 

 

$

0.28

 

 

$

0.03

 

 

$

2.58

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

12.7

%

 

0.4

%

 

%

 

%

 

13.1

%

Residential Products

 

13.7

%

 

0.8

%

 

%

 

%

 

14.5

%

Industrial & Infrastructure Products

 

6.3

%

 

2.3

%

 

%

 

%

 

8.7

%

Segments Margin

 

11.8

%

 

0.9

%

 

%

 

%

 

12.8

%

Consolidated

 

8.4

%

 

1.2

%

 

0.9

%

 

%

 

10.5

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Twelve Months Ended
December 31, 2018

 

 

As
Reported
In GAAP Statements

 

Restructuring
& Acquisition
Related Items

 

Senior
Leadership
Transition Costs

 

Tax Reform

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

$

317,253

 

 

$

 

 

$

 

 

$

 

 

$

317,253

 

Residential Products

 

463,216

 

 

 

 

 

 

 

 

463,216

 

Industrial & Infrastructure Products

 

223,006

 

 

 

 

 

 

 

 

223,006

 

Less Inter-Segment Sales

 

(1,103

)

 

 

 

 

 

 

 

(1,103

)

 

 

221,903

 

 

 

 

 

 

 

 

221,903

 

Consolidated sales

 

1,002,372

 

 

 

 

 

 

 

 

1,002,372

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

37,423

 

 

1,424

 

 

178

 

 

 

 

39,025

 

Residential Products

 

69,838

 

 

3,107

 

 

 

 

 

 

72,945

 

Industrial & Infrastructure Products

 

15,336

 

 

1,402

 

 

 

 

 

 

16,738

 

Segment Income

 

122,597

 

 

5,933

 

 

178

 

 

 

 

128,708

 

Unallocated corporate expense

 

(28,629

)

 

935

 

 

414

 

 

 

 

(27,280

)

Consolidated income from operations

 

93,968

 

 

6,868

 

 

592

 

 

 

 

101,428

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

12,064

 

 

 

 

 

 

 

 

12,064

 

Other expense (income)

 

1,959

 

 

(3,060

)

 

 

 

 

 

(1,101

)

Income before income taxes

 

79,945

 

 

9,928

 

 

592

 

 

 

 

90,465

 

Provision for income taxes

 

16,136

 

 

4,889

 

 

(106

)

 

(225

)

 

20,694

 

Net income

 

$

63,809

 

 

$

5,039

 

 

$

698

 

 

$

225

 

 

$

69,771

 

Net earnings per share – diluted

 

$

1.96

 

 

$

0.15

 

 

$

0.02

 

 

$

0.01

 

 

$

2.14

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewable Energy & Conservation

 

11.8

%

 

0.4

%

 

0.1

%

 

%

 

12.3

%

Residential Products

 

15.1

%

 

0.6

%

 

%

 

%

 

15.7

%

Industrial & Infrastructure Products

 

6.9

%

 

0.6

%

 

%

 

%

 

7.5

%

Segments Margin

 

12.2

%

 

0.6

%

 

%

 

%

 

12.8

%

Consolidated

 

9.4

%

 

0.7

%

 

0.1

%

 

%

 

10.1

%

 

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

Source: Gibraltar Industries, Inc.


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

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