Gibraltar Announces Third-Quarter 2020 Financial Results
Q3 Revenues Grow 10%, GAAP and Adjusted EPS Grow 36% and 12%, Respectively
Backlog of
Strong Balance Sheet and Liquidity Supports Execution and
Completes Acquisition of Architectural Mailboxes in Residential Products Segment
“We delivered a solid performance as we continued to focus on executing our business plans. Revenue increased 10.2% and adjusted EPS increased 11.6%, with GAAP and adjusted operating margins improving 280 and 40 basis points respectively,” said President and Chief Executive Officer
Third Quarter 2020 Consolidated Results
|
Three Months Ended |
|||||||||||||||||
Dollars in millions, except EPS |
GAAP |
|
Adjusted |
|||||||||||||||
|
2020 |
2019 |
% Change |
|
2020 |
2019 |
% Change |
|||||||||||
|
$ |
329.7 |
$ |
299.2 |
10.2 |
% |
|
$ |
329.7 |
$ |
299.2 |
10.2 |
% |
|||||
Net Income |
$ |
33.8 |
$ |
24.5 |
38.0 |
% |
|
$ |
34.9 |
$ |
31.2 |
11.9 |
% |
|||||
Diluted EPS |
$ |
1.02 |
$ |
0.75 |
36.0 |
% |
|
$ |
1.06 |
$ |
0.95 |
11.6 |
% |
Third quarter 2020 net sales increased 10.2% to
GAAP earnings increased 38.0% to
Third Quarter Segment Results
Renewable Energy & Conservation
For the third quarter, the Renewable Energy & Conservation segment reported:
|
Three Months Ended |
|||||||||||||||||||||
Dollars in millions |
GAAP |
|
Adjusted |
|||||||||||||||||||
|
2020 |
2019 |
% Change |
|
2020 |
2019 |
% Change |
|||||||||||||||
|
$ |
128.3 |
|
$ |
116.8 |
|
9.8 |
% |
|
$ |
128.3 |
|
$ |
116.8 |
|
9.8 |
% |
|||||
Operating Margin |
|
11.1 |
% |
|
16.8 |
% |
(570) bps |
|
|
11.6 |
% |
|
17.8 |
% |
(620) bps |
Segment revenue increased 9.8% driven by growth in Renewable Energy and previous acquisitions in the Conservation business, offset by a decline in the core Conservation business related to a slowdown in the cannabis and hemp markets. Total segment backlog increased 28% with Renewable Energy and Conservation businesses contributing equally to the increase over 2019. The strength in backlog is the result of strong end market demand in Renewable Energy, and in Conservation, driven by strength in the fruits and vegetables market and increasing activity in the cannabis market.
Adjusted operating margin declined for the quarter driven by near-term market challenges impacting the Conservation business, particularly related to the cannabis and hemp markets. The acquisitions made in the Conservation business delivered margins consistent with expectations, and margins are expected to improve moving forward. Renewable Energy margin performance remains solid, driven by strong execution, participation gains, and product and service mix.
Residential Products
For the third quarter, the Residential Products segment reported:
|
Three Months Ended |
|||||||||||||||||||||
Dollars in millions |
GAAP |
Adjusted |
||||||||||||||||||||
|
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||||||||
|
$ |
151.7 |
|
$ |
126.3 |
|
20.1 |
% |
$ |
151.7 |
|
$ |
126.3 |
|
20.1 |
% |
||||||
Operating Margin |
|
21.4 |
% |
|
13.5 |
% |
790 bps |
|
21.5 |
% |
|
16.2 |
% |
530 bps |
Segment revenue increased 20.1% as the home improvement market continued to show solid activity, and through participation gains across our various distribution channels. Adjusted operating margin increased with consistent execution on higher volume, effective price and material cost management, and additional 80/20 initiatives.
Subsequent to quarter-end,
Industrial & Infrastructure Products
For the third quarter, the Industrial & Infrastructure Products segment reported:
|
Three Months Ended |
|||||||||||||||||||||
Dollars in millions |
GAAP |
Adjusted |
||||||||||||||||||||
|
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||||||||
|
$ |
49.7 |
|
$ |
56.2 |
|
(11.6 |
)% |
$ |
49.7 |
|
$ |
56.2 |
|
(11.6 |
)% |
||||||
Operating Margin |
|
10.5 |
% |
|
9.7 |
% |
80 bps |
|
11.0 |
% |
|
10.2 |
% |
80 bps |
Segment revenue decreased 11.6%, driven by lower demand for core industrial products. The infrastructure business was down slightly as the pandemic affected spending on infrastructure projects in certain end markets. Infrastructure backlog grew slightly.
The increase in adjusted operating margin was driven by continued improvement in execution in the industrial business and effective price and material cost management.
Business Outlook
“While our momentum and end market trends continue to be positive, we are closely monitoring the everchanging pandemic landscape and potential impact on the
Third Quarter 2020 Conference Call Details
About
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. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19 on the global economy and on our customers, suppliers, employees, operations, business, liquidity and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. 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,
|
||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
$ |
329,665 |
|
|
$ |
299,236 |
|
|
$ |
864,918 |
|
|
$ |
789,308 |
|
|
Cost of sales |
244,222 |
|
|
222,658 |
|
|
650,830 |
|
|
605,272 |
|
|||||
Gross profit |
85,443 |
|
|
76,578 |
|
|
214,088 |
|
|
184,036 |
|
|||||
Selling, general, and administrative expense |
41,584 |
|
|
45,158 |
|
|
120,448 |
|
|
115,444 |
|
|||||
Income from operations |
43,859 |
|
|
31,420 |
|
|
93,640 |
|
|
68,592 |
|
|||||
Interest expense |
218 |
|
|
17 |
|
|
385 |
|
|
2,297 |
|
|||||
Other expense (income) |
53 |
|
|
84 |
|
|
(1,542) |
|
|
660 |
|
|||||
Income before taxes |
43,588 |
|
|
31,319 |
|
|
94,797 |
|
|
65,635 |
|
|||||
Provision for income taxes |
9,828 |
|
|
6,843 |
|
|
21,686 |
|
|
14,901 |
|
|||||
Net income |
$ |
33,760 |
|
|
$ |
24,476 |
|
|
$ |
73,111 |
|
|
$ |
50,734 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net earnings per share: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
1.03 |
|
|
$ |
0.75 |
|
|
$ |
2.24 |
|
|
$ |
1.57 |
|
|
Diluted |
$ |
1.02 |
|
|
$ |
0.75 |
|
|
$ |
2.22 |
|
|
$ |
1.55 |
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
32,635 |
|
|
32,470 |
|
|
32,606 |
|
|
32,357 |
|
|||||
Diluted |
32,969 |
|
|
32,770 |
|
|
32,902 |
|
|
32,677 |
|
|
||||||||
|
|
|
|
|||||
|
(unaudited) |
|
|
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
179,816 |
|
|
$ |
191,363 |
|
|
Accounts receivable, net of allowance of |
203,488 |
|
|
147,515 |
|
|||
Inventories, net |
77,943 |
|
|
78,476 |
|
|||
Prepaid expenses and other current assets |
20,306 |
|
|
19,748 |
|
|||
Total current assets |
481,553 |
|
|
437,102 |
|
|||
Property, plant, and equipment, net |
94,983 |
|
|
95,409 |
|
|||
Operating lease assets |
32,359 |
|
|
27,662 |
|
|||
|
382,427 |
|
|
329,705 |
|
|||
Acquired intangibles |
108,821 |
|
|
92,592 |
|
|||
Other assets |
1,703 |
|
|
1,980 |
|
|||
|
$ |
1,101,846 |
|
|
$ |
984,450 |
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
131,746 |
|
|
$ |
83,136 |
|
|
Accrued expenses |
106,480 |
|
|
98,463 |
|
|||
Billings in excess of cost |
31,267 |
|
|
47,598 |
|
|||
Total current liabilities |
269,493 |
|
|
229,197 |
|
|||
Deferred income taxes |
40,942 |
|
|
40,334 |
|
|||
Non-current operating lease liabilities |
23,314 |
|
|
19,669 |
|
|||
Other non-current liabilities |
22,022 |
|
|
21,286 |
|
|||
Shareholders’ equity: |
|
|
|
|||||
Preferred stock, |
— |
|
|
— |
|
|||
Common stock, |
335 |
|
|
332 |
|
|||
Additional paid-in capital |
302,107 |
|
|
295,582 |
|
|||
Retained earnings |
478,488 |
|
|
405,668 |
|
|||
Accumulated other comprehensive loss |
(6,220) |
|
|
(5,391) |
|
|||
Cost of 1,024 and 906 common shares held in treasury in 2020 and 2019 |
(28,635) |
|
|
(22,227) |
|
|||
Total shareholders’ equity |
746,075 |
|
|
673,964 |
|
|||
|
$ |
1,101,846 |
|
|
$ |
984,450 |
|
|
||||||||
|
Nine Months Ended
|
|||||||
|
2020 |
|
2019 |
|||||
Cash Flows from Operating Activities |
|
|
|
|||||
Net income |
$ |
73,111 |
|
|
$ |
50,734 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
17,325 |
|
|
14,923 |
|
|||
Stock compensation expense |
6,151 |
|
|
10,087 |
|
|||
Gain on sale of business |
(1,881) |
|
|
— |
|
|||
Exit activity costs, non-cash |
505 |
|
|
479 |
|
|||
Provision for (benefit of) deferred income taxes |
668 |
|
|
(429) |
|
|||
Other, net |
1,402 |
|
|
3,267 |
|
|||
Changes in operating assets and liabilities, excluding the effects of acquisitions: |
|
|
|
|||||
Accounts receivable |
(40,176) |
|
|
(56,645) |
|
|||
Inventories |
6,102 |
|
|
18,617 |
|
|||
Other current assets and other assets |
6,095 |
|
|
(6,949) |
|
|||
Accounts payable |
13,408 |
|
|
22,770 |
|
|||
Accrued expenses and other non-current liabilities |
(26,516) |
|
|
15,640 |
|
|||
Net cash provided by operating activities |
56,194 |
|
|
72,494 |
|
|||
Cash Flows from Investing Activities |
|
|
|
|||||
Acquisitions, net of cash acquired |
(54,385) |
|
|
(8,665) |
|
|||
Net proceeds from sale of property and equipment |
568 |
|
|
87 |
|
|||
Purchases of property, plant, and equipment |
(9,335) |
|
|
(7,703) |
|
|||
Net proceeds from sale of business |
2,000 |
|
|
— |
|
|||
Net cash used in investing activities |
(61,152) |
|
|
(16,281) |
|
|||
Cash Flows from Financing Activities |
|
|
|
|||||
Long-term debt payments |
— |
|
|
(212,000) |
|
|||
Payment of debt issuance costs |
— |
|
|
(1,235) |
|
|||
Purchase of treasury stock at market prices |
(6,408) |
|
|
(3,495) |
|
|||
Net proceeds from issuance of common stock |
377 |
|
|
400 |
|
|||
Net cash used in financing activities |
(6,031) |
|
|
(216,330) |
|
|||
Effect of exchange rate changes on cash |
(558) |
|
|
729 |
|
|||
Net decrease in cash and cash equivalents |
(11,547) |
|
|
(159,388) |
|
|||
Cash and cash equivalents at beginning of year |
191,363 |
|
|
297,006 |
|
|||
Cash and cash equivalents at end of period |
$ |
179,816 |
|
|
$ |
137,618 |
|
|
||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
|
|
As
|
|
Restructuring
|
|
Senior
|
|
Acquisition
|
|
Adjusted
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Renewable Energy & Conservation |
|
$ |
128,258 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
128,258 |
|
Residential Products |
|
151,718 |
|
|
— |
|
|
— |
|
|
— |
|
|
151,718 |
|
|||||
Industrial & Infrastructure Products |
|
49,767 |
|
|
— |
|
|
— |
|
|
— |
|
|
49,767 |
|
|||||
Less Inter-Segment Sales |
|
(78) |
|
|
— |
|
|
— |
|
|
— |
|
|
(78) |
|
|||||
|
|
49,689 |
|
|
— |
|
|
— |
|
|
— |
|
|
49,689 |
|
|||||
Consolidated sales |
|
329,665 |
|
|
— |
|
|
— |
|
|
— |
|
|
329,665 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations |
|
|
|
|
|
|
|
|
|
|
||||||||||
Renewable Energy & Conservation |
|
14,195 |
|
|
172 |
|
|
— |
|
|
572 |
|
|
14,939 |
|
|||||
Residential Products |
|
32,454 |
|
|
186 |
|
|
— |
|
|
— |
|
|
32,640 |
|
|||||
Industrial & Infrastructure Products |
|
5,199 |
|
|
252 |
|
|
— |
|
|
— |
|
|
5,451 |
|
|||||
Segments Income |
|
51,848 |
|
|
610 |
|
|
— |
|
|
572 |
|
|
53,030 |
|
|||||
Unallocated corporate expense |
|
(7,989) |
|
|
17 |
|
|
170 |
|
|
16 |
|
|
(7,786) |
|
|||||
Consolidated income from operations |
|
43,859 |
|
|
627 |
|
|
170 |
|
|
588 |
|
|
45,244 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
218 |
|
|
— |
|
|
— |
|
|
— |
|
|
218 |
|
|||||
Other expense |
|
53 |
|
|
— |
|
|
— |
|
|
— |
|
|
53 |
|
|||||
Income before income taxes |
|
43,588 |
|
|
627 |
|
|
170 |
|
|
588 |
|
|
44,973 |
|
|||||
Provision for income taxes |
|
9,828 |
|
|
146 |
|
|
— |
|
|
135 |
|
|
10,109 |
|
|||||
Net income |
|
$ |
33,760 |
|
|
$ |
481 |
|
|
$ |
170 |
|
|
$ |
453 |
|
|
$ |
34,864 |
|
Net earnings per share - diluted |
|
$ |
1.02 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
||||||||||
Renewable Energy & Conservation |
|
11.1 |
% |
|
0.1 |
% |
|
— |
% |
|
0.4 |
% |
|
11.6 |
% |
|||||
Residential Products |
|
21.4 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
21.5 |
% |
|||||
Industrial & Infrastructure Products |
|
10.5 |
% |
|
0.5 |
% |
|
— |
% |
|
— |
% |
|
11.0 |
% |
|||||
Segments Margin |
|
15.7 |
% |
|
0.2 |
% |
|
— |
% |
|
0.2 |
% |
|
16.1 |
% |
|||||
Consolidated |
|
13.3 |
% |
|
0.2 |
% |
|
0.1 |
% |
|
0.2 |
% |
|
13.7 |
% |
|
||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
|
|
As
|
|
Restructuring
|
|
Senior
|
|
Acquisition
|
|
Adjusted
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Renewable Energy & Conservation |
|
$ |
116,771 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
116,771 |
|
Residential Products |
|
126,275 |
|
|
— |
|
|
— |
|
|
— |
|
|
126,275 |
||||||
Industrial & Infrastructure Products |
|
56,361 |
|
|
— |
|
|
— |
|
|
— |
|
|
56,361 |
||||||
Less Inter-Segment Sales |
|
(171) |
|
|
— |
|
|
— |
|
|
— |
|
|
(171) |
|
|||||
|
|
56,190 |
|
— |
|
— |
|
— |
|
56,190 |
||||||||||
Consolidated sales |
|
299,236 |
|
— |
|
|
— |
|
|
— |
|
|
299,236 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations |
|
|
|
|
|
|
|
|
|
|
||||||||||
Renewable Energy & Conservation |
|
19,633 |
|
|
37 |
|
|
— |
|
|
1,166 |
|
|
20,836 |
||||||
Residential Products |
|
17,012 |
|
|
3,415 |
|
|
— |
|
|
— |
|
|
20,427 |
||||||
Industrial & Infrastructure Products |
|
5,462 |
|
|
285 |
|
|
— |
|
|
— |
|
|
5,747 |
||||||
Segments income |
|
42,107 |
|
|
3,737 |
|
|
— |
|
|
1,166 |
|
|
47,010 |
|
|||||
Unallocated corporate expense |
|
(10,687) |
|
|
246 |
|
|
2,708 |
|
|
470 |
|
|
(7,263) |
|
|||||
Consolidated income from operations |
|
31,420 |
|
|
3,983 |
|
|
2,708 |
|
|
1,636 |
|
|
39,747 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
17 |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
||||||
Other expense |
|
84 |
|
|
— |
|
|
— |
|
|
— |
|
|
84 |
|
|||||
Income before income taxes |
|
31,319 |
|
|
3,983 |
|
|
2,708 |
|
|
1,636 |
|
|
39,646 |
|
|||||
Provision for income taxes |
|
6,843 |
|
|
1,030 |
|
|
161 |
|
|
417 |
|
|
8,451 |
||||||
Net income |
|
$ |
24,476 |
|
|
$ |
2,953 |
|
|
$ |
2,547 |
|
|
$ |
1,219 |
|
|
$ |
31,195 |
|
Net earnings per share - diluted |
|
$ |
0.75 |
|
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
||||||||||
Renewable Energy & Conservation |
|
16.8 |
% |
|
— |
% |
|
— |
% |
|
1.0 |
% |
|
17.8 |
% |
|||||
Residential Products |
|
13.5 |
% |
|
2.7 |
% |
|
— |
% |
|
— |
% |
|
16.2 |
% |
|||||
Industrial & Infrastructure Products |
|
9.7 |
% |
|
0.5 |
% |
|
— |
% |
|
— |
% |
|
10.2 |
% |
|||||
Segments margin |
|
14.1 |
% |
|
1.2 |
% |
|
— |
% |
|
0.4 |
% |
|
15.7 |
% |
|||||
Consolidated |
|
10.5 |
% |
|
1.3 |
% |
|
0.9 |
% |
|
0.5 |
% |
|
13.3 |
% |
|
||||||||||||||||||||||||
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
As
|
|
Restructuring
|
|
Senior
|
|
Acquisition
|
|
Gain on
|
|
Adjusted
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Renewable Energy & Conservation |
|
$ |
323,014 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
323,014 |
|
Residential Products |
|
394,609 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
394,609 |
|
||||||
Industrial & Infrastructure Products |
|
147,831 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
147,831 |
|
||||||
Less Inter-Segment Sales |
|
(536) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(536) |
|
||||||
|
|
147,295 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
147,295 |
|
||||||
Consolidated sales |
|
864,918 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
864,918 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Renewable Energy & Conservation |
|
29,082 |
|
|
578 |
|
|
— |
|
|
2,745 |
|
|
— |
|
|
32,405 |
|
||||||
Residential Products |
|
74,143 |
|
|
670 |
|
|
— |
|
|
— |
|
|
— |
|
|
74,813 |
|
||||||
Industrial & Infrastructure Products |
|
15,832 |
|
|
564 |
|
|
— |
|
|
— |
|
|
— |
|
|
16,396 |
|
||||||
Segments Income |
|
119,057 |
|
|
1,812 |
|
|
— |
|
|
2,745 |
|
|
— |
|
|
123,614 |
|
||||||
Unallocated corporate expense |
|
(25,417) |
|
|
116 |
|
|
2,512 |
|
|
325 |
|
|
— |
|
|
(22,464) |
|
||||||
Consolidated income from operations |
|
93,640 |
|
|
1,928 |
|
|
2,512 |
|
|
3,070 |
|
|
— |
|
|
101,150 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense |
|
385 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
385 |
|
||||||
Other (income) expense |
|
(1,542) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,881 |
|
|
339 |
|
||||||
Income before income taxes |
|
94,797 |
|
|
1,928 |
|
|
2,512 |
|
|
3,070 |
|
|
(1,881) |
|
|
100,426 |
|
||||||
Provision for income taxes |
|
21,686 |
|
|
455 |
|
|
— |
|
|
725 |
|
|
(469) |
|
|
22,397 |
|
||||||
Net income |
|
$ |
73,111 |
|
|
$ |
1,473 |
|
|
$ |
2,512 |
|
|
$ |
2,345 |
|
|
$ |
(1,412) |
|
|
$ |
78,029 |
|
Net earnings per share – diluted |
|
$ |
2.22 |
|
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
(0.04) |
|
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Renewable Energy & Conservation |
|
9.0 |
% |
|
0.2 |
% |
|
— |
% |
|
0.8 |
% |
|
— |
% |
|
10.0 |
% |
||||||
Residential Products |
|
18.8 |
% |
|
0.2 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
19.0 |
% |
||||||
Industrial & Infrastructure Products |
|
10.7 |
% |
|
0.4 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
11.1 |
% |
||||||
Segments Margin |
|
13.8 |
% |
|
0.2 |
% |
|
— |
% |
|
0.3 |
% |
|
— |
% |
|
14.3 |
% |
||||||
Consolidated |
|
10.8 |
% |
|
0.2 |
% |
|
0.3 |
% |
|
0.4 |
% |
|
— |
% |
|
11.7 |
% |
|
||||||||||||||||||||||||
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
As
|
|
Restructuring
|
|
Senior
|
|
Acquisition
|
|
Debt
|
|
Adjusted
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Renewable Energy & Conservation |
|
$ |
261,612 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
261,612 |
|
Residential Products |
|
360,417 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
360,417 |
|
||||||
Industrial & Infrastructure Products |
|
168,096 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
168,096 |
|
||||||
Less Inter-Segment Sales |
|
(817) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(817) |
|
||||||
|
|
167,279 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
167,279 |
|
||||||
Consolidated sales |
|
789,308 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
789,308 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Renewable Energy & Conservation |
|
30,914 |
|
|
36 |
|
|
— |
|
|
1,166 |
|
|
— |
|
|
32,116 |
|
||||||
Residential Products |
|
49,880 |
|
|
3,785 |
|
|
78 |
|
|
— |
|
|
— |
|
|
53,743 |
|
||||||
Industrial & Infrastructure Products |
|
13,660 |
|
|
1,598 |
|
|
— |
|
|
— |
|
|
— |
|
|
15,258 |
|
||||||
Segments income |
|
94,454 |
|
|
5,419 |
|
|
78 |
|
|
1,166 |
|
|
— |
|
|
101,117 |
|
||||||
Unallocated corporate expense |
|
(25,862) |
|
|
919 |
|
|
6,973 |
|
|
474 |
|
|
— |
|
|
(17,496) |
|
||||||
Consolidated income from operations |
|
68,592 |
|
|
6,338 |
|
|
7,051 |
|
|
1,640 |
|
|
— |
|
|
83,621 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense |
|
2,297 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,079) |
|
|
1,218 |
|
||||||
Other expense |
|
660 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
660 |
|
||||||
Income before income taxes |
|
65,635 |
|
|
6,338 |
|
|
7,051 |
|
|
1,640 |
|
|
1,079 |
|
|
81,743 |
|
||||||
Provision for income taxes |
|
14,901 |
|
|
1,616 |
|
|
481 |
|
|
418 |
|
|
269 |
|
|
17,685 |
|
||||||
Net income |
|
$ |
50,734 |
|
|
$ |
4,722 |
|
|
$ |
6,570 |
|
|
$ |
1,222 |
|
|
$ |
810 |
|
|
$ |
64,058 |
|
Net earnings per share - diluted |
|
$ |
1.55 |
|
|
$ |
0.15 |
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
1.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Renewable Energy & Conservation |
|
11.8 |
% |
|
— |
% |
|
— |
% |
|
0.4 |
% |
|
— |
% |
|
12.3 |
% |
||||||
Residential Products |
|
13.8 |
% |
|
1.1 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
14.9 |
% |
||||||
Industrial & Infrastructure Products |
|
8.2 |
% |
|
1.0 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
9.1 |
% |
||||||
Segments margin |
|
12.0 |
% |
|
0.7 |
% |
|
— |
% |
|
0.1 |
% |
|
— |
% |
|
12.8 |
% |
||||||
Consolidated |
|
8.7 |
% |
|
0.8 |
% |
|
0.9 |
% |
|
0.2 |
% |
|
— |
% |
|
10.6 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005168/en/
LHA Investor Relations
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Source: