Gibraltar Revises 2024 Financial Guidance
Solar industry headwinds continue to impact the Renewables business
Residential market slowdown continues in the second half of year
Third quarter 2024 results conference call to be held
Preliminary results of net sales, GAAP EPS and Adjusted EPS for the three months ended
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Three Months Ended |
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Twelve Months Ended |
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($Millions, except EPS) |
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($Millions, except EPS) |
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2024 Preliminary* |
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2023 |
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2024 Updated
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2024 Prior
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2023 |
Net sales |
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Adjusted net sales |
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GAAP EPS |
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Adjusted EPS |
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*2024 ranges represent preliminary estimated unaudited consolidated results |
“The solar industry continues to deal with trade and regulatory uncertainties driven by the impact from the two independent AD/CVD investigations, the second of which is currently in process. With the expiration of the tariff moratorium on panels associated with the first investigation expiring on
The preliminary financial information presented in this press release reflects current expectations based solely on information available as of the date of this press release and is subject to change, and may be adjusted as a result of, among other things, the completion of the Company’s financial and operating closing procedures, customary review procedures and other developments that may occur before the completion of these procedures. Accordingly, you should not place undue reliance on these preliminary financial results, which may differ materially from actual results. See “Forward-Looking Statements” below for a discussion of certain factors that could result in differences between the preliminary estimated unaudited consolidated financial results reported in this press release and actual results.
Third Quarter 2024 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 availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, our ability to continue to improve operating margins, our ability to generate order flow and sales and increase backlog; our ability to translate our backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the
Adjusted Financial Measures
To supplement Gibraltar’s financial information presented on a GAAP basis,
Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. 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 and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.
Reconciliations of non-GAAP measures related to full-year 2024 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.
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Reconciliation of GAAP to Adjusted Preliminary Financial Measures |
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(unaudited) |
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Three Months Ended |
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Low |
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High |
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GAAP Net income per share - diluted |
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$ |
1.09 |
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$ |
1.12 |
Restructuring Charges (1) |
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0.13 |
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0.13 |
Senior Leadership Transition, Acquisition and Portfolio Management Related Costs (2) |
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0.03 |
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0.03 |
Adjusted net income per share - diluted |
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$ |
1.25 |
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$ |
1.28 |
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(1) Comprised primarily of exit activities costs associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs. |
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(2) Represents senior leadership transition costs associated with changes in leadership positions, acquisition related expenses including due diligence costs and portfolio management costs resulting from terminated or liquidated businesses. |
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Reconciliation of GAAP to Adjusted Financial Measures |
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(in thousands, except per share data) |
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(unaudited) |
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Three Months Ended |
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Income
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Provision for
|
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Net income |
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Net income per
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As Reported in GAAP Statements |
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$ |
53,813 |
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$ |
14,536 |
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$ |
39,277 |
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$ |
1.28 |
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|
|
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Restructuring Charges (1) |
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|
5,033 |
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1,232 |
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3,801 |
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0.12 |
|
|
|
|
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Acquisition Related Items (2) |
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|
698 |
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|
175 |
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523 |
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0.02 |
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Portfolio Management (3) |
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(1,568) |
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(450) |
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(1,118) |
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(0.04) |
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Adjusted Financial Measures Previously Reported |
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$ |
57,976 |
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$ |
15,493 |
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$ |
42,483 |
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$ |
1.38 |
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Portfolio Management (4) |
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(505) |
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(105) |
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(400) |
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(0.01) |
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Adjusted Financial Measures Recast |
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$ |
57,471 |
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$ |
15,388 |
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$ |
42,083 |
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$ |
1.37 |
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Residential |
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Renewables |
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Agtech |
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Infrastructure |
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Corporate |
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Consolidated |
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Operating Margin |
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18.5 % |
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12.1 % |
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6.7 % |
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25.6 % |
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n/a |
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13.6 % |
Restructuring Charges (1) |
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0.3 % |
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4.2 % |
|
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— % |
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— % |
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n/a |
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1.3 % |
Acquisition Related Items (2) |
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— % |
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0.4 % |
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— % |
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— % |
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n/a |
|
|
0.2 % |
Portfolio Management (3) |
|
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— % |
|
|
— % |
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(1.3) % |
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— % |
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n/a |
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(0.1) % |
Adjusted Operating Margin Previously Reported |
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18.8 % |
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16.7 % |
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5.6 % |
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|
25.6 % |
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n/a |
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|
15.0 % |
Portfolio Management (4) |
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— % |
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0.2 % |
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— % |
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— % |
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n/a |
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0.1 % |
Adjusted Operating Margin Recast |
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18.8 % |
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16.9 % |
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5.6 % |
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25.6 % |
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n/a |
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15.1 % |
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Income from Operations |
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$ |
42,158 |
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$ |
12,907 |
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$ |
2,136 |
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$ |
6,386 |
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$ |
(10,397) |
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$ |
53,190 |
Restructuring Charges (1) |
|
|
676 |
|
|
4,385 |
|
|
5 |
|
|
— |
|
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(33) |
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|
5,033 |
Acquisition Related Items (2) |
|
|
12 |
|
|
457 |
|
|
— |
|
|
— |
|
|
229 |
|
|
698 |
Portfolio Management (3) |
|
|
— |
|
|
— |
|
|
(399) |
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|
— |
|
|
72 |
|
|
(327) |
Adjusted Income from Operations Previously Reported |
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$ |
42,846 |
|
$ |
17,749 |
|
$ |
1,742 |
|
$ |
6,386 |
|
$ |
(10,129) |
|
$ |
58,594 |
Portfolio Management (4) |
|
|
— |
|
|
(603) |
|
|
— |
|
|
— |
|
|
— |
|
|
(603) |
Adjusted Income from Operations Recast |
|
$ |
42,846 |
|
$ |
17,146 |
|
$ |
1,742 |
|
$ |
6,386 |
|
$ |
(10,129) |
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$ |
57,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
$ |
227,747 |
|
$ |
106,362 |
|
$ |
31,666 |
|
$ |
24,969 |
|
$ |
— |
|
$ |
390,744 |
Portfolio Management (3) |
|
|
— |
|
|
— |
|
|
(780) |
|
|
— |
|
|
— |
|
|
(780) |
Adjusted Net Sales Previously Reported |
|
$ |
227,747 |
|
$ |
106,362 |
|
$ |
30,886 |
|
$ |
24,969 |
|
$ |
— |
|
$ |
389,964 |
Portfolio Management (4) |
|
|
— |
|
|
(4,760) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,760) |
Adjusted Net Sales Recast |
|
$ |
227,747 |
|
$ |
101,602 |
|
$ |
30,886 |
|
$ |
24,969 |
|
$ |
— |
|
$ |
385,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions. |
||||||||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations. |
||||||||||||||||||
(3) Represents the results generated by the Company's processing business liquidated in 2023. |
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(4) Represents the results generated by the Company's |
|
||||||||||||||||||
Reconciliation of GAAP to Adjusted Financial Measures |
||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
Twelve Month Ended |
||||||||||||||||||
|
|
Income before
|
|
Provision for
|
|
Net income |
|
Net income per
|
|
|
|
|
||||||
As Reported in GAAP Statements |
|
$ |
148,992 |
|
$ |
38,459 |
|
$ |
110,533 |
|
$ |
3.59 |
|
|
|
|
||
Restructuring Charges (1) |
|
|
18,072 |
|
|
4,583 |
|
|
13,489 |
|
|
0.43 |
|
|
|
|
||
Portfolio Management & Acquisition Related Items (2) |
|
|
3,900 |
|
|
1,382 |
|
|
2,518 |
|
|
0.09 |
|
|
|
|
||
Adjusted Financial Measures Previously Reported |
|
$ |
170,964 |
|
$ |
44,424 |
|
$ |
126,540 |
|
$ |
4.11 |
|
|
|
|
||
Portfolio Management (3) |
|
|
(1,069) |
|
|
(322) |
|
|
(747) |
|
|
(0.02) |
|
|
|
|
||
Adjusted Financial Measures Recast |
|
$ |
169,895 |
|
$ |
44,102 |
|
$ |
125,793 |
|
$ |
4.09 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Residential |
|
Renewables |
|
Agtech |
|
Infrastructure |
|
Corporate |
|
Consolidated |
||||||
Operating Margin |
|
|
17.6 % |
|
|
9.1 % |
|
|
(0.6) % |
|
|
21.2 % |
|
|
n/a |
|
|
10.9 % |
Restructuring Charges (1) |
|
|
0.6 % |
|
|
2.8 % |
|
|
2.7 % |
|
|
— % |
|
|
n/a |
|
|
1.3 % |
Portfolio Management & Acquisition Related Items (2) |
|
|
— % |
|
|
0.3 % |
|
|
2.8 % |
|
|
— % |
|
|
n/a |
|
|
0.4 % |
Adjusted Operating Margin Previously Reported |
|
|
18.2 % |
|
|
12.3 % |
|
|
5.1 % |
|
|
21.2 % |
|
|
n/a |
|
|
12.7 % |
Portfolio Management (3) |
|
|
— % |
|
|
— % |
|
|
— % |
|
|
— % |
|
|
n/a |
|
|
— % |
Adjusted Operating Margin Recast |
|
|
18.2 % |
|
|
12.3 % |
|
|
5.1 % |
|
|
21.2 % |
|
|
n/a |
|
|
12.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from Operations |
|
$ |
143,068 |
|
$ |
30,160 |
|
$ |
(928) |
|
$ |
18,529 |
|
$ |
(40,100) |
|
$ |
150,729 |
Restructuring Charges (1) |
|
|
4,811 |
|
|
9,394 |
|
|
3,918 |
|
|
— |
|
|
(51) |
|
|
18,072 |
Portfolio Management & Acquisition Related Items (2) |
|
|
12 |
|
|
968 |
|
|
4,156 |
|
|
— |
|
|
389 |
|
|
5,525 |
Adjusted Income from Operations Previously Reported |
|
$ |
147,891 |
|
$ |
40,522 |
|
$ |
7,146 |
|
$ |
18,529 |
|
$ |
(39,762) |
|
$ |
174,326 |
Portfolio Management (3) |
|
|
— |
|
|
(1,252) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,252) |
Adjusted Income from Operations Recast |
|
$ |
147,891 |
|
$ |
39,270 |
|
$ |
7,146 |
|
$ |
18,529 |
|
$ |
(39,762) |
|
$ |
173,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
$ |
814,803 |
|
$ |
330,738 |
|
$ |
144,967 |
|
$ |
87,228 |
|
$ |
— |
|
$ |
1,377,736 |
Portfolio Management (4) |
|
|
— |
|
|
— |
|
|
(4,059) |
|
|
— |
|
|
— |
|
|
(4,059) |
Adjusted Net Sales Previously Reported |
|
$ |
814,803 |
|
$ |
330,738 |
|
$ |
140,908 |
|
$ |
87,228 |
|
$ |
— |
|
$ |
1,373,677 |
Portfolio Management (3) |
|
|
— |
|
|
(11,724) |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,724) |
Adjusted Net Sales Recast |
|
$ |
814,803 |
|
$ |
319,014 |
|
$ |
140,908 |
|
$ |
87,228 |
|
$ |
— |
|
$ |
1,361,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Comprised primarily of exit activities costs and impairments of assets associated with 80/20 simplification, lean initiatives and / or discontinued operations and costs associated with new and / or terminated senior leadership positions. |
||||||||||||||||||
(2) Comprised primarily of consulting and legal fees for the acquisition and integration of recent business combinations, along with the results generated by the Company's processing business liquidated in 2023. |
||||||||||||||||||
(3) Represents the results generated by the Company's |
||||||||||||||||||
(4) Represents the net sales generated by the Company's processing business liquidated in 2023. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241011566031/en/
LHA Investor Relations
(212) 838-3777
rock@lhai.com
Source: