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Gibraltar Announces First Quarter 2022 Financial Results

Revenue: GAAP up 11%, Adjusted up 12%; EPS: GAAP up 47%, Adjusted up 11%

Reaffirms 2022 Revenue and EPS Growth Outlook

Order Backlog Remains Robust, up 23%

Commits to Sale of Agtech’s Processing Business

Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2022.

“Gibraltar generated solid revenue and EPS growth in the quarter despite the continuation of supply issues impacting our solar customers, the solar industry, and our Renewables business, particularly early in the quarter,” Chairman and CEO Bill Bosway stated. “Our Residential business generated strong revenue and margin performance, our Agtech business continued to expand adjusted operating margin, and our Infrastructure business delivered strong revenue growth. Demand across the company remains very solid with our backlog up 23% during the quarter."

First Quarter 2022 Consolidated Results from Continuing Operations

Below are first quarter 2022 consolidated results from continuing operations:

 

Three Months Ended March 31,

$Millions, except EPS

GAAP

 

 

Adjusted

 

2022

 

2021

 

% Change

 

 

2022

 

2021

 

% Change

Net Sales

$317.9

 

$287.6

 

10.5%

 

 

$316.0

 

$282.6

 

11.8%

Net Income

$15.5

 

$10.5

 

47.6%

 

 

$19.7

 

$18.0

 

9.4%

Diluted EPS

$0.47

 

$0.32

 

46.9%

 

 

$0.60

 

$0.54

 

11.1%

Net sales from continuing operations increased 10.5% to $317.9 million. Gibraltar made the decision during the first quarter of 2022 to sell its Agtech processing equipment business and, as adjusted to exclude this business’s revenue, adjusted revenue increased 11.8% to $316.0 million. This organic increase was driven by participation gains and price management in the Residential segment, partially offset by continued supply chain challenges in the Renewables segment.

GAAP earnings increased 47.6% to $15.5 million, or $0.47 per share, and adjusted earnings increased 9.4% to $19.7 million, or $0.60 per share. Profitability in the quarter was driven by Residential through participation gains, price management and 80/20 initiatives. While Agtech GAAP margin decreased year-over-year, adjusted segment margin improved through 80/20 and lean enterprise initiatives, supply chain optimization activities, and favorable business mix. As anticipated, the Renewables segment experienced a carryover of the supply challenges plaguing the industry in 2021 during the first quarter, and was also impacted by project inefficiencies due to severe winter weather. Infrastructure margin was impacted by steel inflation, labor availability, and 2nd shift start-up inefficiencies to support demand in the fabrication business.

Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and the results of our Processing business, which has been classified as held for sale as further described in adjusted financial measures below.

First Quarter Segment Results

Renewables

For the first quarter, the Renewables segment reported:

 

Three Months Ended March 31,

$Millions

GAAP

 

Adjusted

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

$78.8

$85.5

(7.8)%

 

$78.8

$85.5

(7.8)%

Operating (Loss) Income

$(7.0)

$(0.5)

nmf*

 

$(4.3)

$6.4

nmf*

Operating Margin

(8.9)%

(0.6)%

(830) bps

 

(5.4)%

7.4%

(1280) bps

*nmf - change is not meaningful

As expected, the industry-wide supply chain challenges experienced in 2021 continued to delay and disrupt solar project schedules in the first quarter, and severe weather in the Northeast, particularly in January and February, also contributed to project delays and disruptions. While revenue decreased 7.8% for the quarter, end market demand remained robust with new bookings driving backlog up 41% during the quarter.

Adjusted operating loss was $4.3 million and operating margin contracted to (5.4)% on lower volume and field management inefficiencies related to project delays and disruptions. These factors began to abate in March and Gibraltar expects significant sequential margin improvement in the second quarter.

Residential

For the first quarter, the Residential segment reported:

 

Three Months Ended March 31,

$Millions

GAAP

 

Adjusted

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

$179.5

$140.2

28.0%

 

$179.5

$140.2

28.0%

Operating Income

$33.4

$22.9

45.9%

 

$33.7

$23.0

46.5%

Operating Margin

18.6%

16.4%

220 bps

 

18.8%

16.4%

240 bps

Revenue increased 28.0%, marking the seventh consecutive quarter of double-digit growth. Revenue was driven by market, price and participation gains both in the building products and mail and package businesses.

Adjusted operating income grew 46.5% and adjusted operating margin improved 240 basis points to 18.8% as price/cost management, segment mix, and 80/20 initiatives continue to drive year-over-year margin improvement.

Agtech

Gibraltar has classified the processing equipment business, which accounted for 10% of the Agtech segment’s 2021 revenue, as held-for-sale with first quarter 2022 results and has removed the related revenues and expenses of this business from its adjusted results. This market has been significantly impacted by industry conditions and the pandemic over the last two years, and its recovery projection no longer fits Gibraltar’s timetable for growth and return generation. This decision will enable the Agtech team to focus on accelerating in its more profitable greenhouse structures markets - Produce, Commercial, and Cannabis.

For the first quarter, the Agtech segment reported:

 

Three Months Ended March 31,

$Millions

GAAP

 

Adjusted

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

$42.4

$46.7

(9.2)%

 

$40.6

$41.8

(2.9)%

Operating Income

$0.0

$0.9

(100.0)%

 

$2.5

$2.0

25.0%

Operating Margin

0.1%

2.0%

(190) bps

 

6.3%

4.7%

160 bps

GAAP revenue decreased 9.2% and adjusted revenue decreased 2.9% as projects were delayed as states and local agencies continue to work through respective construction permit backlogs and scheduled timing of projects. Despite these delays, market demand in Produce, Commercial, and Cannabis continues to grow with order backlog increasing 18% in the quarter.

Adjusted operating margin improved 160 basis points versus last year on continued execution 80/20 and lean enterprise initiatives, integration activities, improved business mix, and supply chain optimization projects.

Infrastructure

For the first quarter, the Infrastructure segment reported:

 

Three Months Ended March 31,

$Millions

GAAP

 

Adjusted

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

$17.2

$15.1

13.9%

 

$17.2

$15.1

13.9%

Operating Income

$1.2

$2.0

(40.0)%

 

$1.2

$2.0

(40.0)%

Operating Margin

6.9%

13.5%

(660) bps

 

6.9%

13.5%

(660) bps

Revenue increased 13.9%, driven by growth in fabricated products. While order backlog declined 7% on timing of orders and revenues, pipeline and bidding activity remain strong. Management continues to expect a positive impact of incremental government spending on infrastructure toward the end of 2022.

Adjusted operating margin decreased year-over-year but remained flat sequentially as steel inflation impacted fixed price projects booked in 2020 and early 2021. The fabrication business also experienced challenges with labor availability and inefficiencies related to adding second shift capacity to support increased demand. Margins are expected to improve through 2022 as incremental capacity becomes more efficient and orders for higher margin, non-fabricated product continue to improve.

Business Outlook

Gibraltar is reaffirming guidance for revenue and earnings for the full year 2022, with consolidated revenue expected to range between $1.38 billion and $1.43 billion. GAAP EPS is expected to be between $2.80 and $3.00, and adjusted EPS expected to be between $3.20 and $3.40.

“Given our solid start to the year and current demand across the business, our outlook for the year remains unchanged. We expect our Renewables segment to improve in the second quarter and are working closely with customers to assess potential exposure to the Department of Commerce’s solar panel anti-circumvention investigation. We expect solid performance in our Residential segment as we continue to execute on demand, manage price/cost, and gain additional participation. We look for the Agtech segment’s performance to continue to improve as it executes on higher margin backlog and benefits from 80/20 and lean initiatives. We expect Infrastructure to have a solid year with favorable business mix, good volume, and improved efficiency in its operations,” said Mr. Bosway.

Recast of 2021 Financial Information

Gibraltar has provided a recast of Consolidated and Agtech segment results reflecting the removal of the processing equipment business for the four quarters and full year of 2021 on the Quarterly Results page of its website, which can be accessed through the Investor section by clicking on Reports & Presentations.

First Quarter 2022 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2022. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call may also be accessed by dialing into the call at (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit 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. 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, availability of labor at our manufacturing and distribution facilities or on our project sites, further impacts of COVID-19 on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, 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, disruptions to our IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation), rebates, credits and incentives and variations in government spending 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 and Quarterly Report on Form 10-Q 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, including adjusted revenues, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) each a non-GAAP financial measure. Adjusted revenue reflects the removal of revenue associated with our Processing business, which has been classified as held-for-sale. Adjusted net income, operating income and margin excludes special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs and the operating losses generated by our processing business that has been classified as held-for-sale. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The adjusted measures now exclude the results of the Processing business since it was classified as held for sale as of March 31, 2022. Our adjusted financial measures as of and for the three-month period ending March 31, 2021 have been recast to reflect this additional adjustment as detailed in the appended reconciliation of adjusted financial measures. The results of the Processing business are considered non-recurring due to the Company’s commitment during the first quarter of 2022 to a plan to sell the Processing business. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes depreciation, amortization and stock compensation. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. The Company believes that the presentation of results excluding these items provides meaningful supplemental data to investors 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. Adjusted EBITDA is also a useful measure of the Company’s ability to service debt and is one of the measures used for determining the Company’s debt covenant compliance.

Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures excluding special charges 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 our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Reconciliations of non-GAAP measures related to full-year 2022 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.

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 

Three Months Ended

March 31,

 

 

2022

 

 

2021

Net Sales

$

317,865

 

$

287,592

Cost of sales

 

253,021

 

 

227,574

Gross profit

 

64,844

 

 

60,018

Selling, general, and administrative expense

 

43,649

 

 

47,203

Income from operations

 

21,195

 

 

12,815

Interest expense

 

485

 

 

444

Other expense

 

153

 

 

315

Income before taxes

 

20,557

 

 

12,056

Provision for income taxes

 

5,101

 

 

1,560

Income from continuing operations

 

15,456

 

 

10,496

Discontinued operations:

 

 

 

Income before taxes

 

 

 

2,570

Provision for income taxes

 

 

 

304

Income from discontinued operations

 

 

 

2,266

Net income

$

15,456

 

$

12,762

Net earnings per share – Basic:

 

 

 

Income from continuing operations

$

0.47

 

$

0.32

Income from discontinued operations

 

 

 

0.07

Net income

$

0.47

 

$

0.39

Weighted average shares outstanding – Basic

 

32,913

 

 

32,771

Net earnings per share – Diluted:

 

 

 

Income from continuing operations

$

0.47

 

$

0.32

Income from discontinued operations

 

 

 

0.07

Net income

$

0.47

 

$

0.39

Weighted average shares outstanding – Diluted

 

33,022

 

 

33,104

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

March 31,

2022

 

December 31,

2021

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

15,573

 

$

12,849

Accounts receivable, net of allowance of $4,433 and $3,738, respectively

 

245,807

 

 

236,444

Inventories, net

 

187,255

 

 

176,207

Prepaid expenses and other current assets

 

36,836

 

 

21,467

Total current assets

 

485,471

 

 

446,967

Property, plant, and equipment, net

 

97,720

 

 

96,885

Operating lease assets

 

16,082

 

 

18,120

Goodwill

 

510,540

 

 

510,942

Acquired intangibles

 

132,107

 

 

141,504

Other assets

 

420

 

 

483

 

$

1,242,340

 

$

1,214,901

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

159,214

 

$

172,286

Accrued expenses and other current liabilities

 

67,495

 

 

67,993

Billings in excess of cost

 

60,992

 

 

46,711

Total current liabilities

 

287,701

 

 

286,990

Long-term debt

 

42,367

 

 

23,781

Deferred income taxes

 

40,221

 

 

40,278

Non-current operating lease liabilities

 

9,377

 

 

11,390

Other non-current liabilities

 

24,272

 

 

27,204

Stockholders’ equity:

 

 

 

Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding

 

 

 

Common stock, $0.01 par value; authorized 100,000 shares in 2022 and 2021;

33,972 shares and 33,799 shares issued and outstanding in 2022 and 2021

 

340

 

 

338

Additional paid-in capital

 

315,891

 

 

314,541

Retained earnings

 

561,028

 

 

545,572

Accumulated other comprehensive (loss) income

 

(16)

 

 

187

Cost of 1,179 and 1,107 common shares held in treasury in 2022 and 2021

 

(38,841)

 

 

(35,380)

Total stockholders’ equity

 

838,402

 

 

825,258

 

$

1,242,340

 

$

1,214,901

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

Three Months Ended

March 31,

 

 

2022

 

 

2021

Cash Flows from Operating Activities

 

 

 

Net income

$

15,456

 

$

12,762

Income from discontinued operations

 

 

 

2,266

Income from continuing operations

 

15,456

 

 

10,496

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

6,336

 

 

7,974

Stock compensation expense

 

1,352

 

 

2,368

Exit activity costs, non-cash

 

1,198

 

 

1,193

Provision for deferred income taxes

 

17

 

 

Other, net

 

1,395

 

 

(162)

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

 

 

 

Accounts receivable

 

(11,101)

 

 

(2,522)

Inventories

 

(20,937)

 

 

(15,262)

Other current assets and other assets

 

731

 

 

(435)

Accounts payable

 

(11,962)

 

 

1,470

Accrued expenses and other non-current liabilities

 

9,761

 

 

(6,334)

Net cash used in operating activities of continuing operations

 

(7,754)

 

 

(1,214)

Net cash used in operating activities of discontinued operations

 

 

 

(2,011)

Net cash used in operating activities

 

(7,754)

 

 

(3,225)

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

 

 

 

(2)

Net proceeds from sale of property and equipment

 

7

 

 

Purchases of property, plant, and equipment

 

(4,409)

 

 

(4,389)

Net proceeds from sale of business

 

 

 

26,991

Net cash (used in) provided by investing activities of continuing operations

 

(4,402)

 

 

22,600

Net cash used in investing activities of discontinued operations

 

 

 

(176)

Net cash (used in) provided by investing activities

 

(4,402)

 

 

22,424

Cash Flows from Financing Activities

 

 

 

Proceeds from long-term debt

 

47,500

 

 

20,000

Long-term debt payments

 

(29,000)

 

 

(46,636)

Purchase of common stock at market prices

 

(3,461)

 

 

(4,662)

Net proceeds from issuance of common stock

 

 

 

910

Net cash provided by (used in) financing activities

 

15,039

 

 

(30,388)

Effect of exchange rate changes on cash

 

(159)

 

 

(134)

Net increase (decrease) in cash and cash equivalents

 

2,724

 

 

(11,323)

Cash and cash equivalents at beginning of year

 

12,849

 

 

32,054

Cash and cash equivalents at end of period

$

15,573

 

$

20,731

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

March 31,2022

 

 

 

As

Reported In

GAAP

Statements

 

Restructuring

Charges

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

78,783

 

$

 

$

 

$

 

$

 

$

78,783

Residential

 

 

179,485

 

 

 

 

 

 

 

 

 

 

179,485

Agtech

 

 

42,428

 

 

 

 

 

 

 

 

(1,823)

 

 

40,605

Infrastructure

 

 

17,169

 

 

 

 

 

 

 

 

 

 

17,169

Consolidated sales

 

 

317,865

 

 

 

 

 

 

 

 

(1,823)

 

 

316,042

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(6,984)

 

 

2,526

 

 

(209)

 

 

390

 

 

 

 

(4,277)

Residential

 

 

33,435

 

 

3

 

 

284

 

 

 

 

 

 

33,722

Agtech

 

 

31

 

 

(9)

 

 

 

 

 

 

2,525

 

 

2,547

Infrastructure

 

 

1,181

 

 

(63)

 

 

 

 

 

 

 

 

1,118

Segments Income

 

 

27,663

 

 

2,457

 

 

75

 

 

390

 

 

2,525

 

 

33,110

Unallocated corporate expense

 

 

(6,468)

 

 

20

 

 

255

 

 

7

 

 

 

 

(6,186)

Consolidated income from operations

 

 

21,195

 

 

2,477

 

 

330

 

 

397

 

 

2,525

 

 

26,924

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

485

 

 

 

 

 

 

 

 

 

 

485

Other expense

 

 

153

 

 

 

 

 

 

 

 

 

 

153

Income before income taxes

 

 

20,557

 

 

2,477

 

 

330

 

 

397

 

 

2,525

 

 

26,286

Provision for income taxes

 

 

5,101

 

 

622

 

 

83

 

 

100

 

 

634

 

 

6,540

Income from continuing operations

 

$

15,456

 

$

1,855

 

$

247

 

$

297

 

$

1,891

 

$

19,746

Income from continuing operations per share - diluted

 

$

0.47

 

$

0.05

 

$

0.01

 

$

0.01

 

$

0.06

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(8.9) %

 

 

3.2 %

 

 

(0.3) %

 

 

0.5 %

 

 

— %

 

 

(5.4) %

Residential

 

 

18.6 %

 

 

— %

 

 

0.2 %

 

 

— %

 

 

— %

 

 

18.8 %

Agtech

 

 

0.1 %

 

 

— %

 

 

— %

 

 

— %

 

 

6.0 %

 

 

6.3 %

Infrastructure

 

 

6.9 %

 

 

(0.4) %

 

 

— %

 

 

— %

 

 

— %

 

 

6.5 %

Segments Margin

 

 

8.7 %

 

 

0.8 %

 

 

— %

 

 

0.1 %

 

 

0.8 %

 

 

10.5 %

Consolidated

 

 

6.7 %

 

 

0.8 %

 

 

0.1 %

 

 

0.1 %

 

 

0.8 %

 

 

8.5 %

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

March 31, 2021

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

 

Portfolio

Management*

 

Adjusted

Financial

Measures*

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

85,512

 

$

 

$

 

$

85,512

 

$

 

$

85,512

Residential

 

 

140,217

 

 

 

 

 

 

140,217

 

 

 

 

140,217

Agtech

 

 

46,739

 

 

 

 

 

 

46,739

 

 

(4,973)

 

 

41,766

Infrastructure

 

 

15,124

 

 

 

 

 

 

15,124

 

 

 

 

15,124

Consolidated sales

 

 

287,592

 

 

 

 

 

 

287,592

 

 

(4,973)

 

 

282,619

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(521)

 

 

4,971

 

 

1,900

 

 

6,350

 

 

 

 

6,350

Residential

 

 

22,934

 

 

65

 

 

 

 

22,999

 

 

 

 

22,999

Agtech

 

 

929

 

 

204

 

 

 

 

1,133

 

 

836

 

 

1,969

Infrastructure

 

 

2,037

 

 

 

 

 

 

2,037

 

 

 

 

2,037

Segments Income

 

 

25,379

 

 

5,240

 

 

1,900

 

 

32,519

 

 

836

 

 

33,355

Unallocated corporate expense

 

 

(12,564)

 

 

1,289

 

 

883

 

 

(10,392)

 

 

 

 

(10,392)

Consolidated income from operations

 

 

12,815

 

 

6,529

 

 

2,783

 

 

22,127

 

 

836

 

 

22,963

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

444

 

 

 

 

 

 

444

 

 

 

 

444

Other expense

 

 

315

 

 

 

 

 

 

315

 

 

 

 

315

Income before income taxes

 

 

12,056

 

 

6,529

 

 

2,783

 

 

21,368

 

 

836

 

 

22,204

Provision for income taxes

 

 

1,560

 

 

1,679

 

 

707

 

 

3,946

 

 

221

 

 

4,167

Income from continuing operations

 

$

10,496

 

$

4,850

 

$

2,076

 

$

17,422

 

$

615

 

$

18,037

Income from continuing operations per share - diluted

 

$

0.32

 

$

0.15

 

$

0.06

 

$

0.53

 

$

0.01

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(0.6) %

 

 

5.8 %

 

 

2.2 %

 

 

7.4 %

 

 

— %

 

 

7.4 %

Residential

 

 

16.4 %

 

 

— %

 

 

— %

 

 

16.4 %

 

 

— %

 

 

16.4 %

Agtech

 

 

2.0 %

 

 

0.4 %

 

 

— %

 

 

2.4 %

 

 

2.3 %

 

 

4.7 %

Infrastructure

 

 

13.5 %

 

 

— %

 

 

— %

 

 

13.5 %

 

 

— %

 

 

13.5 %

Segments Margin

 

 

8.8 %

 

 

1.8 %

 

 

0.7 %

 

 

11.3 %

 

 

0.5 %

 

 

11.8 %

Consolidated

 

 

4.5 %

 

 

2.2 %

 

 

1.0 %

 

 

7.7 %

 

 

0.4 %

 

 

8.1 %

*Recast to exclude processing equipment business which was reclassified as held for sale as of March 31, 2022.

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

Twelve Months Ended December 31, 2021

 

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Intangible

Asset

Impairment

Charges

 

Acquisition

Related Items

& Senior

Leadership

Transition

Costs

 

Adjusted

Financial

Measures

 

Portfolio

Management*

 

Adjusted

Financial

Measures *

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

432,096

 

$

 

$

 

$

432,096

 

$

 

$

432,096

Residential

 

 

635,505

 

 

 

 

 

 

635,505

 

 

 

 

635,505

Agtech

 

 

199,161

 

 

 

 

 

 

199,161

 

 

(20,328)

 

 

178,833

Infrastructure

 

 

73,021

 

 

 

 

 

 

73,021

 

 

 

 

73,021

Consolidated sales

 

 

1,339,783

 

 

 

 

 

 

1,339,783

 

 

(20,328)

 

 

1,319,455

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

20,158

 

 

5,962

 

 

8,610

 

 

34,730

 

 

 

 

34,730

Residential

 

 

105,821

 

 

393

 

 

 

 

106,214

 

 

 

 

106,214

Agtech

 

 

(931)

 

 

9,987

 

 

 

 

9,056

 

 

3,539

 

 

12,595

Infrastructure

 

 

8,911

 

 

26

 

 

 

 

8,937

 

 

 

 

8,937

Segments Income

 

 

133,959

 

 

16,368

 

 

8,610

 

 

158,937

 

 

3,539

 

 

162,476

Unallocated corporate expense

 

 

(36,971)

 

 

145

 

 

2,282

 

 

(34,544)

 

 

 

 

(34,544)

Consolidated income from operations

 

 

96,988

 

 

16,513

 

 

10,892

 

 

124,393

 

 

3,539

 

 

127,932

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,639

 

 

 

 

 

 

1,639

 

 

 

 

1,639

Other expense

 

 

(4,213)

 

 

 

 

4,747

 

 

534

 

 

 

 

534

Income before income taxes

 

 

99,562

 

 

16,513

 

 

6,145

 

 

122,220

 

 

3,539

 

 

125,759

Provision for income taxes

 

 

25,046

 

 

4,150

 

 

1,059

 

 

30,255

 

 

926

 

 

31,181

Income from continuing operations

 

$

74,516

 

$

12,363

 

$

5,086

 

$

91,965

 

$

2,613

 

$

94,578

Income from continuing operations per share - diluted

 

$

2.25

 

$

0.38

 

$

0.15

 

$

2.78

 

$

0.08

 

$

2.86

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

4.7 %

 

 

1.4 %

 

 

2.0 %

 

 

8.0 %

 

 

— %

 

 

8.0 %

Residential

 

 

16.7 %

 

 

0.1 %

 

 

— %

 

 

16.7 %

 

 

— %

 

 

16.7 %

Agtech

 

 

(0.5) %

 

 

5.0 %

 

 

— %

 

 

4.5 %

 

 

2.5 %

 

 

7.0 %

Infrastructure

 

 

12.2 %

 

 

— %

 

 

— %

 

 

12.2 %

 

 

— %

 

 

12.2 %

Segments Margin

 

 

10.0 %

 

 

1.2 %

 

 

0.6 %

 

 

11.9 %

 

 

0.4 %

 

 

12.3 %

Consolidated

 

 

7.2 %

 

 

1.2 %

 

 

0.7 %

 

 

9.3 %

 

 

0.4 %

 

 

9.7 %

 

 

 

 

 

 

 

 

 

 

 

 

 

*Recast to exclude processing equipment business which was reclassified as held for sale as of March 31, 2022.

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended

March 31,2022

 

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

317,865

 

$

78,783

 

$

179,485

 

$

42,428

 

$

17,169

Less: Processing Revenues*

 

 

(1,823)

 

 

 

 

 

 

(1,823)

 

 

Adjusted Net Sales

 

$

316,042

 

$

78,783

 

$

179,485

 

$

40,605

 

$

17,169

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

15,456

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

5,101

 

 

 

 

 

 

 

 

Interest Expense

 

 

485

 

 

 

 

 

 

 

 

Other Expense

 

 

153

 

 

 

 

 

 

 

 

Operating Profit

 

 

21,195

 

 

(6,984)

 

 

33,435

 

 

31

 

 

1,181

 

 

 

 

 

 

 

 

 

 

 

Adjusted Measures**

 

 

5,729

 

 

2,707

 

 

287

 

 

2,516

 

 

(63)

Adjusted Operating Profit

 

 

26,924

 

 

(4,277)

 

 

33,722

 

 

2,547

 

 

1,118

Adjusted Operating Margin

 

 

8.5 %

 

 

(5.4) %

 

 

18.8 %

 

 

6.3 %

 

 

6.5 %

Adjusted Other Expense

 

 

153

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

6,336

 

 

2,143

 

 

2,053

 

 

1,319

 

 

783

Less: Held for Sale Depreciation & Amortization

 

 

(332)

 

 

 

 

 

 

(332)

 

 

Adjusted Depreciation & Amortization

 

 

6,004

 

 

2,143

 

 

2,053

 

 

987

 

 

783

Stock Compensation Expense

 

 

1,352

 

 

253

 

 

191

 

 

70

 

 

33

Less: Senior Leadership Transition Related Stock Compensation Recovery

 

 

155

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

1,507

 

 

253

 

 

191

 

 

70

 

 

33

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

34,282

 

 

(1,881)

 

 

35,966

 

 

3,604

 

 

1,934

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

10.8 %

 

 

(2.4) %

 

 

20.0 %

 

 

8.9 %

 

 

11.3 %

*To remove revenues of processing equipment business classified as held for sale

** Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended

March 31, 2021

 

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

287,592

 

$

85,512

 

$

140,217

 

$

46,739

 

$

15,124

Less: Processing Revenues*

 

 

(4,973)

 

 

 

 

 

 

(4,973)

 

 

Adjusted Net Sales

 

$

282,619

 

$

85,512

 

$

140,217

 

$

41,766

 

$

15,124

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

10,496

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

1,560

 

 

 

 

 

 

 

 

Interest Expense

 

 

444

 

 

 

 

 

 

 

 

Other Expense

 

 

315

 

 

 

 

 

 

 

 

Operating Profit

 

 

12,815

 

 

(521)

 

 

22,934

 

 

929

 

 

2,037

 

 

 

 

 

 

 

 

 

 

 

Adjusted Measures**

 

 

10,148

 

 

6,871

 

 

65

 

 

1,040

 

 

Adjusted Operating Profit

 

 

22,963

 

 

6,350

 

 

22,999

 

 

1,969

 

 

2,037

Adjusted Operating Margin

 

 

8.1 %

 

 

7.4 %

 

 

16.4 %

 

 

4.7 %

 

 

13.5 %

Adjusted Other Expense

 

 

315

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

7,974

 

 

3,591

 

 

2,215

 

 

1,348

 

 

768

Less: Held for Sale Depreciation & Amortization

 

 

(330)

 

 

 

 

 

 

(330)

 

 

Less: Acquisition-Related Amortization

 

 

(1,575)

 

 

(1,575)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

6,069

 

 

2,016

 

 

2,215

 

 

1,018

 

 

768

Stock Compensation Expense

 

 

2,368

 

 

154

 

 

220

 

 

151

 

 

28

Less: Senior Leadership Transition Related Stock Compensation Expense

 

 

(504)

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

1,864

 

 

154

 

 

220

 

 

151

 

 

28

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

30,581

 

 

8,520

 

 

25,434

 

 

3,138

 

 

2,833

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

10.8 %

 

 

10.0 %

 

 

18.1 %

 

 

7.5 %

 

 

18.7 %

*To remove revenues of processing equipment business classified as held for sale

** Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Twelve Months Ended December 31, 2021

 

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,339,783

 

$

432,096

 

$

635,505

 

$

199,161

 

$

73,021

Less: Processing Revenues*

 

 

(20,328)

 

 

 

 

 

 

(20,328)

 

 

Adjusted Net Sales

 

$

1,319,455

 

$

432,096

 

$

635,505

 

$

178,833

 

$

73,021

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

74,516

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

25,046

 

 

 

 

 

 

 

 

Interest Expense

 

 

1,639

 

 

 

 

 

 

 

 

Other Income

 

 

(4,213)

 

 

 

 

 

 

 

 

Operating Profit

 

 

96,988

 

 

20,158

 

 

105,821

 

 

(931)

 

 

8,911

Adjusted Measures**

 

 

30,944

 

 

14,572

 

 

393

 

 

13,526

 

 

26

Adjusted Operating Profit

 

 

127,932

 

 

34,730

 

 

106,214

 

 

12,595

 

 

8,937

Adjusted Operating Margin

 

 

9.7 %

 

 

8.0 %

 

 

16.7 %

 

 

7.0 %

 

 

12.2 %

Adjusted Other Income

 

 

534

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

31,966

 

 

14,682

 

 

8,694

 

 

5,279

 

 

3,092

Less: Held for Sale Depreciation & Amortization

 

 

(1,324)

 

 

 

 

 

 

(1,324)

 

 

Less: Acquisition-Related Amortization

 

 

(6,273)

 

 

(6,273)

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

24,369

 

 

8,409

 

 

8,694

 

 

3,955

 

 

3,092

Stock Compensation Expense

 

 

8,652

 

 

772

 

 

990

 

 

635

 

 

104

Less: Senior Leadership Transition Related Stock Compensation Expense

 

 

(757)

 

 

 

 

 

 

(36)

 

 

Adjusted Stock Compensation Expense

 

 

7,895

 

 

772

 

 

990

 

 

599

 

 

104

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

159,662

 

 

43,911

 

 

115,898

 

 

17,149

 

 

12,133

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

12.1 %

 

 

10.2 %

 

 

18.2 %

 

 

9.6 %

 

 

16.6 %

*To remove revenues of processing equipment business classified as held for sale

** Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

 

Contacts

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

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