July 26, 2019 - 7:30 AM EDT
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Gibraltar Announces Second-Quarter 2019 Financial Results

BUFFALO, N.Y.

Reports Revenues of $262.7 Million, GAAP EPS of $0.61 and Adjusted EPS of $0.73

Gibraltar Reaffirms Guidance for 2019 Based on Record Backlog

Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets, today reported its financial results for the three-month and six-month periods ended June 30, 2019.

Second-quarter Consolidated Results

Gibraltar reported the following consolidated results:

 

Three Months Ended June 30,

Dollars in millions, except EPS

GAAP

 

Adjusted

 

2019

2018

% Change

 

2019

2018

% Change

Net Sales

$

262.7

$

266.0

(1.2

)%

 

$

262.7

$

266.0

(1.2

)%

Net Income

$

19.9

$

22.8

(12.7

)%

 

$

23.7

$

23.1

2.6

%

Diluted EPS

$

0.61

$

0.70

(12.9

)%

 

$

0.73

$

0.71

2.8

%

The Company reported second-quarter 2019 net sales of $262.7 million, slightly below its guidance as provided in its first-quarter 2019 earnings release. The Company delivered solid growth in its Renewables, Conservation, and Infrastructure businesses, and continued to see its backlog across the business build to a record level of $242 million, up 30% versus last year. The Residential Products Segment delivered flat revenue year-over-year in a slower-than-expected market that was impacted by weather and labor shortages. The Industrial & Infrastructure Segment delivered lower revenue in the quarter as declining steel prices resulted in Industrial customers delaying new orders while they manage existing inventory levels. The Infrastructure business delivered another quarter of positive growth as end-market activity continued to strengthen and new business bid activity increased.

GAAP and adjusted earnings were in line with guidance provided in the Company’s first-quarter 2019 earnings release. Earnings in the quarter were impacted by volume and incremental expense of $2.3 million, or $0.05 per share, related to substantially completing the field ramp-up of the Company’s new solar tracking solution, partially offset by interest savings from the repayment of the Company’s outstanding debt earlier in the year, lower performance-based compensation and the acceleration of 80/20 initiatives. Without the expense related to our solar tracking solution, GAAP and adjusted earnings would have exceeded the top end of the Company’s guidance for the quarter. The adjusted amounts for the second quarter of 2019 and 2018 remove special items, such as restructuring costs and senior leadership transition costs from both periods, as further described in the appended reconciliation of adjusted financial measures.

Management Comments

“Despite challenging market dynamics in our Residential and Industrial businesses in the quarter, we have solid momentum going into the second half of the year,” said President and Chief Executive Officer William Bosway. “Our backlog is currently at a record level, up 30% from a year ago due to strength in our solar, greenhouse, perimeter security and infrastructure businesses. We plan to continue to drive growth through our participation in attractive end markets, market share gains, and the ramp-up of new, innovative products and services.

“We would have exceeded the high end of our quarterly earnings guidance had it not been for an incremental $2.3 million we invested to substantially complete the field ramp-up of our new solar tracking solution. Our acceleration of 80/20 simplification, in-lining, and key supply chain initiatives remain foundational to delivering on our plan to drive earnings growth and we continue to benefit from the interest savings from the repayment of our notes.”

Second-quarter Segment Results

Residential Products

For the second quarter, the Residential Products segment reported:

 

Three Months Ended June 30,

Dollars in millions

GAAP

 

Adjusted

 

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

Net Sales

$

130.4

 

$

131.1

 

(0.5

)%

 

$

130.4

 

$

131.1

 

(0.5

)%

Operating Margin

 

15.9

%

 

18.5

%

(260) bps

 

 

16.2

%

 

18.5

%

(230) bps

Second-quarter 2019 revenues in Gibraltar’s Residential Products segment were essentially flat versus the prior year, as lower demand due to difficult weather conditions and labor shortages was largely offset by carryover selling price increases implemented during the second half of 2018.

The second-quarter operating margin decline resulted from reduced leverage on lower volumes, material cost alignment on a year-over-year basis, and unfavorable product mix. This was partially offset by the benefit from restructuring and 80/20 simplification initiatives. The adjusted operating margin for the second quarter of 2019 and 2018 removes the special charges for restructuring initiatives under the 80/20 program from both periods.

Industrial & Infrastructure Products

For the second quarter, the Industrial & Infrastructure Products segment reported:

 

Three Months Ended June 30,

Dollars in millions

GAAP

 

Adjusted

 

 

2019

 

 

2018

 

% Change

 

 

2019

 

 

2018

 

% Change

Net Sales

$

56.2

 

$

61.2

 

(8.2

)%

 

$

56.2

 

$

61.2

 

(8.2

)%

Operating Margin

 

7.2

%

 

10.8

%

(360) bps

 

 

9.6

%

 

10.8

%

(120) bps

Second-quarter 2019 revenues for the segment were down 8.2 percent year over year, driven by lower demand in the Company’s Industrial business for its core expanded metal products. As steel prices declined during the quarter, customers of the Industrial business focused on the optimization of existing inventory versus making new purchases. Gibraltar did see positive order activity inside the Industrial business for its perimeter security solution, which resulted in record backlog for this business. The Infrastructure business continues to experience increased activity and growing backlog as the end markets remain positive and the amount of project bid activity continues to grow.

The year-over-year decline in GAAP and adjusted operating margin was driven by lower volume in the Industrial business, product mix and the alignment of material costs to pricing, partially offset by the benefit from 80/20 simplification initiatives. This segment’s adjusted operating margin for the second quarter of 2019 and 2018 removes the special charges for restructuring initiatives under the 80/20 program.

Renewable Energy & Conservation

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

 

Three Months Ended June 30,

Dollars in millions

GAAP

 

Adjusted

 

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

Net Sales

$

76.0

 

$

73.7

 

3.1

%

 

$

76.0

 

$

73.7

 

3.1

%

Operating Margin

 

12.7

%

 

13.0

%

(30) bps

 

 

12.6

%

 

13.0

%

(40) bps

The Renewable Energy & Conservation segment continued to build momentum in both the Solar and Greenhouse businesses. Revenue during the quarter was up 3.1 percent, driven by strong demand for greenhouse solutions and contribution from the prior-year acquisition of SolarBos. Revenue for Gibraltar’s solar tracker solution in the quarter was muted as the Company paused accepting new orders while implementing field modifications for customers.

The backlog for this segment is at record levels, with greenhouse solutions up nearly double versus last year, driven by strong demand in all greenhouse vertical markets – retail, institutional, fruits & vegetables, and cannabis. For solar solutions, backlog is up approximately 20% versus last year, driven by strong demand in fixed tilt. Strong end markets and share gains are driving backlog growth.

GAAP and adjusted operating margins decreased as Gibraltar incurred an incremental $2.3 million expense implementing field improvements for its tracker solution. Without these costs, operating margins would have improved over last year. The Company benefitted from improved price to material cost alignment and mix. This segment’s adjusted operating margin for the second quarter of 2019 and 2018 removes the special charges for restructuring initiatives.

Business Outlook

“With our backlog at record levels, we expect positive end-market activity across our portfolio during the second half of the year,” said Bosway. “Our backlog demonstrates our ability to drive sustainable growth.”

“We continue to accelerate our 80/20 operating cadence, invest in new product development, and continue to get closer to our customers. We are actively assessing acquisitions that will strengthen our platforms, enhance our growth and margin profile, and expand our presence in the end markets that we serve,” concluded Bosway.

Gibraltar is reiterating its guidance for revenues and earnings for the full year 2019. Gibraltar expects 2019 consolidated revenues to be in excess of $1 billion. GAAP EPS for full year 2019 are expected to be between $1.95 and $2.10, or $2.40 to $2.55 on an adjusted basis, compared with $1.96 and $2.14, respectively, in 2018.

For the third quarter of 2019, the Company expects revenue in the range of $288 million to $298 million. GAAP EPS for the third quarter 2019 is expected to be between $0.71 and $0.78, or $0.84 to $0.91 on an adjusted basis.

FY 2019 Guidance

 

 

 

 

 

 

 

 

 

Gibraltar Industries

Dollars in millions, except EPS

Operating

 

Income

Net

Diluted
Earnings

 

Income

 

Margin

 

Taxes

Income

Per Share

GAAP Measures

$

 

93-100

 

 

9.0-9.5%

 

$

 

26-28

 

$

 

64-69

 

$

 

1.95-2.10

 

Restructuring Costs

17

 

 

1.6%

 

3

 

 

15

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Measures

$

 

110-117

 

 

 

10.6-11.1%

 

$

 

29-31

 

$

 

79-84

 

$

 

2.40-2.55

 

Second-quarter Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the second quarter of 2019. Interested parties may access the call by dialing (877) 407-5790 or (201) 689-8328. The presentation slides that will be referenced during the conference call are expected to be available this morning, prior to the start of the call. The slides may be downloaded from the Gibraltar website: www.gibraltar1.com. A webcast replay of the conference call and a copy of the transcript will be available on the website following the call.

About Gibraltar

Gibraltar Industries is a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets. With a four-pillar strategy focused on operational improvement, product innovation, portfolio management and acquisitions, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers primarily throughout North America and to a lesser extent Asia. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.

Safe Harbor Statement

Information contained in this news release, other than historical information, contains forward-looking statements and is subject to a number of risk factors, uncertainties, and assumptions. Risk factors that could affect these statements include, but are not limited to, the following: the availability of raw materials and the effects of changing raw material prices on the Company’s results of operations; energy prices and usage; changing demand for the Company’s products and services; changes in the liquidity of the capital and credit markets; risks associated with the integration and performance of acquisitions; and changes in interest and tax rates. In addition, such forward-looking statements could also be affected by general industry and market conditions, as well as macroeconomic factors including government monetary and trade policies, such as tariffs and expiration of tax credits along with currency fluctuations and general political conditions. Other risks and uncertainties that arise from time to time are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K. 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 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.

Next Earnings Announcement

Gibraltar expects to release its financial results for the three-month and nine-month periods ending September 30, 2019, on October 25, 2019, and hold its earnings conference call later that morning, starting at 9:00 a.m. ET.

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Net Sales

$

 

262,655

 

 

$

 

266,036

 

 

$

 

490,072

 

 

$

 

481,373

 

Cost of sales

 

199,097

 

 

 

195,533

 

 

 

382,614

 

 

 

362,552

 

Gross profit

 

63,558

 

 

 

70,503

 

 

 

107,458

 

 

 

118,821

 

Selling, general, and administrative expense

 

36,952

 

 

 

38,229

 

 

 

70,286

 

 

 

72,704

 

Income from operations

 

26,606

 

 

 

32,274

 

 

 

37,172

 

 

 

46,117

 

Interest expense

 

219

 

 

 

3,130

 

 

 

2,280

 

 

 

6,399

 

Other (income) expense

 

(13

)

 

 

13

 

 

 

576

 

 

 

(572

)

Income before taxes

 

26,400

 

 

 

29,131

 

 

 

34,316

 

 

 

40,290

 

Provision for income taxes

 

6,487

 

 

 

6,294

 

 

 

8,058

 

 

 

9,101

 

Net income

$

 

19,913

 

 

$

 

22,837

 

 

$

 

26,258

 

 

$

 

31,189

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

Basic

$

 

0.62

 

 

$

 

0.72

 

 

$

 

0.81

 

 

$

 

0.98

 

Diluted

$

 

0.61

 

 

$

 

0.70

 

 

$

 

0.80

 

 

$

 

0.96

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

32,321

 

 

 

31,862

 

 

 

32,300

 

 

 

31,824

 

Diluted

 

32,642

 

 

 

32,553

 

 

 

32,630

 

 

 

32,498

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

 

 

June 30,
2019

 

December 31,
2018

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

81,882

 

 

$

297,006

 

Accounts receivable, net

180,701

 

 

140,283

 

Inventories

85,398

 

 

98,913

 

Other current assets

13,264

 

 

8,351

 

Total current assets

361,245

 

 

544,553

 

Property, plant, and equipment, net

95,867

 

 

95,830

 

Operating lease assets

30,029

 

 

 

Goodwill

324,019

 

 

323,671

 

Acquired intangibles

92,930

 

 

96,375

 

Other assets

2,768

 

 

1,216

 

 

$

906,858

 

 

$

1,061,645

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

83,140

 

 

$

79,136

 

Accrued expenses

66,980

 

 

87,074

 

Billings in excess of cost

38,133

 

 

17,857

 

Current maturities of long-term debt

 

 

208,805

 

Total current liabilities

188,253

 

 

392,872

 

Long-term debt

 

 

1,600

 

Deferred income taxes

37,380

 

 

36,530

 

Non-current operating lease liabilities

21,375

 

 

 

Other non-current liabilities

30,303

 

 

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; 33,101 shares and 32,887 shares issued and outstanding in 2019 and 2018

331

 

 

329

 

Additional paid-in capital

288,822

 

 

282,525

 

Retained earnings

366,835

 

 

338,995

 

Accumulated other comprehensive loss

(5,370

)

 

(7,234

)

Cost of 880 and 796 common shares held in treasury in 2019 and 2018

(21,071

)

 

(17,922

)

Total shareholders’ equity

629,547

 

 

596,693

 

 

$

906,858

 

 

$

1,061,645

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 

 

Six Months Ended
June 30,

 

2019

 

2018

Cash Flows from Operating Activities

 

 

 

Net income

$

 

26,258

 

 

$

 

31,189

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

9,892

 

 

 

10,345

 

Stock compensation expense

 

6,091

 

 

 

4,828

 

Exit activity recoveries, non-cash

 

 

 

(662

)

Provision for deferred income taxes

 

278

 

 

 

Other, net

 

2,437

 

 

 

657

 

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

 

 

 

Accounts receivable

 

(41,156

)

 

 

(22,048

)

Inventories

 

13,464

 

 

 

(14,985

)

Other current assets and other assets

 

(4,983

)

 

 

(2,840

)

Accounts payable

 

4,012

 

 

 

6,064

 

Accrued expenses and other non-current liabilities

 

(9,807

)

 

 

(16,351

)

Net cash provided by (used in) operating activities

 

6,486

 

 

 

(3,803

)

Cash Flows from Investing Activities

 

 

 

Acquisitions, net of cash acquired

 

(264

)

 

 

Net proceeds from sale of property and equipment

 

60

 

 

 

2,929

 

Purchases of property, plant, and equipment

 

(6,265

)

 

 

(3,704

)

Net cash used in investing activities

 

(6,469

)

 

 

(775

)

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

 

(3,149

)

 

 

(6,016

)

Net proceeds from issuance of common stock

 

208

 

 

 

526

 

Net cash used in financing activities

 

(216,176

)

 

 

(5,890

)

Effect of exchange rate changes on cash

 

1,035

 

 

 

(1,069

)

Net decrease in cash and cash equivalents

 

(215,124

)

 

 

(11,537

)

Cash and cash equivalents at beginning of year

 

297,006

 

 

 

222,280

 

Cash and cash equivalents at end of period

$

 

81,882

 

 

$

 

210,743

 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

 

 

Three Months Ended
June 30, 2019

 

 

As
Reported
In GAAP
Statements

 

Restructuring
and Acquisition
Related Items

 

Senior
Leadership
Transition
Costs

 

Debt
Repayment

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Residential Products

 

$

 

130,433

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

 

130,433

 

Industrial & Infrastructure Products

 

 

56,547

 

 

 

 

 

 

 

 

 

56,547

 

Less Inter-Segment Sales

 

 

(329

)

 

 

 

 

 

 

 

 

(329

)

 

 

 

56,218

 

 

 

 

 

 

 

 

 

56,218

 

Renewable Energy & Conservation

 

 

76,004

 

 

 

 

 

 

 

 

 

76,004

 

Consolidated sales

 

 

262,655

 

 

 

 

 

 

 

 

 

262,655

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Residential Products

 

 

20,778

 

 

 

219

 

 

 

78

 

 

 

 

 

21,075

 

Industrial & Infrastructure Products

 

 

4,069

 

 

 

1,346

 

 

 

 

 

 

 

5,415

 

Renewable Energy & Conservation

 

 

9,649

 

 

 

(95

)

 

 

 

 

 

 

9,554

 

Segments Income

 

 

34,496

 

 

 

1,470

 

 

 

78

 

 

 

 

 

36,044

 

Unallocated corporate expense

 

 

(7,890

)

 

 

670

 

 

 

1,770

 

 

 

 

 

(5,450

)

Consolidated income from operations

 

 

26,606

 

 

 

2,140

 

 

 

1,848

 

 

 

 

 

30,594

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

219

 

 

 

 

 

 

 

(38

)

 

 

181

 

Other income

 

 

(13

)

 

 

 

 

 

 

 

 

(13

)

Income before income taxes

 

 

26,400

 

 

 

2,140

 

 

 

1,848

 

 

 

38

 

 

 

30,426

 

Provision for income taxes

 

 

6,487

 

 

 

533

 

 

 

(301

)

 

 

9

 

 

 

6,728

 

Net income

 

$

 

19,913

 

 

$

 

1,607

 

 

$

 

2,149

 

 

$

 

29

 

 

$

 

23,698

 

Net earnings per share - diluted

 

$

 

0.61

 

 

$

 

0.05

 

 

$

 

0.07

 

 

$

 

 

 

$

 

0.73

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Residential Products

 

 

15.9

%

 

 

0.2

%

 

 

0.1

%

 

%

 

 

16.2

%

Industrial & Infrastructure Products

 

 

7.2

%

 

 

2.4

%

 

%

 

%

 

 

9.6

%

Renewable Energy & Conservation

 

 

12.7

%

 

 

(0.1

)%

 

%

 

%

 

 

12.6

%

Segments Margin

 

 

13.1

%

 

 

0.6

%

 

%

 

%

 

 

13.7

%

Consolidated

 

 

10.1

%

 

 

0.8

%

 

 

0.7

%

 

%

 

 

11.6

%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

 

 

Three Months Ended
June 30, 2018

 

 

As Reported In
GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

Residential Products

 

$

131,128

 

 

$

 

 

$

 

 

$

131,128

 

Industrial & Infrastructure Products

 

61,561

 

 

 

 

 

 

61,561

 

Less Inter-Segment Sales

 

(368

)

 

 

 

 

 

(368

)

 

 

61,193

 

 

 

 

 

 

61,193

 

Renewable Energy & Conservation

 

73,715

 

 

 

 

 

 

73,715

 

Consolidated sales

 

266,036

 

 

 

 

 

 

266,036

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

Residential Products

 

24,196

 

 

(29

)

 

 

 

24,167

 

Industrial & Infrastructure Products

 

6,604

 

 

(28

)

 

 

 

6,576

 

Renewable Energy & Conservation

 

9,556

 

 

(3

)

 

 

 

9,553

 

Segments income

 

40,356

 

 

(60

)

 

 

 

40,296

 

Unallocated corporate expense

 

(8,082

)

 

223

 

 

153

 

 

(7,706

)

Consolidated income from operations

 

32,274

 

 

163

 

 

153

 

 

32,590

 

 

 

 

 

 

 

 

 

 

Interest expense

 

3,130

 

 

 

 

 

 

3,130

 

Other expense

 

13

 

 

 

 

 

 

13

 

Income before income taxes

 

29,131

 

 

163

 

 

153

 

 

29,447

 

Provision for income taxes

 

6,294

 

 

40

 

 

43

 

 

6,377

 

Net income

 

$

22,837

 

 

$

123

 

 

$

110

 

 

$

23,070

 

Net earnings per share - diluted

 

$

0.70

 

 

$

0.01

 

 

$

 

 

$

0.71

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

Residential Products

 

18.5

%

 

%

 

%

 

18.5

%

Industrial & Infrastructure Products

 

10.8

%

 

%

 

%

 

10.8

%

Renewable Energy & Conservation

 

13.0

%

 

%

 

%

 

13.0

%

Segments margin

 

15.2

%

 

%

 

%

 

15.2

%

Consolidated

 

12.1

%

 

0.1

%

 

0.1

%

 

12.3

%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

 

 

Six Months Ended
June 30, 2019

 

 

As
Reported
In GAAP
Statements

 

Restructuring
and Acquisition
Related Items

 

Senior
Leadership
Transition
Costs

 

Debt
Repayment

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Residential Products

 

$

234,142

 

 

$

 

 

$

 

 

$

 

 

$

234,142

 

Industrial & Infrastructure Products

 

111,735

 

 

 

 

 

 

 

 

111,735

 

Less Inter-Segment Sales

 

(646

)

 

 

 

 

 

 

 

(646

)

 

 

111,089

 

 

 

 

 

 

 

 

111,089

 

Renewable Energy & Conservation

 

144,841

 

 

 

 

 

 

 

 

144,841

 

Consolidated sales

 

490,072

 

 

 

 

 

 

 

 

490,072

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Residential Products

 

32,868

 

 

370

 

 

78

 

 

 

 

33,316

 

Industrial & Infrastructure Products

 

8,198

 

 

1,313

 

 

 

 

 

 

9,511

 

Renewable Energy & Conservation

 

11,281

 

 

(1

)

 

 

 

 

 

11,280

 

Segments Income

 

52,347

 

 

1,682

 

 

78

 

 

 

 

54,107

 

Unallocated corporate expense

 

(15,175

)

 

677

 

 

4,265

 

 

 

 

(10,233

)

Consolidated income from operations

 

37,172

 

 

2,359

 

 

4,343

 

 

 

 

43,874

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,280

 

 

 

 

 

 

(1,079

)

 

1,201

 

Other expense

 

576

 

 

 

 

 

 

 

 

576

 

Income before income taxes

 

34,316

 

 

2,359

 

 

4,343

 

 

1,079

 

 

42,097

 

Provision for income taxes

 

8,058

 

 

587

 

 

320

 

 

269

 

 

9,234

 

Net income

 

$

26,258

 

 

$

1,772

 

 

$

4,023

 

 

$

810

 

 

$

32,863

 

Net earnings per share – diluted

 

$

0.80

 

 

$

0.06

 

 

$

0.12

 

 

$

0.03

 

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Residential Products

 

14.0

%

 

0.2

%

 

%

 

%

 

14.2

%

Industrial & Infrastructure Products

 

7.4

%

 

1.2

%

 

%

 

%

 

8.6

%

Renewable Energy & Conservation

 

7.8

%

 

%

 

%

 

%

 

7.8

%

Segments Margin

 

10.7

%

 

0.3

%

 

%

 

%

 

11.0

%

Consolidated

 

7.6

%

 

0.5

%

 

0.9

%

 

%

 

9.0

%

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)

 

 

 

Six Months Ended
June 30, 2018

 

 

As Reported In
GAAP
Statements

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Residential Products

 

$

 

235,076

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

 

235,076

 

Industrial & Infrastructure Products

 

 

116,185

 

 

 

 

 

 

 

 

 

116,185

 

Less Inter-Segment Sales

 

 

(589

)

 

 

 

 

 

 

 

 

(589

)

 

 

 

115,596

 

 

 

 

 

 

 

 

 

115,596

 

Renewable Energy & Conservation

 

 

130,701

 

 

 

 

 

 

 

 

 

130,701

 

Consolidated sales

 

 

481,373

 

 

 

 

 

 

 

 

 

481,373

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Residential Products

 

 

37,434

 

 

 

(195

)

 

 

 

 

 

 

37,239

 

Industrial & Infrastructure Products

 

 

9,206

 

 

 

(513

)

 

 

 

 

 

 

8,693

 

Renewable Energy & Conservation

 

 

13,618

 

 

 

133

 

 

 

178

 

 

 

 

 

13,929

 

Segments income

 

 

60,258

 

 

 

(575

)

 

 

178

 

 

 

 

 

59,861

 

Unallocated corporate expense

 

 

(14,141

)

 

 

267

 

 

 

458

 

 

 

 

 

(13,416

)

Consolidated income from operations

 

 

46,117

 

 

 

(308

)

 

 

636

 

 

 

 

 

46,445

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

6,399

 

 

 

 

 

 

 

 

 

6,399

 

Other income

 

 

(572

)

 

 

 

 

 

 

 

 

(572

)

Income before income taxes

 

 

40,290

 

 

 

(308

)

 

 

636

 

 

 

 

 

40,618

 

Provision for income taxes

 

 

9,101

 

 

 

(106

)

 

 

173

 

 

 

68

 

 

 

9,236

 

Net income

 

$

 

31,189

 

 

$

 

(202

)

 

$

 

463

 

 

$

 

(68

)

 

$

 

31,382

 

Net earnings per share - diluted

 

$

 

0.96

 

 

$

 

(0.01

)

 

$

 

0.02

 

 

$

 

 

 

$

 

0.97

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Residential Products

 

 

15.9

%

 

 

(0.1

)%

 

%

 

%

 

 

15.8

%

Industrial & Infrastructure Products

 

 

8.0

%

 

 

(0.4

)%

 

%

 

%

 

 

7.5

%

Renewable Energy & Conservation

 

 

10.4

%

 

 

0.1

%

 

 

0.1

%

 

%

 

 

10.7

%

Segments margin

 

 

12.5

%

 

 

(0.1

)%

 

%

 

%

 

 

12.4

%

Consolidated

 

 

9.6

%

 

 

(0.1

)%

 

 

0.1

%

 

%

 

 

9.6

%

 

Timothy Murphy
Chief Financial Officer
(716) 826-6500 ext. 3277
[email protected]


Source: Business Wire (July 26, 2019 - 7:30 AM EDT)

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