Gibraltar Reports First-Quarter 2017 Financial Results
Reports GAAP EPS of $0.12 and Adjusted EPS of $0.20, Both in Line
with Guidance
Revises Guidance for Full-Year 2017
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and
distributor of building products for industrial, infrastructure,
residential, and renewable energy and conservation markets, today
reported its financial results for the three-month period ended March
31, 2017. All financial metrics in this release reflect only the
Company’s continuing operations unless otherwise noted.
Consolidated Results
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Three Months Ended March 31,
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Dollars in millions, except EPS
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GAAP
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Adjusted
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2017
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2016
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% Change
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2017
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2016
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% Change
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Net Sales
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$207
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$238
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(13)%
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$207
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$238
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(13)%
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Net Income
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$4.0
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$9.0
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(56)%
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$6.5
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$10.1
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(36)%
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Diluted EPS
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$0.12
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$0.28
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(57)%
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$0.20
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$0.32
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(38)%
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The Company reported first-quarter 2017 net sales of $207 million, in
line with its expectations as noted in its fourth-quarter earnings
release. The 13 percent year-over-year sales decrease was primarily due
to Gibraltar’s proactive portfolio management actions taken in 2016 to
exit the European industrial business, US bar grating product line and
the European residential solar racking business. As anticipated,
first-quarter GAAP net income was down 56 percent versus the prior year,
and adjusted net income was down 36 percent due to lower sales volume
from lower order backlog in the Company’s Renewable Energy and
Conservation segment.
The adjusted amounts for the first quarter 2017 and 2016 remove special
items from both periods, as described in the appended reconciliation of
adjusted financial measures.
Management Comments
“We began the year with solid first-quarter top- and bottom-line results
that came in within our guidance range,” said President and CEO Frank
Heard. “We executed well in the face of expected headwinds, including
lower backlog in our Renewable Energy and Conservation and Industrial
and Infrastructure segments, as well as a difficult year-over-year
top-line comparison with Q1 2016 due to businesses we proactively exited
as part of our portfolio management strategy. These businesses faced
negative market dynamics that would have hindered their profitability
for the foreseeable future, and these exits will enhance the overall
profitability and financial strength of the Company going forward.
Strong demand for our centralized mail and Express Locker solutions
drove top-line and margin growth in the Residential Products segment,
and partially offset the decrease in consolidated net sales. While raw
material pricing had an anticipated impact on bottom-line results, we
worked diligently in partnership with our key customers to equitably
minimize the impact.
“We continued to gain excellent traction from our four-pillar strategy,
particularly in the areas of innovation and acquisitions,” said Heard.
“Our product development initiatives are proceeding well and we are
excited about the significant long-term potential of our two most recent
acquisitions, including Nexus in the fourth quarter of 2016 in our
Renewable Energy and Conservation segment and our February 2017
acquisition of Package Concierge, a leading provider of multifamily
electronic package delivery lockers systems in the U.S.”
First-quarter Segment Results
Residential Products
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Three Months Ended March 31,
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Dollars in millions
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GAAP
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Adjusted
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2017
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2016
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% Change
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2017
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2016
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% Change
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Net Sales
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$105
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$100
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5%
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$105
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$100
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5%
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Operating Margin
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15.0%
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12.2%
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+280 bps
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15.1%
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13.2%
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+190 bps
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The 5 percent increase in first-quarter 2017 net sales in Gibraltar’s
Residential Products segment reflects rising demand for the Company’s
centralized mail and Express Locker solutions and the continued gradual
improvement in the residential housing market.
The increase in segment GAAP and adjusted operating margin reflects
volume leverage and the benefit of improved operational efficiencies and
contributions from the 80/20 simplification initiative. The adjusted
operating margin for the first quarter 2017 and 2016 remove the special
charges for restructuring initiatives under the 80/20 program from both
periods.
Industrial and Infrastructure Products
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Three Months Ended March 31,
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Dollars in millions
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GAAP
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Adjusted
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2017
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2016
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% Change
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2017
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2016
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% Change
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Net Sales
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$50
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$80
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(37)%
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$50
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$80
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(37)%
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Operating Margin
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(0.1)%
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4.2%
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(430) bps
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3.4%
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5.0%
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(160) bps
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As expected, first-quarter 2017 net sales in Gibraltar’s Industrial &
Infrastructure Products segment were down, with 34 percent of the
decline driven by the 2016 divestiture of the European industrial
operations and the US bar grating product line, with the remaining
decline driven by anticipated lower volume in the Company’s
infrastructure business.
Costs incurred to divest the Company’s US bar grating product line
primarily drove the 430 basis point decline in GAAP operating margin.
Adjusted operating margin decreased 160 basis points due to lower volume
and expected increases in raw material costs. This segment’s adjusted
operating margin for the first quarter 2017 and 2016 removes the special
charges for portfolio management activities and restructuring
initiatives under the 80/20 program.
Renewable Energy and Conservation
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Three Months Ended March 31,
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Dollars in millions
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GAAP
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Adjusted
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2017
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2016
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% Change
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2017
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2016
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% Change
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Net Sales
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$52
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$58
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(10)%
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$52
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$58
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(10)%
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Operating Margin
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6.4%
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14.4%
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(800) bps
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8.5%
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14.4%
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(590) bps
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Segment revenues were down 10 percent, due to lower backlog entering
2017. The first-quarter 2017 GAAP operating margin reflects costs
related to the divestiture of the Company’s European residential solar
racking business. Adjusted operating margin decrease reflects the lower
volume, planned price concessions to generate sales and grow backlog,
and higher material costs. This segment’s adjusted operating margin for
the first quarter 2017 removes the special charges for portfolio
management activities.
Business Outlook
“Looking ahead in 2017, we expect strong top- and bottom-line growth in
the third and fourth quarters, following short-term challenges to the
second quarter. These challenges include a difficult year-over-year
comparison on the top-line due to portfolio management actions taken
after the first quarter of 2016 to drive higher profitability and
returns, a one-quarter delay in the recovery of our Renewable Energy and
Conservation segment, continued difficult market conditions in the
industrial and infrastructure markets, and higher raw material pricing.
At the same time, we expect generally favorable market conditions at our
Residential Products segment in the second quarter and to continue
throughout the year,” said Heard.
“As a result of the delay in the rebound in the Renewable Energy and
Conservation market and headwinds in the Industrial markets, we are
reducing guidance for full-year 2017,” added Heard. “That markets are
rebounding, but just not at the pace we anticipated when we provided our
guidance in mid-February. In fact, our backlog in the Renewable Energy
and Conservation market exceeded prior-year levels at the end of the
first quarter. In addition, in the second half of the year we expect to
capitalize on the benefits of our recent portfolio management and
product innovation actions; and the lessening effect of higher raw
material costs.”
“As we proceed in 2017, we will advance our four-pillar strategy with a
particular focus on strategic acquisitions, product innovation, and the
next set of management tools for our 80/20 initiative. Our strategy is
working and we remain confident relative to achieving another year of
higher profitability and returns,” concluded Heard.
The Company is revising its full-year revenue guidance range to be
approximately $970 million to $980 million, a 2% to 3% decrease from
2016. We expect GAAP EPS to be between $1.37 and $1.50 per diluted
share, or $1.57 to $1.70 on an adjusted basis, as compared to previous
guidance of $1.55 to $1.65 of GAAP EPS, or $1.75 to $1.85 on an adjusted
basis. In 2016, GAAP EPS was $1.05, or $1.67 on an adjusted basis. While
year-over-year adjusted earnings are projected to be flat, we expect a
37% increase in GAAP EPS, 180bps improvement in GAAP Operating Margin,
over 1% increase in ROIC to 12.8%, and increasing liquidity all reflect
the success of the Company’s four pillar strategy.
For the second quarter of 2017, the Company is expecting revenue in the
range of $249 million to $254 million, and GAAP EPS to be between $0.35
and $0.40 per diluted share, or $0.37 to $0.42 on an adjusted basis.
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FY 2017 Guidance Reconciliation
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Gibraltar Industries
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Dollars in millions, except EPS
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Operating
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Income
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Net
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Diluted
Earnings
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Income
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Margin
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Taxes
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Income
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Per Share
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GAAP Measures
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$
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85-91
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8.8-9.3%
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$
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25-28
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$
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44-48
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$
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1.37-1.50
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Restructuring Costs
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10
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1.0%
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4
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7
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0.20
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Adjusted Measures
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$
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95-101
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9.8-10.3%
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$
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29-32
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$
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51-55
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$
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1.57-1.70
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Relative to GAAP profitability and EPS for 2017, Gibraltar’s guidance
includes currently planned initiatives. Any additional initiatives
identified as part of its ongoing simplification initiative and product
development under its four-pillar strategy that begin during 2017 could
result in additional restructuring costs. Furthermore, any significant
changes in the nature and scope of identified projects and any new
programs would affect a change in the Company’s expected GAAP EPS for
the year.
First-quarter Conference Call Details
Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET
to review its results for the first quarter of 2017. Interested parties
may access the call by dialing (877) 407-5790 or (201) 689-8328. The
presentation slides that will be discussed in 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 industrial, infrastructure, residential, and
renewable energy and conservation markets. With a four-pillar strategy
focused on operational improvement, product innovation, acquisitions and
portfolio management, 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 general economic and political conditions. 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.
Non-GAAP Financial Data
To supplement Gibraltar’s consolidated financial statements presented on
a GAAP basis, Gibraltar also presented certain adjusted financial data
in this news release. Adjusted financial data excluded special charges
consisting of gains/losses on sales of assets, restructuring primarily
associated with the 80/20 simplification initiative, acquisition-related
items, and other reclassifications. These adjustments are shown in the
non-GAAP 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 six-month periods ending June 30, 2017, on Thursday, July 27, 2017,
and hold its earnings conference call later that morning, starting at
9:00 a.m. ET.
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GIBRALTAR INDUSTRIES, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands, except per share data)
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(Unaudited)
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Three Months Ended March 31,
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2017
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2016
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Net Sales
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$
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206,605
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$
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237,671
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Cost of sales
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157,350
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183,521
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Gross profit
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49,255
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54,150
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Selling, general, and administrative expense
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39,576
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36,389
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Income from operations
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9,679
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17,761
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Interest expense
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3,576
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3,691
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Other expense (income)
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54
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(35
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)
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Income before taxes
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6,049
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14,105
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Provision for income taxes
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2,053
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5,076
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Net income
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$
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3,996
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$
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9,029
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Net earnings per share:
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Basic
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$
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0.13
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$
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0.29
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Diluted
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$
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0.12
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$
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0.28
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Weighted average shares outstanding:
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Basic
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31,688
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31,423
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Diluted
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32,254
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31,790
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GIBRALTAR INDUSTRIES, INC.
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CONSOLIDATED BALANCE SHEETS
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(in thousands, except per share data)
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March 31, 2017
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December 31, 2016
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(unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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160,901
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$
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170,177
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Accounts receivable, net
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128,482
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124,072
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Inventories
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86,943
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89,612
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Other current assets
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5,957
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7,336
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Total current assets
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382,283
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391,197
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Property, plant, and equipment, net
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98,691
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108,304
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Goodwill
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320,411
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304,032
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Acquired intangibles
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112,533
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110,790
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Other assets
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4,548
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3,922
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$
|
918,466
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$
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918,245
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Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable
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$
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76,894
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$
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69,944
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Accrued expenses
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66,253
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70,392
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Billings in excess of cost
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14,452
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11,352
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Current maturities of long-term debt
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400
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400
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Total current liabilities
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157,999
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152,088
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Long-term debt
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209,433
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209,237
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Deferred income taxes
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38,089
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38,002
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Other non-current liabilities
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46,640
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58,038
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Shareholders’ equity:
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Preferred stock, $0.01 par value; authorized 10,000 shares; none
outstanding
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—
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—
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Common stock, $0.01 par value; authorized 50,000 shares; 32,133
shares and 32,085 shares issued and outstanding in 2017 and
2016
|
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321
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320
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Additional paid-in capital
|
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265,809
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264,418
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Retained earnings
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215,998
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211,748
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Accumulated other comprehensive loss
|
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|
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(7,016
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)
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|
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(7,721
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)
|
Cost of 552 and 530 common shares held in treasury in 2017 and 2016
|
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(8,807
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)
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(7,885
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)
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Total shareholders’ equity
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466,305
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460,880
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$
|
918,466
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$
|
918,245
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GIBRALTAR INDUSTRIES, INC.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
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|
|
Three Months Ended March 31,
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|
|
|
|
2017
|
|
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2016
|
Cash Flows from Operating Activities
|
|
|
|
|
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|
|
Net income
|
|
|
|
$
|
3,996
|
|
|
|
$
|
9,029
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
5,480
|
|
|
|
6,054
|
|
Stock compensation expense
|
|
|
|
1,635
|
|
|
|
1,348
|
|
Net loss (gain) on sale of assets
|
|
|
|
12
|
|
|
|
(189
|
)
|
Exit activity (recoveries) costs, non-cash
|
|
|
|
(917
|
)
|
|
|
910
|
|
Other, net
|
|
|
|
240
|
|
|
|
(220
|
)
|
Changes in operating assets and liabilities, excluding the effects
of acquisitions:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(4,462
|
)
|
|
|
14,880
|
|
Inventories
|
|
|
|
2,338
|
|
|
|
117
|
|
Other current assets and other assets
|
|
|
|
410
|
|
|
|
(254
|
)
|
Accounts payable
|
|
|
|
5,672
|
|
|
|
(5,101
|
)
|
Accrued expenses and other non-current liabilities
|
|
|
|
(12,061
|
)
|
|
|
(11,033
|
)
|
Net cash provided by operating activities
|
|
|
|
2,343
|
|
|
|
15,541
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
|
(18,561
|
)
|
|
|
(2,314
|
)
|
Net proceeds from sale of property and equipment
|
|
|
|
9,233
|
|
|
|
57
|
|
Purchases of property, plant, and equipment
|
|
|
|
(1,453
|
)
|
|
|
(1,501
|
)
|
Other, net
|
|
|
|
—
|
|
|
|
1,118
|
|
Net cash used in investing activities
|
|
|
|
(10,781
|
)
|
|
|
(2,640
|
)
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
Payment of debt issuance costs
|
|
|
|
—
|
|
|
|
(54
|
)
|
Purchase of treasury stock at market prices
|
|
|
|
(922
|
)
|
|
|
(414
|
)
|
Net proceeds from issuance of common stock
|
|
|
|
11
|
|
|
|
133
|
|
Net cash used in financing activities
|
|
|
|
(911
|
)
|
|
|
(335
|
)
|
Effect of exchange rate changes on cash
|
|
|
|
73
|
|
|
|
1,203
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
(9,276
|
)
|
|
|
13,769
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
170,177
|
|
|
|
68,858
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
160,901
|
|
|
|
$
|
82,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Reconciliation of Adjusted Financial Measures
|
(in thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
|
As Reported In GAAP Statements
|
|
|
Restructuring Charges
|
|
|
Portfolio Management
|
|
|
Senior Leadership Transition Costs
|
|
|
Acquisition Related Items
|
|
|
Adjusted Financial Measures
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
104,551
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
104,551
|
|
Industrial & Infrastructure Products
|
|
|
|
50,718
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
50,718
|
|
Less Inter-Segment Sales
|
|
|
|
(456
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(456
|
)
|
|
|
|
|
50,262
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
50,262
|
|
Renewable Energy & Conservation
|
|
|
|
51,792
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
51,792
|
|
Consolidated sales
|
|
|
|
206,605
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
206,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
15,641
|
|
|
|
164
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,805
|
|
Industrial & Infrastructure Products
|
|
|
|
(37
|
)
|
|
|
—
|
|
|
|
1,760
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,723
|
|
Renewable Energy & Conservation
|
|
|
|
3,340
|
|
|
|
—
|
|
|
|
1,050
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,390
|
|
Segments Income
|
|
|
|
18,944
|
|
|
|
164
|
|
|
|
2,810
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,918
|
|
Unallocated corporate expense
|
|
|
|
(9,265
|
)
|
|
|
28
|
|
|
|
—
|
|
|
|
347
|
|
|
|
102
|
|
|
|
(8,788
|
)
|
Consolidated income from operations
|
|
|
|
9,679
|
|
|
|
192
|
|
|
|
2,810
|
|
|
|
347
|
|
|
|
102
|
|
|
|
13,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
3,576
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,576
|
|
Other expense
|
|
|
|
54
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
54
|
|
Income before income taxes
|
|
|
|
6,049
|
|
|
|
192
|
|
|
|
2,810
|
|
|
|
347
|
|
|
|
102
|
|
|
|
9,500
|
|
Provision for income taxes
|
|
|
|
2,053
|
|
|
|
71
|
|
|
|
676
|
|
|
|
128
|
|
|
|
38
|
|
|
|
2,966
|
|
Net income
|
|
|
|
$
|
3,996
|
|
|
|
$
|
121
|
|
|
|
$
|
2,134
|
|
|
|
$
|
219
|
|
|
|
$
|
64
|
|
|
|
$
|
6,534
|
|
Net earnings per share – diluted
|
|
|
|
$
|
0.12
|
|
|
|
$
|
—
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.01
|
|
|
|
$
|
—
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
15.0
|
%
|
|
|
0.2
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
15.1
|
%
|
Industrial & Infrastructure Products
|
|
|
|
(0.1
|
)%
|
|
|
—
|
%
|
|
|
3.5
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
3.4
|
%
|
Renewable Energy & Conservation
|
|
|
|
6.4
|
%
|
|
|
—
|
%
|
|
|
2.0
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
8.5
|
%
|
Segments Margin
|
|
|
|
9.2
|
%
|
|
|
0.1
|
%
|
|
|
1.4
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
10.6
|
%
|
Consolidated
|
|
|
|
4.7
|
%
|
|
|
0.1
|
%
|
|
|
1.4
|
%
|
|
|
0.2
|
%
|
|
|
—
|
%
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Reconciliation of Adjusted Financial Measures
|
(in thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016
|
|
|
|
|
As Reported In GAAP Statements
|
|
|
Acquisition Related Items
|
|
|
Restructuring Charges
|
|
|
Adjusted Financial Measures
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
100,147
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
100,147
|
|
Industrial & Infrastructure Products
|
|
|
|
80,017
|
|
|
|
—
|
|
|
|
—
|
|
|
|
80,017
|
|
Less Inter-Segment Sales
|
|
|
|
(367
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(367
|
)
|
|
|
|
|
79,650
|
|
|
|
—
|
|
|
|
—
|
|
|
|
79,650
|
|
Renewable Energy & Conservation
|
|
|
|
57,874
|
|
|
|
—
|
|
|
|
—
|
|
|
|
57,874
|
|
Consolidated sales
|
|
|
|
237,671
|
|
|
|
—
|
|
|
|
—
|
|
|
|
237,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
12,231
|
|
|
|
—
|
|
|
|
1,018
|
|
|
|
13,249
|
|
Industrial & Infrastructure Products
|
|
|
|
3,326
|
|
|
|
—
|
|
|
|
680
|
|
|
|
4,006
|
|
Renewable Energy & Conservation
|
|
|
|
8,307
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,307
|
|
Segments Income
|
|
|
|
23,864
|
|
|
|
—
|
|
|
|
1,698
|
|
|
|
25,562
|
|
Unallocated corporate expense
|
|
|
|
(6,103
|
)
|
|
|
31
|
|
|
|
—
|
|
|
|
(6,072
|
)
|
Consolidated income from operations
|
|
|
|
17,761
|
|
|
|
31
|
|
|
|
1,698
|
|
|
|
19,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
3,691
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,691
|
|
Other income
|
|
|
|
(35
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(35
|
)
|
Income before income taxes
|
|
|
|
14,105
|
|
|
|
31
|
|
|
|
1,698
|
|
|
|
15,834
|
|
Provision for income taxes
|
|
|
|
5,076
|
|
|
|
11
|
|
|
|
620
|
|
|
|
5,707
|
|
Net income
|
|
|
|
$
|
9,029
|
|
|
|
$
|
20
|
|
|
|
$
|
1,078
|
|
|
|
$
|
10,127
|
|
Net earnings per share – diluted
|
|
|
|
$
|
0.28
|
|
|
|
$
|
—
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
12.2
|
%
|
|
|
—
|
%
|
|
|
1.0
|
%
|
|
|
13.2
|
%
|
Industrial & Infrastructure Products
|
|
|
|
4.2
|
%
|
|
|
—
|
%
|
|
|
0.9
|
%
|
|
|
5.0
|
%
|
Renewable Energy & Conservation
|
|
|
|
14.4
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
14.4
|
%
|
Segments Margin
|
|
|
|
10.0
|
%
|
|
|
—
|
%
|
|
|
0.7
|
%
|
|
|
10.8
|
%
|
Consolidated
|
|
|
|
7.5
|
%
|
|
|
—
|
%
|
|
|
0.7
|
%
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170505005347/en/ Copyright Business Wire 2017
Source: Business Wire
(May 5, 2017 - 7:30 AM EDT)
News by QuoteMedia
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