Financial News

Gibraltar Announces Fourth Quarter and 2021 Financial Results

2021 Revenue of $1.34B, GAAP EPS of $2.25, Adjusted EPS of $2.78

Q4 Revenue of $334.4M, Q4 GAAP EPS of $0.30; Adjusted EPS of $0.54

Order Backlog Increased 16%, Led by Renewables, with Strength Across the Board

2022 Outlook: Revenue $1.38B-$1.43B, EPS: GAAP $2.80-$3.00, Adjusted $3.20-$3.40

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 December 31, 2021.

“Fourth quarter results were within our previously-announced range, capping off a year of top-line growth as we increased our leadership positions in sustainable, high-demand markets, while grappling with increasing complexity in a challenging inflation and supply chain environment,” Chairman and CEO Bill Bosway stated. “Renewables’ results, as previously disclosed, were impacted by increased cost absorption from supply disruptions causing increased field costs and unanticipated levels of structural steel inflation. We delivered solid results in our Residential, Agtech, and Infrastructure segments, all of which expanded margins on achieving greater balance in price/cost and improving supply chain management and execution. We are proud of all of our teams and appreciate their focus and agility in confronting each obstacle as we progressed through 2021.”

Fourth Quarter 2021 Consolidated Results from Continuing Operations

Below are fourth quarter 2021 consolidated results from continuing operations:

 

 

Three Months Ended December 31,

$Millions, except EPS

 

GAAP

 

 

Adjusted

 

 

2021

 

2020

 

% Change

 

 

2021

 

2020

 

% Change

Net Sales

 

$334.4

 

$265.2

 

26.1%

 

 

$334.4

 

$265.2

 

26.1%

Net Income

 

$9.8

 

$17.6

 

-44.3%

 

 

$18.0

 

$19.5

 

-7.7%

Diluted EPS

 

$0.30

 

$0.53

 

-43.4%

 

 

$0.54

 

$0.59

 

-8.5%

Net sales from continuing operations increased 26.1% to $334.4 million, with organic growth contributing 8.6% and recent acquisitions contributing 17.5% despite continued supply chain challenges in the quarter, driven by price, volume, and participation gains.

GAAP earnings decreased 44.3% to $9.8 million, or $0.30 per share, and adjusted earnings decreased 7.7% to $18.0 million, or $0.54 per share. As previously announced, the quarter was impacted by margin compression in the Renewables segment from two issues – supply disruptions causing increased field costs, and an unanticipated level of inflation on structural steel in solar canopy racking projects. Positive contributors to the quarter included: Residential segment margins recovered through pricing actions, volume, participation gains, and continued 80/20 initiatives; Infrastructure segment margins benefited from lean productivity initiatives and favorable product line mix; Agtech segment margin improved sequentially on continued execution from lean enterprise initiatives and supply chain improvements. Adjusted measures remove charges for restructuring initiatives, acquisition-related items, and senior leadership transition costs, as further described in the appended reconciliation of adjusted financial measures.

Fourth Quarter Segment Results

Renewables

For the fourth quarter, the Renewables segment reported:

 

 

Three Months Ended December 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2021

 

2020

 

% Change

 

 

2021

 

2020

 

% Change

Net Sales

 

$108.7

 

$64.6

 

68.3%

 

 

$108.7

 

$64.6

 

68.3%

Operating Income

 

$(1.0)

 

$8.3

 

-112.0%

 

 

$1.4

 

$8.3

 

-83.1%

Operating Margin

 

(1.0)%

 

12.8%

 

(1380) bps

 

 

1.3%

 

12.8%

 

(1150) bps

Revenue increased 68.3% including the TerraSmart acquisition, with organic revenue decreasing 2.3% driven by solar project delays related to supply chain and field operations disruptions. Backlog increased 27%, driven by strength in both ground mount and canopy solutions.

Adjusted operating income decreased to $1.4 million and operating margins contracted to 1.3% as field project management inefficiencies associated with market supply disruptions and an unanticipated level of cost inflation on structural steel used in solar canopy projects. The integration of TerraSmart remains on track with organization, process development, information systems, supply chain, and in-sourcing activities gaining momentum per plan.

Residential

For the fourth quarter, the Residential segment reported:

 

 

Three Months Ended December 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2021

 

2020

 

% Change

 

 

2021

 

2020

 

% Change

Net Sales

 

$159.5

 

$128.2

 

24.4%

 

 

$159.5

 

$128.2

 

24.4%

Operating Income

 

$26.3

 

$20.3

 

29.6%

 

 

$26.5

 

$20.4

 

29.9%

Operating Margin

 

16.5%

 

15.8%

 

70 bps

 

 

16.6%

 

15.9%

 

70 bps

Revenue increased 24.4%, marking the sixth consecutive quarter of double-digit growth, nearly all of which was organic. Revenue was driven by price, volume and participation gains.

Adjusted operating income grew 29.9% and adjusted operating margin of 16.6% improved 70 basis points as price management and key operating actions began to drive year-over-year margin recovery. Gibraltar continues to work with supply chain partners to support customer needs while continuing its focus on price/cost management, simplification, in-lining, and automation.

Agtech

For the fourth quarter, the Agtech segment reported:

 

 

Three Months Ended December 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2021

 

2020

 

% Change

 

 

2021

 

2020

 

% Change

Net Sales

 

$49.8

 

$59.9

 

-16.9%

 

 

$49.8

 

$59.9

 

-16.9%

Operating Income

 

$(5.1)

 

$3.4

 

-250.0%

 

 

$3.1

 

$3.8

 

-18.4%

Operating Margin

 

(10.2)%

 

5.7%

 

(1590) bps

 

 

6.3%

 

6.4%

 

(10) bps

Revenue decreased 16.9% as state and local agencies continued to work through construction permit backlogs for facilities designed to grow fruits and vegetables. For the states which legalized cannabis in 2020, the process of issuing production and processing licenses to operators remains slower than expected resulting in additional customer project delays during the quarter. The commercial greenhouse business continued solid growth across its core product lines serving the retail, institutional and car wash markets. Order backlog increased modestly in the quarter, with continued strength in produce and commercial businesses.

Adjusted operating margin improved 120 basis points compared to the third quarter on continued execution from lean enterprise initiatives, ongoing integration activities, and efforts to optimize supply chain, particularly in sourcing roofing systems and glass; margin was essentially flat year-over-year.

Infrastructure

For the fourth quarter, the Infrastructure segment reported:

 

 

Three Months Ended December 31,

$Millions

 

GAAP

 

 

Adjusted

 

 

2021

 

2020

 

% Change

 

 

2021

 

2020

 

% Change

Net Sales

 

$16.5

 

$12.4

 

33.1%

 

 

$16.5

 

$12.4

 

33.1%

Operating Income

 

$1.0

 

$0.6

 

66.7%

 

 

$1.1

 

$0.8

 

37.5%

Operating Margin

 

6.4%

 

4.6%

 

180 bps

 

 

6.5%

 

6.4%

 

10 bps

Revenue increased 33.1%, driven by growth in both fabricated and in non-fabricated products. Management expects to see the impact of incremental government spending on infrastructure toward the end of 2022. Order backlog increased 12%.

Adjusted operating margin was up slightly as the benefits of 80/20 initiatives and favorable mix offset unanticipated structural steel inflation as well as labor availability challenges.

Business Outlook

“2021 was a challenging year in which we gained valuable learning from an environment that pressure-tested our systems, processes, tools, and organization and operating paradigms. These challenges - unprecedented inflation, supply chain inefficiencies, and labor availability issues along with acquisition integrations and additional pandemic variants - helped us identify additional opportunities to improve our business, portfolio, business systems, and organization,” stated Mr. Bosway.

“As we enter 2022, our demand is solid across the business and the robust long-term fundamentals supporting our end markets remain intact. We expect the market environment to be dynamic for at least the first half of the year as inflation, labor, transportation, and pandemic challenges persist,” Mr. Bosway concluded. “I am confident, given the successes we achieved and the investments we made over the last 12 months in our organization, systems, and processes, we will enhance our 2022 performance and deliver full year growth and margin expansion as we continue to execute toward our 2025 objectives.”

Gibraltar is providing guidance for revenue and earnings for the full year 2022. Consolidated revenue is expected to range between $1.38 billion and $1.43 billion, compared to $1.34 billion in 2021. GAAP EPS is expected to range between $2.80 and $3.00, compared to $2.25 in 2021, and adjusted EPS is expected to range between $3.20 and $3.40, compared to $2.78 in 2021.

Fourth Quarter 2021 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the fourth quarter of 2021. 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, the impacts of COVID-19 on the global economy and 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, 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 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 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 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, and acquisition related costs. 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. Special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations.

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

December 31,

 

Twelve Months Ended

December 31,

 

 

2021

 

2020

 

2021

 

2020

Net sales

 

$

334,449

 

 

$

265,201

 

 

$

1,339,783

 

 

$

1,032,578

 

Cost of sales

 

 

268,639

 

 

 

202,775

 

 

 

1,049,772

 

 

 

776,235

 

Gross profit

 

 

65,810

 

 

 

62,426

 

 

 

290,011

 

 

 

256,343

 

Selling, general, and administrative expense

 

 

42,724

 

 

 

39,704

 

 

 

184,723

 

 

 

149,153

 

Intangible asset impairment

 

 

8,300

 

 

 

 

 

 

8,300

 

 

 

 

Income from operations

 

 

14,786

 

 

 

22,722

 

 

 

96,988

 

 

 

107,190

 

Interest expense, net

 

 

459

 

 

 

220

 

 

 

1,639

 

 

 

703

 

Other expense (income)

 

 

66

 

 

 

150

 

 

 

(4,213

)

 

 

(1,272

)

Income before taxes

 

 

14,261

 

 

 

22,352

 

 

 

99,562

 

 

 

107,759

 

Provision for income taxes

 

 

4,468

 

 

 

4,754

 

 

 

25,046

 

 

 

24,468

 

Income from continuing operations

 

 

9,793

 

 

 

17,598

 

 

 

74,516

 

 

 

83,291

 

Discontinued operations:

 

 

 

 

 

 

 

 

(Loss) income before taxes

 

 

(388

)

 

 

(25,992

)

 

 

1,479

 

 

 

(16,602

)

Provision for income taxes

 

 

43

 

 

 

151

 

 

 

366

 

 

 

2,123

 

(Loss) income from discontinued operations

 

 

(431

)

 

 

(26,143

)

 

 

1,113

 

 

 

(18,725

)

Net income (loss)

 

$

9,362

 

 

$

(8,545

)

 

$

75,629

 

 

$

64,566

 

Net earnings per share – Basic:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.30

 

 

$

0.54

 

 

$

2.27

 

 

$

2.55

 

(Loss) income from discontinued operations

 

 

(0.02

)

 

 

(0.80

)

 

 

0.03

 

 

 

(0.57

)

Net income (loss)

 

$

0.28

 

 

$

(0.26

)

 

$

2.30

 

 

$

1.98

 

Weighted average shares outstanding – Basic

 

 

32,910

 

 

 

32,719

 

 

 

32,873

 

 

 

32,664

 

Net earnings per share – Diluted:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.30

 

 

$

0.53

 

 

$

2.25

 

 

$

2.53

 

(Loss) income from discontinued operations

 

 

(0.02

)

 

 

(0.79

)

 

 

0.04

 

 

 

(0.57

)

Net income (loss)

 

$

0.28

 

 

$

(0.26

)

 

$

2.29

 

 

$

1.96

 

Weighted average shares outstanding – Diluted

 

 

33,055

 

 

 

33,016

 

 

 

33,054

 

 

 

32,918

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

December 31,

2021

 

December 31,

2020

 

 

(unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

12,849

 

 

$

32,054

 

Accounts receivable, net of allowance of $3,738 and $3,529, respectively

 

 

236,444

 

 

 

197,990

 

Inventories, net

 

 

176,207

 

 

 

98,307

 

Prepaid expenses and other current assets

 

 

21,467

 

 

 

19,671

 

Assets of discontinued operations

 

 

 

 

 

77,438

 

Total current assets

 

 

446,967

 

 

 

425,460

 

Property, plant, and equipment, net

 

 

96,885

 

 

 

89,562

 

Operating lease assets

 

 

18,120

 

 

 

25,229

 

Goodwill

 

 

510,942

 

 

 

514,279

 

Acquired intangibles

 

 

141,504

 

 

 

156,365

 

Other assets

 

 

483

 

 

 

1,599

 

 

 

$

1,214,901

 

 

$

1,212,494

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

172,286

 

 

$

134,738

 

Accrued expenses

 

 

67,993

 

 

 

83,505

 

Billings in excess of cost

 

 

46,711

 

 

 

34,702

 

Liabilities of discontinued operations

 

 

 

 

 

49,295

 

Total current liabilities

 

 

286,990

 

 

 

302,240

 

Long-term debt

 

 

23,781

 

 

 

85,636

 

Deferred income taxes

 

 

40,278

 

 

 

39,057

 

Non-current operating lease liabilities

 

 

11,390

 

 

 

17,730

 

Other non-current liabilities

 

 

27,204

 

 

 

24,026

 

Stockholders’ equity:

 

 

 

 

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

 

 

 

 

 

 

Common stock, $0.01 par value; authorized 100,000 and 50,000 shares in 2021 and 2020; 33,799 and 33,568 shares issued and outstanding in 2021 and 2020

 

 

338

 

 

 

336

 

Additional paid-in capital

 

 

314,541

 

 

 

304,870

 

Retained earnings

 

 

545,572

 

 

 

469,943

 

Accumulated other comprehensive income (loss)

 

 

187

 

 

 

(2,461

)

Cost of 1,107 and 1,028 common shares held in treasury in 2021 and 2020

 

 

(35,380

)

 

 

(28,883

)

Total stockholders’ equity

 

 

825,258

 

 

 

743,805

 

 

 

$

1,214,901

 

 

$

1,212,494

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Twelve Months Ended

December 31,

 

 

2021

 

2020

Cash Flows from Operating Activities

 

 

 

 

Net income

 

$

75,629

 

 

$

64,566

 

Income (loss) from discontinued operations

 

 

1,113

 

 

 

(18,725

)

Income from continuing operations

 

 

74,516

 

 

 

83,291

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

31,966

 

 

 

20,915

 

Intangible asset impairment

 

 

8,300

 

 

 

 

Stock compensation expense

 

 

8,652

 

 

 

8,173

 

Gain on sale of business

 

 

 

 

 

(1,881

)

Exit activity costs, non-cash

 

 

1,193

 

 

 

493

 

Provision for deferred income taxes

 

 

2,968

 

 

 

3,786

 

Other, net

 

 

1,570

 

 

 

1,944

 

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

 

 

 

 

Accounts receivable

 

 

(41,887

)

 

 

2,277

 

Inventories

 

 

(85,763

)

 

 

(5,719

)

Other current assets and other assets

 

 

(426

)

 

 

5,467

 

Accounts payable

 

 

38,367

 

 

 

(1,160

)

Accrued expenses and other non-current liabilities

 

 

(14,384

)

 

 

(44,570

)

Net cash provided by operating activities of continuing operations

 

 

25,072

 

 

 

73,016

 

Net cash (used in) provided by operating activities of discontinued operations

 

 

(2,002

)

 

 

16,088

 

Net cash provided by operating activities

 

 

23,070

 

 

 

89,104

 

Cash Flows from Investing Activities

 

 

 

 

Acquisitions, net of cash acquired

 

 

4,143

 

 

 

(313,686

)

Net proceeds from sale of property and equipment

 

 

214

 

 

 

77

 

Purchases of property, plant, and equipment

 

 

(17,705

)

 

 

(13,068

)

Net proceeds from sale of business

 

 

38,062

 

 

 

2,000

 

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

 

 

24,714

 

 

 

(324,677

)

Net cash used in investing activities of discontinued operations

 

 

(176

)

 

 

(2,033

)

Net cash provided by (used in) investing activities

 

 

24,538

 

 

 

(326,710

)

Cash Flows from Financing Activities

 

 

 

 

Proceeds from long-term debt

 

 

59,500

 

 

 

85,000

 

Long-term debt payments

 

 

(120,636

)

 

 

 

Purchase of common stock at market prices

 

 

(6,497

)

 

 

(6,656

)

Net proceeds from issuance of common stock

 

 

1,021

 

 

 

1,119

 

Net cash (used in) provided by financing activities

 

 

(66,612

)

 

 

79,463

 

Effect of exchange rate changes on cash

 

 

(201

)

 

 

(1,166

)

Net decrease in cash and cash equivalents

 

 

(19,205

)

 

 

(159,309

)

Cash and cash equivalents at beginning of year

 

 

32,054

 

 

 

191,363

 

Cash and cash equivalents at end of year

 

$

12,849

 

 

$

32,054

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

December 31, 2021

 

 

 

As

Reported

In GAAP

Statements

 

Restructuring

& Intangible

Asset

Impairment

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

108,671

 

 

$

 

 

$

 

 

$

 

 

$

108,671

 

Residential

 

 

159,534

 

 

 

 

 

 

 

 

 

 

 

 

159,534

 

Agtech

 

 

49,751

 

 

 

 

 

 

 

 

 

 

 

 

49,751

 

Infrastructure

 

 

16,493

 

 

 

 

 

 

 

 

 

 

 

 

16,493

 

Consolidated sales

 

 

334,449

 

 

 

 

 

 

 

 

 

 

 

 

334,449

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(1,037

)

 

 

74

 

 

 

251

 

 

 

2,145

 

 

 

1,433

 

Residential

 

 

26,250

 

 

 

216

 

 

 

 

 

 

 

 

 

26,466

 

Agtech

 

 

(5,064

)

 

 

8,203

 

 

 

 

 

 

 

 

 

3,139

 

Infrastructure

 

 

1,048

 

 

 

26

 

 

 

 

 

 

 

 

 

1,074

 

Segment Income

 

 

21,197

 

 

 

8,519

 

 

 

251

 

 

 

2,145

 

 

 

32,112

 

Unallocated corporate expense

 

 

(6,411

)

 

 

49

 

 

 

1

 

 

 

2

 

 

 

(6,359

)

Consolidated income from operations

 

 

14,786

 

 

 

8,568

 

 

 

252

 

 

 

2,147

 

 

 

25,753

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

459

 

 

 

 

 

 

 

 

 

 

 

 

459

 

Other expense

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

66

 

Income before income taxes

 

 

14,261

 

 

 

8,568

 

 

 

252

 

 

 

2,147

 

 

 

25,228

 

Provision for income taxes

 

 

4,468

 

 

 

2,153

 

 

 

58

 

 

 

536

 

 

 

7,215

 

Income from continuing operations

 

$

9,793

 

 

$

6,415

 

 

$

194

 

 

$

1,611

 

 

$

18,013

 

Income from continuing operations per share – diluted

 

$

0.30

 

 

$

0.20

 

 

$

 

 

$

0.04

 

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

(1.0

)%

 

 

0.1

%

 

 

0.2

%

 

 

1.9

%

 

 

1.3

%

Residential

 

 

16.5

%

 

 

0.1

%

 

 

%

 

 

%

 

 

16.6

%

Agtech

 

 

(10.2

)%

 

 

16.5

%

 

 

%

 

 

%

 

 

6.3

%

Infrastructure

 

 

6.4

%

 

 

0.2

%

 

 

%

 

 

%

 

 

6.5

%

Segments Margin

 

 

6.3

%

 

 

2.6

%

 

 

0.1

%

 

 

0.7

%

 

 

9.6

%

Consolidated

 

 

4.4

%

 

 

2.6

%

 

 

0.1

%

 

 

0.7

%

 

 

7.7

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

December 31, 2020

 

 

 

As

Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

64,648

 

 

$

 

 

$

 

 

$

 

 

$

64,648

 

Residential

 

 

128,205

 

 

 

 

 

 

 

 

 

 

 

 

128,205

 

Agtech

 

 

59,905

 

 

 

 

 

 

 

 

 

 

 

 

59,905

 

Infrastructure

 

 

12,443

 

 

 

 

 

 

 

 

 

 

 

 

12,443

 

Consolidated sales

 

 

265,201

 

 

 

 

 

 

 

 

 

 

 

 

265,201

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

8,254

 

 

 

 

 

 

 

 

 

 

 

 

8,254

 

Residential

 

 

20,287

 

 

 

70

 

 

 

 

 

 

 

 

 

20,357

 

Agtech

 

 

3,402

 

 

 

369

 

 

 

 

 

 

34

 

 

 

3,805

 

Infrastructure

 

 

573

 

 

 

226

 

 

 

 

 

 

 

 

 

799

 

Segment Income

 

 

32,516

 

 

 

665

 

 

 

 

 

 

34

 

 

 

33,215

 

Unallocated corporate expense

 

 

(9,794

)

 

 

259

 

 

 

14

 

 

 

1,666

 

 

 

(7,855

)

Consolidated income from operations

 

 

22,722

 

 

 

924

 

 

 

14

 

 

 

1,700

 

 

 

25,360

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

220

 

 

 

 

 

 

 

 

 

 

 

 

220

 

Other expense

 

 

150

 

 

 

 

 

 

 

 

 

 

 

 

150

 

Income before income taxes

 

 

22,352

 

 

 

924

 

 

 

14

 

 

 

1,700

 

 

 

24,990

 

Provision for income taxes

 

 

4,754

 

 

 

251

 

 

 

 

 

 

439

 

 

 

5,444

 

Income from continuing operations

 

$

17,598

 

 

$

673

 

 

$

14

 

 

$

1,261

 

 

$

19,546

 

Income from continuing operations per share – diluted

 

$

0.53

 

 

$

0.02

 

 

$

 

 

$

0.04

 

 

$

0.59

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

12.8

%

 

 

%

 

 

%

 

 

%

 

 

12.8

%

Residential

 

 

15.8

%

 

 

0.1

%

 

 

%

 

 

%

 

 

15.9

%

Agtech

 

 

5.7

%

 

 

0.6

%

 

 

%

 

 

0.1

%

 

 

6.4

%

Infrastructure

 

 

4.6

%

 

 

1.8

%

 

 

%

 

 

%

 

 

6.4

%

Segments Margin

 

 

12.3

%

 

 

0.3

%

 

 

%

 

 

%

 

 

12.5

%

Consolidated

 

 

8.6

%

 

 

0.3

%

 

 

%

 

 

0.6

%

 

 

9.6

%

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

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

432,096

 

 

$

 

 

$

 

 

$

 

 

$

432,096

 

Residential

 

 

635,505

 

 

 

 

 

 

 

 

 

 

 

 

635,505

 

Agtech

 

 

199,161

 

 

 

 

 

 

 

 

 

 

 

 

199,161

 

Infrastructure

 

 

73,021

 

 

 

 

 

 

 

 

 

 

 

 

73,021

 

Consolidated sales

 

 

1,339,783

 

 

 

 

 

 

 

 

 

 

 

 

1,339,783

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

20,158

 

 

 

5,962

 

 

 

643

 

 

 

7,967

 

 

 

34,730

 

Residential

 

 

105,821

 

 

 

393

 

 

 

 

 

 

 

 

 

106,214

 

Agtech

 

 

(931

)

 

 

9,987

 

 

 

 

 

 

 

 

 

9,056

 

Infrastructure

 

 

8,911

 

 

 

26

 

 

 

 

 

 

 

 

 

8,937

 

Segment Income

 

 

133,959

 

 

 

16,368

 

 

 

643

 

 

 

7,967

 

 

 

158,937

 

Unallocated corporate expense

 

 

(36,971

)

 

 

145

 

 

 

1,312

 

 

 

970

 

 

 

(34,544

)

Consolidated income from operations

 

 

96,988

 

 

 

16,513

 

 

 

1,955

 

 

 

8,937

 

 

 

124,393

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,639

 

 

 

 

 

 

 

 

 

 

 

 

1,639

 

Other (income) expense

 

 

(4,213

)

 

 

 

 

 

 

 

 

4,747

 

 

 

534

 

Income before income taxes

 

 

99,562

 

 

 

16,513

 

 

 

1,955

 

 

 

4,190

 

 

 

122,220

 

Provision for income taxes

 

 

25,046

 

 

 

4,150

 

 

 

450

 

 

 

609

 

 

 

30,255

 

Income from continuing operations

 

$

74,516

 

 

$

12,363

 

 

$

1,505

 

 

$

3,581

 

 

$

91,965

 

Income from continuing operations per share – diluted

 

$

2.25

 

 

$

0.38

 

 

$

0.04

 

 

$

0.11

 

 

$

2.78

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

4.7

%

 

 

1.4

%

 

 

0.1

%

 

 

1.9

%

 

 

8.0

%

Residential

 

 

16.7

%

 

 

0.1

%

 

 

%

 

 

%

 

 

16.7

%

Agtech

 

 

(0.5

)%

 

 

5.0

%

 

 

%

 

 

%

 

 

4.5

%

Infrastructure

 

 

12.2

%

 

 

%

 

 

%

 

 

%

 

 

12.2

%

Segments Margin

 

 

10.0

%

 

 

1.2

%

 

 

%

 

 

0.6

%

 

 

11.9

%

Consolidated

 

 

7.2

%

 

 

1.2

%

 

 

0.1

%

 

 

0.6

%

 

 

9.3

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Twelve Months Ended

December 31, 2020

 

 

 

As

Reported

In GAAP

Statements

 

Restructuring

Charges

 

Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Gain on

Sale of

Business

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

238,107

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

238,107

 

Residential

 

 

522,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

522,814

 

Agtech

 

 

209,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,460

 

Infrastructure

 

 

62,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,197

 

Consolidated sales

 

 

1,032,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,032,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

30,105

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

30,120

 

Residential

 

 

94,430

 

 

 

740

 

 

 

 

 

 

 

 

 

 

 

 

95,170

 

Agtech

 

 

10,633

 

 

 

932

 

 

 

 

 

 

2,779

 

 

 

 

 

 

14,344

 

Infrastructure

 

 

7,233

 

 

 

226

 

 

 

 

 

 

 

 

 

 

 

 

7,459

 

Segment Income

 

 

142,401

 

 

 

1,913

 

 

 

 

 

 

2,779

 

 

 

 

 

 

147,093

 

Unallocated corporate expense

 

 

(35,211

)

 

 

375

 

 

 

2,526

 

 

 

1,991

 

 

 

 

 

 

(30,319

)

Consolidated income from operations

 

 

107,190

 

 

 

2,288

 

 

 

2,526

 

 

 

4,770

 

 

 

 

 

 

116,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

703

 

Other (income) expense

 

 

(1,272

)

 

 

 

 

 

 

 

 

 

 

 

1,881

 

 

 

609

 

Income before income taxes

 

 

107,759

 

 

 

2,288

 

 

 

2,526

 

 

 

4,770

 

 

 

(1,881

)

 

 

115,462

 

Provision for income taxes

 

 

24,468

 

 

 

547

 

 

 

 

 

 

1,164

 

 

 

(469

)

 

 

25,710

 

Income from continuing operations

 

$

83,291

 

 

$

1,741

 

 

$

2,526

 

 

$

3,606

 

 

$

(1,412

)

 

$

89,752

 

Income from continuing operations per share – diluted

 

$

2.53

 

 

$

0.05

 

 

$

0.08

 

 

$

0.11

 

 

$

(0.04

)

 

$

2.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

12.6

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

12.6

%

Residential

 

 

18.1

%

 

 

0.1

%

 

 

%

 

 

%

 

 

%

 

 

18.2

%

Agtech

 

 

5.1

%

 

 

0.4

%

 

 

%

 

 

1.3

%

 

 

%

 

 

6.8

%

Infrastructure

 

 

11.6

%

 

 

0.4

%

 

 

%

 

 

%

 

 

%

 

 

12.0

%

Segments Margin

 

 

13.8

%

 

 

0.2

%

 

 

%

 

 

0.3

%

 

 

%

 

 

14.2

%

Consolidated

 

 

10.4

%

 

 

0.2

%

 

 

0.2

%

 

 

0.5

%

 

 

%

 

 

11.3

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended

December 31, 2021

 

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

334,449

 

 

$

108,671

 

 

$

159,534

 

 

$

49,751

 

 

$

16,493

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

9,793

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

4,468

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

459

 

 

 

 

 

 

 

 

 

Other (Income) / Expense

 

 

66

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

14,786

 

 

 

(1,037

)

 

 

26,250

 

 

 

(5,064

)

 

 

1,048

 

Restructuring Charges

 

 

8,568

 

 

 

74

 

 

 

216

 

 

 

8,203

 

 

 

26

 

Senior Leadership Transition Costs

 

 

252

 

 

 

251

 

 

 

 

 

 

 

 

 

 

Acquisition Related Items

 

 

2,147

 

 

 

2,145

 

 

 

 

 

 

 

 

 

 

Adjusted Operating Profit

 

 

25,753

 

 

 

1,433

 

 

 

26,466

 

 

 

3,139

 

 

 

1,074

 

Adjusted Operating Margin

 

 

7.7

%

 

 

1.3

%

 

 

16.6

%

 

 

6.3

%

 

 

6.5

%

Adjusted Other (Income) / Expense

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

8,008

 

 

 

3,749

 

 

 

2,125

 

 

 

1,295

 

 

 

782

 

Less: Acquisition-Related Amortization

 

 

(1,567

)

 

 

(1,567

)

 

 

 

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

6,441

 

 

 

2,182

 

 

 

2,125

 

 

 

1,295

 

 

 

782

 

Stock Compensation Expense

 

 

1,755

 

 

 

162

 

 

 

224

 

 

 

86

 

 

 

33

 

Adjusted EBITDA

 

 

33,883

 

 

 

3,777

 

 

 

28,815

 

 

 

4,520

 

 

 

1,889

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

10.1

%

 

 

3.5

%

 

 

18.1

%

 

 

9.1

%

 

 

11.5

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended

December 31, 2020

 

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

265,201

 

 

$

64,648

 

 

$

128,205

 

 

$

59,905

 

 

$

12,443

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

17,598

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

4,754

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

220

 

 

 

 

 

 

 

 

 

Other (Income) / Expense

 

 

150

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

22,722

 

 

 

8,254

 

 

 

20,287

 

 

 

3,402

 

 

 

573

 

Restructuring Charges

 

 

924

 

 

 

 

 

 

70

 

 

 

369

 

 

 

226

 

Senior Leadership Transition Costs

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition Related Items

 

 

1,700

 

 

 

 

 

 

 

 

 

34

 

 

 

 

Adjusted Operating Profit

 

 

25,360

 

 

 

8,254

 

 

 

20,357

 

 

 

3,805

 

 

 

799

 

Adjusted Operating Margin

 

 

9.6

%

 

 

12.8

%

 

 

15.9

%

 

 

6.4

%

 

 

6.4

%

Adjusted Other (Income) / Expense

 

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

5,166

 

 

 

827

 

 

 

2,232

 

 

 

1,373

 

 

 

761

 

Less: Acquisition-Related Amortization

 

 

(34

)

 

 

 

 

 

 

 

 

(34

)

 

 

 

Adjusted Depreciation & Amortization

 

 

5,132

 

 

 

827

 

 

 

2,232

 

 

 

1,339

 

 

 

761

 

Stock Compensation Expense

 

 

2,022

 

 

 

86

 

 

 

287

 

 

 

331

 

 

 

36

 

Adjusted EBITDA

 

 

32,364

 

 

 

9,167

 

 

 

22,876

 

 

 

5,475

 

 

 

1,596

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

12.2

%

 

 

14.2

%

 

 

17.8

%

 

 

9.1

%

 

 

12.8

%

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

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

74,516

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

25,046

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

1,639

 

 

 

 

 

 

 

 

 

Other (Income) / Expense

 

 

(4,213

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

96,988

 

 

 

20,158

 

 

 

105,821

 

 

 

(931

)

 

 

8,911

 

Restructuring Charges

 

 

16,513

 

 

 

5,962

 

 

 

393

 

 

 

9,987

 

 

 

26

 

Senior Leadership Transition Costs

 

 

1,955

 

 

 

643

 

 

 

 

 

 

 

 

 

 

Acquisition Related Items

 

 

8,937

 

 

 

7,967

 

 

 

 

 

 

 

 

 

 

Adjusted Operating Profit

 

 

124,393

 

 

 

34,730

 

 

 

106,214

 

 

 

9,056

 

 

 

8,937

 

Adjusted Operating Margin

 

 

9.3

%

 

 

8.0

%

 

 

16.7

%

 

 

4.5

%

 

 

12.2

%

Adjusted Other (Income) / Expense

 

 

534

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

31,966

 

 

 

14,682

 

 

 

8,694

 

 

 

5,279

 

 

 

3,092

 

Less: Acquisition-Related Amortization

 

 

(6,273

)

 

 

(6,273

)

 

 

 

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

25,693

 

 

 

8,409

 

 

 

8,694

 

 

 

5,279

 

 

 

3,092

 

Stock Compensation Expense

 

 

7,895

 

 

 

772

 

 

 

990

 

 

 

599

 

 

 

104

 

Adjusted EBITDA

 

 

157,447

 

 

 

43,911

 

 

 

115,898

 

 

 

14,934

 

 

 

12,133

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

11.8

%

 

 

10.2

%

 

 

18.2

%

 

 

7.5

%

 

 

16.6

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Twelve Months Ended

December 31, 2020

 

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,032,578

 

 

$

238,107

 

 

$

522,814

 

 

$

209,460

 

 

$

62,197

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

83,291

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

24,468

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

703

 

 

 

 

 

 

 

 

 

Other (Income) / Expense

 

 

(1,272

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

107,190

 

 

 

30,105

 

 

 

94,430

 

 

 

10,633

 

 

 

7,233

 

Restructuring Charges

 

 

2,288

 

 

 

15

 

 

 

740

 

 

 

932

 

 

 

226

 

Senior Leadership Transition Costs

 

 

2,526

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition Related Items

 

 

4,770

 

 

 

 

 

 

 

 

 

2,779

 

 

 

 

Adjusted Operating Profit

 

 

116,774

 

 

 

30,120

 

 

 

95,170

 

 

 

14,344

 

 

 

7,459

 

Adjusted Operating Margin

 

 

11.3

%

 

 

12.6

%

 

 

18.2

%

 

 

6.8

%

 

 

12.0

%

Adjusted Other (Income) / Expense

 

 

609

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

20,915

 

 

 

3,376

 

 

 

8,120

 

 

 

6,068

 

 

 

3,060

 

Less: Acquisition-Related Amortization

 

 

(905

)

 

 

 

 

 

 

 

 

(905

)

 

 

 

Adjusted Depreciation & Amortization

 

 

20,010

 

 

 

3,376

 

 

 

8,120

 

 

 

5,163

 

 

 

3,060

 

Stock Compensation Expense

 

 

8,173

 

 

 

86

 

 

 

767

 

 

 

845

 

 

 

50

 

Adjusted EBITDA

 

 

144,348

 

 

 

33,582

 

 

 

104,057

 

 

 

20,352

 

 

 

10,569

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

14.0

%

 

 

14.1

%

 

 

19.9

%

 

 

9.7

%

 

 

17.0

%

 

Contacts

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

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